Songdo, 04 Jul 2018

The 20th meeting of the GCF Board ended today in Songdo, following four days of challenging and difficult discussions between Board members. The Board meeting was Chaired by Lennart Båge, in the absence of Co-Chair Paul Oquist.

Whilst positive decisions were made on important issues, such as a financial plan to manage the Commitment Authority of the Fund as it approaches replenishment, the Board was not able to add to its portfolio of 76 projects. Nor was the Board able to reach consensus on new policies in support of its investment criteria, or to add new partners as Accredited Entities. 

The Chair expressed his regret to the observer organisations, Accredited Entities and other stakeholders that travelled to Songdo.

“This has been a very difficult and disappointing Board meeting for all of us, but most importantly for those people who are most vulnerable to climate change impacts, and who depend on the activities of the Fund.”

“The Co-Chairs will reflect on this meeting, with the aspiration to ensure that our next meeting is more productive and that we reach our vision to operate as one Board, acting together in support of climate action.”

“Whilst the results of the meeting are disappointing, we should not overlook that the Fund has a strong portfolio of transformational projects, with many already under implementation in support of the climate ambition of developing countries.”

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