Thirty-eighth meeting of the GCF Board (B.38)

The Board, having considered document GCF/B.38/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 034 titled “Akamatutu’anga To Tatou Ora’anga Meitaki (ATOM): Building a healthy and resilient Cook Islands Community – one block at a time” by the Ministry of Finance and Economic Management (MFEM) of the Government of the Cook Islands, as contained in document GCF/B.38/02/Add.01;
   2. Simplified approval process funding proposal 035 titled “Building the Adaptive Capacity of Sugarcane Farmers in Northern Belize (BaC-SuF)” by the Caribbean Community Climate Change Centre, as contained in document GCF/B.38/02/Add.02;
   3. Simplified approval process funding proposal 036 titled “Sierra Leone Coastal Resilience Project (SLCRP)” by Save the Children Australia, as contained in document GCF/B.38/02/Add.03;
   4. Simplified approval process funding proposal 037 titled “Avaana Sustainability Fund” by the Small Industries Development Bank of India, as contained in document GCF/B.38/02/Add.04 and 12;
   5. Funding proposal 225 titled “E-Mobility Program” by the Asian Development Bank, as contained in document GCF/B.38/02/Add.05;
   6. Funding proposal 226 titled “Resilient Puna: Ecosystem based Adaptation for sustainable High Andean communities and ecosystems in Peru” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.38/02/Add.06;
   7. Funding proposal 227 titled “Increase Resilience to Climate Change of Smallholders Receiving the Services of the Inclusive Agricultural Value Chains Programme (DEFIS+)” by the International Fund for Agricultural Development, as contained in document GCF/B.38/02/Add.07;
   8. Funding proposal 228 titled “Cambodian Climate Financing Facility” by the Korea Development Bank, as contained in document GCF/B.38/02/Add.08 and 13;
   9. Funding proposal 229 titled “Acumen Climate Action Pakistan Fund” by Acumen Fund, Inc., as contained in document GCF/B.38/02/Add.09 and 14;
   10. Funding proposal 230 titled “Kuali Fund-GCF” by Compañía Española de Financiación del Desarrollo S.A., S.M.E (COFIDES), as contained in document GCF/B.38/02/Add.10 and 15; and
   11. Funding proposal 231 titled “Accelerating Solar Action Program (ASAP)” by Ecobank Ghana Limited, as contained in document GCF/B.38/02/Add.11 and 16;
2. Approves simplified approval process funding proposal 034, submitted by the Ministry of Finance and Economic Management (MFEM) of the Government of the Cook Islands, for the amount of USD 12,512,509, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
3. Also approves simplified approval process funding proposal 035, submitted by the Caribbean Community Climate Change Centre, for the amount of USD 25,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
4. Further approves simplified approval process funding proposal 036, submitted by Save the Children Australia, for the amount of USD 25,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
5. Approves simplified approval process funding proposal 037, submitted by the Small Industries Development Bank of India, for the amount of USD 24,500,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.12;
6. Also approves funding proposal 225, submitted by the Asian Development Bank, for the amount of USD 169,920,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
7. Further approves funding proposal 226, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 40,790,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
8. Approves funding proposal 227, submitted by the International Fund for Agricultural Development, for the amount of USD 53,861,003, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.18;
9. Also approves funding proposal 228, submitted by the Korea Development Bank, for the amount of USD 54,959,050, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.13;
10. Further approves funding proposal 229, submitted by Acumen Fund, Inc., for the amount of USD 28,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.14;
11. Approves funding proposal 230, submitted by Compañía Española de Financiación del Desarrollo S.A. S.M.E. (COFIDES), for the amount of EUR 32,800,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.15;
12. Also approves, pursuant to a vote in which 23 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which none of the Board members present abstained from the vote, funding proposal 231, submitted by Ecobank Ghana Limited, for the amount of USD 16,197,530, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.38/02/Add.16;
13. Reaffirms that pursuant to annex IV to decision B.17/09 the Executive Director or his/her designee is authorized to negotiate and enter into legal agreements on behalf of GCF with accredited entities and other parties involved in respect of funding proposals approved by the Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and
14. Authorizes the Secretariat to disburse fees for each funded project/programme approved by the Board as per the disbursement schedule to be agreed in the funded activity agreement in accordance with the policy on fees and the general principles and indicative list of eligible costs covered under GCF fees and project management costs adopted by the Board pursuant to decision B.19/09.

The Board, having considered limited distribution document GCF/B.38/13 titled “Consideration of proposed change included in the restructuring proposals for: FP152: Global Subnational Climate Fund (SnCF Global) – Equity; FP180: Global Coral Reef Investment Window (GCFR)”:

1. Approves, with respect to FP152, the extension of the final fund closing date to 31 December 2024;
2. Also approves, with respect to FP180, the extension of the final fund closing date to (i) the last day of the third Board meeting of 2025; or (ii) 31 October 2025, whichever is later; and
3. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraphs (a) and (b) above.

The Board, having considered limited distribution document GCF/B.38/14 titled “Consideration of funding proposals: Consideration of a request for changes of the design and pricing in respect of funded activity FP106 (“Embedded Generation Investment Plan (EGIP)”)”:

1. Approves, with respect to funded activity FP106 titled “Embedded Generation Investment Programme (EGIP)”:
   1. A change to the financial instrument between GCF and the accredited entity from a limited recourse loan to a credit line to be provided by GCF to the Development Bank of Southern Africa, with consequential changes to the terms and conditions for the utilization of the GCF proceeds, as set out in the revised term sheet in annex III to document GCF/B.38/14; and
   2. The changes to the pricing of GCF proceeds, as set out in document GCF/B.38/14.

The Board, having considered document GCF/B.38/03 titled “Consideration of accreditation proposals”:

1. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicants for accreditation:
   
   1. Applicant 125 (APL125) is the Banco de Comercio Exterior de Colombia S.A. (Bancóldex), based in Colombia, as contained in document GCF/B.38/03/Add.02;
   2. Applicant 126 (APL126) is the Banco Nacional de Obras y Servicios Públicos, S.N.C. (BANOBRAS), based in Mexico, as contained in document GCF/B.38/03/Add.03;
   3. Applicant 127 (APL127) is the Cities and Villages Development Bank (CVDB), based in Jordan, as contained in document GCF/B.38/03/Add.04;
   4. Applicant 128 (APL128) is the Community Development and Investment Agency of the Kyrgyz Republic (ARIS), based in Kyrgyzstan, as contained in document GCF/B.38/03/Add.05;
   5. Applicant 129 (APL129) is the Nepal Investment Mega Bank Limited (NIMB), based in Nepal, as contained in document GCF/B.38/03/Add.06;
   6. Applicant 130 (APL130) is the Corporación Interamericana para el Financiamiento de Infraestructura, S.A. (CIFI), based in Panama, as contained in document GCF/B.38/03/Add.07;
   7. Applicant 131 (APL131) is Terra Global Capital, LLC (Terra Global), based in the United States of America, as contained in document GCF/B.38/03/Add.08; and
   8. Applicant 132 (APL132) is the International Tropical Timber Organization (ITTO), based in Japan, as contained in document GCF/B.38/03/Add.09;

   pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessment by the Accreditation Panel contained in the relevant addendum for each of the applicants, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;

2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL125, the Banco de Comercio Exterior de Colombia S.A. (Bancóldex), based in Colombia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.02, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL126, the Banco Nacional de Obras y Servicios Públicos, S.N.C. (BANOBRAS), based in Mexico, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.03, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL127, the Cities and Villages Development Bank (CVDB), based in Jordan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.04, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL128, the Community Development and Investment Agency of the Kyrgyz Republic (ARIS), based in Kyrgyzstan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.05, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL129, the Nepal Investment Mega Bank Limited (NIMB), based in Nepal, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.06, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
7. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL130, the Corporación Interamericana para el Financiamiento de Infraestructura, S.A. (CIFI), based in Panama, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.07, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
8. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL131, Terra Global Capital, LLC (Terra Global), based in the United States of America, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.08, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11;
9. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL132, the International Tropical Timber Organization (ITTO), based in Japan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.38/03/Add.09, and subject to the completion of Stage III of the accreditation process by having an effective accreditation master agreement, in accordance with decision B.23/11; and
10. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel contained in document GCF/B.38/03/Add.01.

Following the discussions at its thirty-seventh meeting and having considered document GCF/B.38/07 titled “GCF regional presence”, the Board:

1. Takes note of the guidance from the Conference of the Parties to the United Nations Framework Convention on Climate Change urging the Board to expedite the finalization of its consideration of options for establishing GCF regional presence;
2. Also takes note of the GCF regional presence feasibility study contained in annex I to document GCF/B.37/Inf.13 and the Secretariat assessment of GCF regional presence informed by the study outlined in document GCF/B.38/07 and the views expressed by Board members during consideration of the matter at the thirty-eighth meeting of the Board;
3. Requests the Secretariat to present to the Board for its consideration various proposals for GCF regional presence, including an assessment of implementation modalities and a comprehensive cost-benefit analysis, legal considerations and financial analysis, no later than the fortieth meeting of the Board;
4. Also requests the Secretariat to undertake consultations with Board members and alternate members, national designated authorities and active observers on the various proposals referred to in paragraph (c) above; and
5. Further requests the Secretariat to provide a brief progress update at the thirty-ninth meeting of the Board, including an updated timeline for delivery.

The Board, having considered document GCF/B.38/06 titled “Consideration of the GCF Compensation Philosophy”:

1. Adopts the GCF Compensation Philosophy as contained in annex II;
2. Affirms that the GCF Compensation Philosophy shall serve as the foundation of the GCF salary structure and compensation framework; and
3. Recalls decision B.34/21, wherein the Board requested the Secretariat to present the GCF salary structure and compensation framework, and the revised principles-based Administrative Guidelines on Human Resources for Board consideration.
    

The Board, having reviewed document GCF/B.38/11 titled “Administrative Budget and Accounting Framework”:

1. Approves the Administrative Budget and Accounting Framework set out in annex III, which will take effect from the date of this Board decision;
2. Notes that the Administrative Budget and Accounting Framework supersedes the Administrative Guidelines on the Budget and Accounting System adopted by decision B.BM-2015/05; and
3. Approves the updated terms of reference for the Budget Committee contained in annex IV, as mandated by decision B.34/05, paragraph (k)(iii).

The Board, having considered document GCF/B.38/09 titled “Dates and venues of upcoming meetings of the Board”:

Recalls and confirms that the thirty-ninth meeting of the Board will take place from Monday, 15 to Thursday, 18 July 2024, in the Republic of Korea.