7 March 2014: At its February board meeting, the Green Climate Fund (GCF) approved the nomination of ten private sector and civil society experts who will serve on its Private Sector Advisory Group (PSAG). The PSAG will make suggestions on how the Fund, including its Private Sector Facility (PSF), should engage the private sector to catalyze, mobilize and leverage flows of private climate finance in developing countries and make use of knowledge on best available technologies.

The PSAG will also make recommendations on: the design and application of the Fund’s procedures and financial instruments, with respect to private sector engagement; how to engage the private sector in climate‐resilient development and adaptation activities, with a focus on Africa, Least Developed Countries (LDCs) and small island developing States (SIDS); and how to promote participation of local private sector actors, such as small- and medium-sized enterprises.

The PSAG includes four private sector experts from developing countries, four private sector experts from developed countries and two civil society experts, in addition to four Board members/alternates.

The GCF established the PSAG at its June 2013 board meeting. The board approved the terms of reference for appointing the experts and requested the Secretariat to issue an open call for nominations in October 2013. The GCF is an operating entity of the UNFCCC that aims to promote a paradigm shift towards low-emission and climate-resilient pathways, within the context of sustainable development, by helping developing countries to reduce their greenhouse gas (GHG) emissions and adapt to climate change. [GCF Press Release] [PSAG Expert Biographies]