14 July 2015
GCF Set to Review First Project Proposals
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The 10th meeting of the Board of the Green Climate Fund (GCF) decided on policies and procedures that will enable a review of the Fund's first project proposals at the GCF Board's 11th meeting, with an eye on making financing decisions ahead of the 21st Conference of the Parties (COP 21) to the UN Framework Convention on Climate Change (UNFCCC).

The Board also accredited 13 new partner institutions, and launched a US$200 million pilot programme for enhancing direct access to the GCF.

green-climate-fund-new10 July 2015: The 10th meeting of the Board of the Green Climate Fund (GCF) decided on policies and procedures that will enable a review of the Fund’s first project proposals at the GCF Board’s 11th meeting, with an eye on making financing decisions ahead of the 21st session of the Conference of the Parties (COP 21) to the UN Framework Convention on Climate Change (UNFCCC). The Board also accredited 13 new partner institutions, and launched a US$200 million pilot programme for enhancing direct access to the GCF.

The 10th GCF Board meeting, which took place in Songdo, Republic of Korea, from 6-9 July 2015, hosted 36 Board and Alternative Board Members, 69 advisers, and over 200 observer representatives from civil society, the private sector and international organizations.

The meeting, which also marked the third anniversary of the GCF Board, considered, inter alia: developments in the initial proposal approval process; accreditation proposals; terms of reference (TOR) for a pilot phase for additional modalities that further enhance direct access; an initial risk management framework; a progress report on the readiness and preparatory support programme; concessional terms for the public sector; and the fourth report of the GCF to the UNFCCC COP.

The Board agreed to review the GCF’s first project proposals at its 11th meeting. It also decided to, inter alia: launch a US$200 million pilot programme for enhancing direct access to encourage country ownership of projects proposed by the GCF; allocate US$200 million for additional pilot programmes to support micro-, small- and medium-sized enterprises (MSMEs), and mobilize resources at scale, at US$500 million; and adopt a ‘risk management dashboard’ with nine categories defining ‘risk’ for the GCF.

The Board also accredited 13 new partnering institutions, bringing the total of accredited entities, which act as channels for the Fund to deploy resources in developing countries, to 20. The entities include development finance institutions, development and investment banks, non-profit environmental organizations, a ministry, and the UN Environment Programme (UNEP).

Referring to calls made at recent UN and Group of Seven (G7) meetings, Héla Cheikhrouhou, GCF Executive Director, stated that “expectations towards GCF could not be higher, and the world is telling us we have to deliver.” She stressed that, in order for the GCF to “play a critical role in building the trust that will be needed for an ambitious Global Climate Agreement in Paris,” the GCF Board will need to make its first financing decisions by its 11th meeting, which is expected to take place in November 2015.

The GCF Board is co-chaired by Henrik Harboe (Norway) and Gabriel Quijandría Acosta (Peru). The 11th GCF Board meeting will convene in Livingstone, Zambia, with the dates still to be confirmed. [GCF Press Release 6 July 2015] [GCF Press Release 9 July 2015] [GCF Press Release 10 July 2015] [GCF Website] [GCF Board Documents] [Opening Remarks by GCF Executive Director]


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