18 October 2014: The eighth meeting of the Board of the Green Climate Fund (GCF) adopted decisions that form the foundation for robust capitalization, and endorsed the Fund’s policies for receiving funding so that contributors can make pledges by the end of November.

Furthermore, the Board, which convened from 14-17 October 2014, in Bridgetown, Barbados: adopted policies for selecting the institutions through which funds will be dispersed so that resources can be deployed beginning in 2015; committed resources to developing countries to help them engage with the Fund after its capitalization; and took action to enable the GCF to catalyze private sector investments through risk-sharing instruments.

Board Co-Chair Manfred Konukiewitz, Germany, noted that decisions on accreditation and readiness and the endorsement of contribution policies signaled a huge step towards operationalization of the GCF. He added that this would pave the way for a successful initial resource mobilization meeting in Berlin, Germany, in November. GCF Executive Director Héla Cheikhrouhou said that the Fund now has the capacity to absorb and programme resources to achieve “a significant climate response on the ground.”

More specifically, the Board discussed the framework and procedures for accrediting national, regional and international implementing entities and intermediaries, including fiduciary principles and standards and environmental and social safeguards.

The Board also addressed: the Fund’s initial results management framework, including mitigation and adaptation performance measurement frameworks; performance framework for ex-post REDD+ results-based payments; Board flagship projects that cut across adaptation areas; indicators for country-driven policies; and monitoring and evaluation policy.

In addition, the Board had on its agenda: country ownership, including best practices for establishing and composing national designated authorities and focal points, and best-practice options for country coordination and multi-stakeholder engagement; revised programme of work on readiness and preparatory support; terms and conditions of grants and concessional loans; and the Private Sector Facility, including potential approaches to mobilizing funding at scale and working with local private entities. On initial resource mobilization and policies for contributions, the Board addressed: the pledging process and period; effective dates; trigger for replenishment; and legal arrangements for contributions.

The Board also discussed, inter alia: a gender policy and action plan; the Fund’s initial investment framework; arrangements with intermediaries and implementing entities, including policies on fees and payments; status of resources and the administrative budget; the Board’s 2015 work plan; methodology for taking decisions between meetings; the Fund’s initial risk management framework; and relationships with relevant UNFCCC thematic bodies and other climate finance entities.

The next GCF Board meeting is scheduled to take place from 25-27 February 2015 in Songdo, the Republic of Korea, and will be co-chaired by Gabriel Quijandría, Peru, and Henrik Harboe, Norway, who were elected at the end of the eighth Board meeting. [GCF Press Release][Meeting Website and Documents]