GCF Board closes key policy gaps as project pipeline reaches $1.5 billion




The Board of the Green Climate Fund has taken a series of policy decisions designed to strengthen its partnerships and grow its project pipeline in 2016. The decisions, taken at the Board’s twelfth meeting (B.12), include the adoption of the Fund’s first Strategic Plan, its Work Plan for 2016, and the accreditation of 13 new entities.


“The Board has reached agreement this week on key decisions that help us deliver against our target of approving USD 2.5 billion in 2016,” said Ewen McDonald, Board Co-Chair from Australia.


“We have adopted the strategies and policies we urgently needed to evaluate existing funding proposals, which currently amount to USD 1.5 billion, and further develop a pipeline of innovative projects,” said Zaheer Fakir, Co-Chair from South Africa. “The spirit of Board unity endured this week, and we will continue in this manner throughout the remaining three meetings this year,” he added.


GCF’s current pipeline includes 22 private and public projects with a total value of over USD 5 billion.


One of the key outcomes from B.12 is the Board’s adoption of the Fund’s first Strategic Plan, which sets out GCF’s vision, operational priorities, and an action plan to be implemented by 2018. The Strategic Plan strengthens the Fund’s ability to programme its resources at scale, in an ambitious and country-driven manner.


“This is a major achievement and evidence of a united Board that is working hard to find a common middle ground so that we can continue moving forward,” said Mr. Fakir.


The Board accredited 13 new entities, representing a diverse range of public, private, small, and large organizations. This includes four national public entities, one regional public entity applying under direct access, two private sector entities, and six international public entities.


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