Board accredits first entities

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Press Release: GCF set to allocate resources before Paris Climate Change Conference - Board accredits first entities

The ninth meeting of the Green Climate Fund Board  (GCFB 9) convened in Songdo, Republic of Korea, from 24-26 March 2015. The meeting was a crucial step towards the goal of operationalizing the Fund and taking decisions on programme and project proposals by October 2015. To this end, Board members accredited seven entities, opening the door for them to begin developing and submitting project proposals for consideration at GCFB 11.

The Board also adopted decisions on: the initial investment framework; a policy on ethics and conflicts of interest; terms of reference (TOR) of the Independent Technical Advisory Panel (ITAP); initial term of Board membership; analysis of the expected role and impact of the Green Climate Fund (GCF); an interim gender policy and action plan; financial terms and conditions of the Fund’s instruments; legal and formal arrangements with accredited entities; mobilizing private sector funding and working with small and medium-sized enterprises (SMEs); TOR for the Appointment Committee; and the report of the Secretariat’s activities.

 At its ninth meeting, the GCF Board decided to accredit the following entities: Centre de suivi écologique  (CSE) from Senegal, which focuses on combating desertification and protecting coastal areas; Fondo de Promoción de las Áreas Naturales Protegidas del Péru  (PROFONANPE) that specializes in funding biodiversity conservation and managing protected areas; based in Samoa, the Secretariat of the Pacific Regional Environment Programme  (SPREP), which focuses on protection and sustainable development of the Pacific region's environment; a social impact investment fund, Acumen Fund, Inc.  (Acumen), that works on improving the lives of low income communities in Africa and Asia, especially in healthcare, agriculture and clean energy.

The Board made progress on, but did not take a decision regarding, the TOR for an enhanced direct access (EDA) pilot phase. In addition, the Board took note of the initial risk management framework and heard reports from committees and panels.

The Board also discussed the status of the initial resource mobilization (IRM) and the 30 April 2015 deadline for signing country contribution agreements. The Board decided that the Co-Chairs would monitor the situation and take timely action if necessary.

They Board further: agreed that GCFB 10 will be held from 6-9 July 2015 in Songdo, Republic of Korea; and entrusted the Co-Chairs with proposing a provisional agenda for the meeting, taking into account comments from Board members on the 2015 work plan.

Nineteen Board members, 17 alternate Board members and 69 advisors attended the meeting. Additionally, 170 observers attended, representing civil society, the private sector and international observer organizations.