Boardroom

The Board, having reviewed document GCF/BM-2024/06 titled “Appointment of a member to the Accreditation Committee”:

Appoints Ms. Tanne Nørgaard Jensen to the Accreditation Committee, replacing Ms. Alexandra Louiszoon, for the remainder of the current term for members of the Accreditation Committee, starting on the date of adoption of this decision.

The Board, having considered document GCF/B.40/20 titled “Implementation of the updated structure of the Secretariat”:

1. Endorses the implementation of the updated structure of the Secretariat referred to by the Executive Director at the thirty-eighth meeting of Board and as described in document GCF/B.39/Inf.08 and annex III to document GCF/B.40/Inf.13;
2. Decides that approval of the Board is required in order for new positions at the level of Chief (or other positions at the equivalent salary level) to be established in addition to those existing as at the date of this decision; and
3. Requests the Secretariat, in the event that the percentage of staff at the level of Director (or other positions at the equivalent salary level) exceeds 7 per cent of total Secretariat staff headcount, to seek the endorsement of the Board on the matter.

The Board, having considered the proposal to extend the mandate of the ad hoc Committee on Human Resource Matters:

Decides to extend the functioning of the ad hoc Committee on Human Resource Matters established pursuant to decision B.37/04 until the earlier of:

1. The conclusion of its mandate as referred to in paragraph 1 of its terms of reference; and
2. The close of the forty-third meeting of the Board.

The Board, having considered document GCF/B.40/13 titled “Co-Chairs proposal on increasing the efficiency and effectiveness of Board Committees”:

1. Adopts the updated “General guidelines for the operation of Board committees”, as set out in annex I;
2. Requests the incoming Co-Chairs, with the support of the Secretariat, to continue to consult with the Board and present proposals to increase the efficiency and effectiveness of Board committees, including through consideration of issues related to committee structure; and
3. Also requests the Secretariat to update the terms of reference of Board committees as may be necessary to reflect the updated guidelines referred to in paragraph (a).

The Board, having considered document GCF/B.40/16 titled “Terms of Reference: Consultancy Services to support the Review of the GCF’s Independent Technical Advisory Panel”:

1. Adopts the terms of reference for a broader review of the function, governance and role of the independent Technical Advisory Panel in supporting GCF business and Board decisionmaking, as contained in annex III; and
2. Requests the Investment Committee to present its recommendations based on the findings of the review of the independent Technical Advisory Panel for consideration by the Board no later than the forty-fourth meeting of the Board.

The Board, having considered document GCF/B.40/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 044 titled “Empowering Women Groups to Build Resilience to Climate Impacts in the Province of Cunene in South West Angola (CREW Angola)” by the Sahara and Sahel Observatory, as contained in document GCF/B.40/02/Add.01;
   2. Simplified approval process funding proposal 045 titled “Scaling up Climate Resilience Solutions for Burundian Smallholders” by One Acre Fund, as contained in document GCF/B.40/02/Add.02, including the assessment conducted by the Secretariat of One Acre Fund as contained in the Secretariat Assessment within that document;
   3. Simplified approval process funding proposal 046 titled “Strengthening Climate Information and Multi-Hazard Early Warning Systems for Increased Resilience in Azerbaijan” by the United Nations Environment Programme, as contained in document GCF/B.40/02/Add.03;
   4. Simplified approval process funding proposal 047 titled “Climaventures: Harnessing the Domestic Private Sector Ecosystem for Climate Action in Pakistan” by the National Rural Support Programme, as contained in document GCF/B.40/02/Add.04 and Add.17;
   5. Funding proposal 243 titled “Climate-resilient community access to safe water powered by renewable energy in drought-vulnerable regions of Ethiopia” by the Federal Democratic Republic of Ethiopia, acting through the Ministry of Finance, as contained in document GCF/B.40/02/Add.05;
   6. Funding proposal 244 titled “Climate Resilient Health and Well-Being for Rural Communities in southern Malawi (CHWBRC)” by Save the Children Australia, as contained in document GCF/B.40/02/Add.06;
   7. Funding proposal 245 titled “Green City Kigali: a new model for urban development in Rwanda” by the Government of Rwanda, acting through the Ministry of Environment, as contained in document GCF/B.40/02/Add.07/Rev.01;
   8. Funding proposal 246 titled “Climate Resilient Agriculture in Somalia (Ugbaad)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.40/02/Add.08;
   9. Funding proposal 247 titled “Local Climate Adaptive Living Facility Plus (LoCAL+) – West Africa (Burkina Faso, Ivory Coast, Mali and Niger)” by Banque Ouest Africaine de Développement, as contained in document GCF/B.40/02/Add.09;
   10. Funding proposal 248 titled “Land-based Mitigation and Adaptation through a Jurisdictional Approach in West Kalimantan” by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.40/02/Add.10/Rev.01;
   11. Funding proposal 249 titled “Strengthening climate Resilience of Vulnerable Agriculture Livelihoods in Iraq (SRVALI)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.40/02/Add.11;
   12. Funding proposal 250 titled “Achieving emission reduction in the Central Highlands and South Central Coast of Viet Nam to support National REDD+ Action Programme goals (RECAF)” by the International Fund for Agricultural Development, as contained in document GCF/B.40/02/Add.12;
   13. Funding proposal 251 titled “Barbados Climate Resilient South Coast Water Reclamation Project (SCWRP)” by the Inter-American Development Bank, as contained in document GCF/B.40/02/Add.13;
   14. Funding proposal 252 titled “Acumen Resilient Agriculture Fund II” by Acumen Fund, Inc., as contained in document GCF/B.40/02/Add.14/Rev.01 and 18/Rev.01;
   15. Funding proposal 253 titled “Greening Financial Systems: Delivering Climate Finance for All” by the European Bank for Reconstruction and Development, as contained in documents GCF/B.40/02/Add.15 and 19; and
   16. Funding proposal 254 titled “GCF-IFC Scaling Resilient Water Infrastructure (RWI) Facility” by the International Finance Corporation, as contained in documents GCF/B.40/02/Add.16/Rev.01 and 20/Rev.01;
2. Approves simplified approval process funding proposal 044, submitted by the Sahara and Sahel Observatory (OSS), for the amount of USD 9,616,032, in accordance with the term sheet agreed between the Secretariat and OSS and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
3. Also approves simplified approval process funding proposal 045, submitted by One Acre Fund (OAF), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and OAF and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
4. Notes that, pursuant to paragraph (j) of decision B.31/06, and paragraph 115 of the updated accreditation framework adopted under decision B.31/06, OAF shall be deemed accredited only for the purposes of simplified approval process funding proposal 045;
5. Approves simplified approval process funding proposal 046, submitted by the United Nations Environment Programme (UNEP), for the amount of USD 24,994,797.30, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II; GCF/B.40/23 Page 7
6. Also approves simplified approval process funding proposal 047, submitted by the National Rural Support Programme (NRSP), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and NRSP and set out in document GCF/B.40/02/Add.17, and subject to the conditions set out in annex II;
7. Further approves funding proposal 243, submitted by the Federal Democratic Republic of Ethiopia, acting through the Ministry of Finance (MOF Ethiopia), for the amount of USD 44,994,677, in accordance with the term sheet agreed between the Secretariat and MOF Ethiopia and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
8. Approves, pursuant to a vote in which 22 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which 1 of the Board members present abstained from the vote, funding proposal 244, submitted by Save the Children Australia (SCA), for the amount of USD 33,000,000, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
9. Also approves funding proposal 245, submitted by the Government of Rwanda, acting through the Ministry of Environment (MOE Rwanda), for the amount of USD 27,995,786, in accordance with the term sheet agreed between the Secretariat and MOE Rwanda and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
10. Further approves funding proposal 246, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 79,707,268, in accordance with the term sheet agreed between the Secretariat and the FAO and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
11. Approves, pursuant to a vote in which 20 of the Board members present voted in favour and 1 of the Board members present voted against, and in respect of which 3 of the Board members present abstained from the vote, funding proposal 247, submitted by Banque Ouest Africaine de Développement (BOAD), for the amount of EUR 44,383,307, in accordance with the term sheet agreed between the Secretariat and BOAD and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
12. Also approves funding proposal 248, submitted by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 59,484,751, in accordance with the term sheet agreed between the Secretariat and GIZ and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
13. Further approves funding proposal 249, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 29,252,000, in accordance with the term sheet agreed between the Secretariat and the FAO and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
14. Approves funding proposal 250, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 35,000,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
15. Also approves funding proposal 251, submitted by the Inter-American Development Bank (IDB), for the amount of USD 70,000,000, in accordance with the term sheet agreed between the Secretariat and the IDB and set out in document GCF/B.40/02/Add.21, and subject to the conditions set out in annex II;
16. Further approves funding proposal 252, submitted by Acumen Fund, Inc. (Acumen), for the amount of USD 34,000,000, in accordance with the term sheet agreed between the GCF/B.40/23 Page 8 Secretariat and Acumen and set out in document GCF/B.40/02/Add.18/Rev.01, and subject to the conditions set out in annex II;
17. Approves funding proposal 253 submitted by the European Bank for Reconstruction and Development (EBRD), for the amount of USD 200,000,000 in accordance with the term sheet agreed between the Secretariat and the EBRD and set out in document GCF/B.40/02/Add.19, and subject to the conditions set out in annex II;
18. Also approves funding proposal 254, submitted by the International Finance Corporation (IFC), for the amount of USD 258,000,000, in accordance with the term sheet agreed between the Secretariat and the IFC and set out in document GCF/B.40/02/Add.20/Rev.01, and subject to the conditions set out in annex II;
19. 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
20. 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 document GCF/B.40/10 titled “Consideration of funding proposals: Consideration of a request for changes in the scope of funded activity FP077 (‘Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Project (AHURP)’)”:

Approves, with respect to funded activity FP077 titled “Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Project (AHURP)”:

1. The changes to the scope of Outputs 1 and 2 as set out in table 1 of document GCF/B.40/10.

The Board, having considered document GCF/B.40/22 titled “Consideration of proposed change included in the change request for FP173: The Amazon Bioeconomy Fund: Unlocking GCF/B.40/23 Page 9 private capital by valuing bioeconomy products and services with climate mitigation and adaptation results in the Amazon” and its limited distribution addendum Add.01:

1. Takes note of the no-objection letter for FP173 submitted by the national designated authority of the Plurinational State of Bolivia;
2. Approves the inclusion of the Plurinational State of Bolivia as a host country for FP173; and
3. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approval set out in paragraph (b) above.

The Board, having considered limited distribution document GCF/B.40/06 titled “Consideration of funding proposals: Extension of deadline in respect of FP219 (Staple Crops Processing Zones (SCPZ): Promoting Sustainable Value Chains)”:

Decides to confirm the extension until the day which is one day after the last day of the fortieth meeting of the Board, of the deadline for the submission by the accredited entity of a certificate or a legal opinion, in a form and substance satisfactory to the Secretariat, confirming that the accredited entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed programme, for the following approved funding proposal:

1. FP219, titled “Staple Crops Processing Zones (SCPZ): Promoting Sustainable Value Chains”.

The Board, having considered limited distribution document GCF/B.40/08 titled “Consideration of funding proposals: extension of the deadline in respect of FP223 (Project GAIA)”:

Decides to extend until the day which is one day after the last day of the forty-second meeting of the Board the deadline for the execution of the funded activity agreement for the following approved funding proposal:

1. FP223, titled “Project GAIA”.

The Board, having considered document GCF/B.40/03/Rev.01 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 139 (APL139), the Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP-S.A.M.), based in the Plurinational State of Bolivia, as contained in document GCF/B.40/03/Add.03;
   2. Applicant 140 (APL140), the Bank of the Cook Islands Limited (BCI), based in the Cook Islands, as contained in document GCF/B.40/03/Add.04;
   3. Applicant 141 (APL141), the Banque Nationale de Développement Agricole (BNDA), based in Mali, as contained in document GCF/B.40/03/Add.05;
   4. Applicant 142 (APL142), the Asian Infrastructure Investment Bank (AIIB), based in China, as contained in document GCF/B.40/03/Add.06; and
   5. Applicant 143 (APL143), the United Nations Children’s Fund (UNICEF), based in the United States of America, as contained in document GCF/B.40/03/Add.07;
      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 APL139, the Banco de Desarrollo Productivo - Sociedad Anónima Mixta (BDP-S.A.M.), based in the Plurinational State of Bolivia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/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.
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL140, the Bank of the Cook Islands Limited (BCI), based in the Cook Islands, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/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;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL141, the Banque Nationale de Développement Agricole (BNDA), based in Mali, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/Add.05, and subject to the completion of Stage III of GCF/B.40/23 Page 11 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 APL142, the Asian Infrastructure Investment Bank (AIIB), based in China, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/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;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL143, the United Nations Children’s Fund (UNICEF), based in the United States of America, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/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;
7. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant document for the following applicant seeking to upgrade its accreditation type:
   1. Caribbean Development Bank (CDB), based in Barbados, as contained in document GCF/B.40/03/Add.08;
8. Agrees to upgrade the accreditation type of the Caribbean Development Bank (CDB), based in Barbados, as contained in decision B.14/10, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.40/03/Add.08;
9. 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.40/03/Add.01; and (j) Decides that those entities referred to in annex IV are also eligible to apply under the fasttrack accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (f), for entities under the Adaptation Fund, and decision B.08/03, paragraph (g), for entities under the Directorate-General for International Partnerships of the European Commission, respectively.
10. Decides that those entities referred to in annex IV are also eligible to apply under the fasttrack accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (f), for entities under the Adaptation Fund, and decision B.08/03, paragraph (g), for entities under the Directorate-General for International Partnerships of the European Commission, respectively.

The Board, having considered document GCF/B.40/17/Rev.01 titled “2025-2027 work programme of the Secretariat and annual administrative budget of the GCF Secretariat, Board and Trustee”:

1. Decides, in accordance with paragraph 20(e)(i) of the Strategic Plan for the GCF 2024– 2027 to set the following Fund-level programming and disbursement targets for 2025:
   1. Annual programming target of USD 2.3 to 2.5 billion in funding proposals approved by the Board; and
   2. Annual disbursement target of USD 990 to 1,490 million;
2. Approves the 2025 to 2027 Secretariat work programme set out in annex V, in accordance with paragraph 23(e) of the Governing Instrument for the GCF;
3. Notes that GCF has conducted a staff salary scale review;
4. Approves the following administrative budgets for 2025:
   1. USD 110,502,291 for the GCF Secretariat, as set out in table 6 of annex V, which includes USD 37,113,085 in new funding, as well as the USD 73,389,206 for 2025 staff salaries and emoluments that was approved by the Board in decision B.34/05, paragraph (h);
   2. USD 4,934,641 for the Board, as set out in table 5 of annex V; and
   3. USD 4,750,000 for the Trustee, as set out in table 7 of annex V;
5. Also approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the following provisional administrative budgets for 2026:
   1. USD 120,566,804 for the GCF Secretariat, as set out in table 6 of annex V, which includes USD 48,466,804 in new funding, as well as the USD 72,100,000 for 2026 staff salaries and emoluments that was approved by the Board in decision B.37/08, paragraph (e);
   2. USD 5,017,759 for the Board, as set out in table 5 of annex V; and
   3. USD 4,895,000 for the Trustee, as set out in table 7 of annex V;
6. Further approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the following provisional administrative budgets for 2027:
   1. USD 128,227,818 for the GCF Secretariat, as set out in table 6 of annex V;
   2. USD 5,094,230 for the Board, as set out in table 5 of annex V; and
   3. USD 4,538,000 for the Trustee, as set out in table 7 of annex V; 
7. Approves an emergency contingency budget pursuant to paragraph 26 of the Administrative Budget and Accounting Framework approved by decision B.38/07 to support all units of GCF in the amount of USD 2,496,914 for 2025;
8. Also approves provisional emergency contingency budgets pursuant to paragraph 26 of the Administrative Budget and Accounting Framework approved by decision B.38/07 to support all units of GCF in the amount of USD 2,718,307 for 2026, and USD 2,872,135 for 2027;
9. Further approves a Board contingency budget pursuant to paragraph 26 of the Administrative Budget and Accounting Framework approved by decision B.38/07 to support all units of GCF in the amount of USD 1,872,685 for 2025; and
10. Requests the Secretariat to start developing benchmarks, efficiency ratios and other effective analytical tools to enhance the budgetary information provided to the Board, with the objective of supporting the decision-making process for the administrative budgets, to utilize these in the context of the budgeting process for 2026, and to update the Board on the progress made in their development at the forty-second meeting of the Board.

The Board, having considered document GCF/B.40/18 titled “Work Programme and Budget of the Independent Integrity Unit for 2025 – 2027”:

1. Approves the work programme and administrative budget of the Independent Integrity Unit for 2025 in the amount of USD 3,958,600, as set out in annexes II and III, respectively, to document GCF/B.40/18;
2. Takes note of the provisional work programme of the Independent Integrity Unit for 2026 and 2027, as set out in annex II to document GCF/B.40/18;
3. Approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the provisional administrative budgets for the Independent Integrity Unit, as set out in annex III to document GCF/B.40/18, in the amounts of USD 4,458,700 for 2026 and USD 4,449,700 for 2027; and
4. Notes that the costs of unanticipated investigation-related work will be budgeted as needed from the Board contingency budget in consultation with the Budget Committee.

The Board, having considered document GCF/B.40/21 titled “Independent Redress Mechanism Work Plan and Budget for 2025-2027”:

1. Approves the work plan and administrative budget of the Independent Redress Mechanism for 2025 in the amount of USD 2,712,824, as set out in annexes II and III, respectively, to document GCF/B.40/21;
2. Takes note of the provisional work plans of the Independent Redress Mechanism for 2026 and 2027, as set out in annex II to document GCF/B.40/21;
3. Approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the provisional administrative budgets for the Independent Redress Mechanism, as set out in annex III to document GCF/B.40/21, in the amounts of USD 3,044,773 for 2026 and USD 3,141,376 for 2027;
4. Notes that the costs of unanticipated case work will be budgeted as needed from the Board contingency budget in consultation with the Budget Committee; and
5. Also notes that, should the Board decide to embark on the Independent Redress Mechanism review, the budget will need to be drawn from the Board contingency budget in consultation with the Ethics and Audit Committee and the Budget Committee.

The Board, having considered document GCF/B.40/14 titled “Independent Evaluation Unit 2025 work plan and budget and update of its three-year rolling objectives”:

1. Decides to launch the Third Performance Review of the Green Climate Fund;
2. Approves the workplan and administrative budget for the Independent Evaluation Unit as set out in table 3 of annex VI for 2025 in the amount of USD 7,672,039;
3. Also approves, in accordance with the Administrative Budget and Accounting Framework approved by decision B.38/07, the provisional administrative budgets for the Independent Evaluation Unit as set out in table 5 of annex VI in the amount of USD 7,845,067 for 2026 and USD 7,787,792 for 2027;
4. Notes the update on the Independent Evaluation Unit’s three-year rolling objectives outlined in annex VII as requested by the Board to ensure flexibility, learning and predictability for the Independent Evaluation Unit;
5. Requests the Independent Evaluation Unit, starting in 2025, to seek the endorsement of the Risk Management Committee, in consultation with the Budget Committee as appropriate, with respect to its three-year rolling workplans and annual work programme prior to their consideration by the Board; and
6. Also requests the Co-Chairs to undertake consultations with the Secretariat and the Independent Evaluation Unit on the evaluation and learning functions of GCF and to recommend for the Board’s consideration, no later than the forty-second meeting of the Board, an optimized approach to monitoring, evaluation and learning, and related policies, that clearly delineates the roles of the Secretariat and the Independent Evaluation Unit and avoids duplication of efforts and resources.

The Board, having considered document GCF/B.40/15 titled “Accreditation Framework”:

1. Decides that the current accreditation process is not as effective as it should be and revisions to the accreditation framework are necessary and a priority for the Fund with a view to enhancing transparency, responsiveness, efficiency, fairness, country ownership, the capacity of direct access entities, and accredited entity accountability, while maintaining the standards in the initial fiduciary principles and standards adopted by decision B.07/02, paragraph (b), the interim environmental and social safeguards of the Fund adopted by decision B.07/02, paragraph (c), and the gender policy adopted by decision B.24/12, paragraph (e);
2. Requests the Secretariat, in consultation with the Accreditation Committee for subparagraphs (i), (ii), and (iv), to present for the Board’s consideration and approval at its forty-second meeting the following:
   1. A revised accreditation framework;
   2. The related screening requirements for accreditation;
   3. An analysis of policies that will be impacted by the revised accreditation framework;
   4. An updated policy on fees for accreditation;
   5. Updates to the monitoring and accountability framework; and
   6. A proposal for a fit-for-purpose approach to legal arrangements with all current and future accredited entities;
3. Also requests the Secretariat to undertake extensive, open, inclusive and transparent consultations with Board members and other relevant stakeholders on the items set out in paragraph (b) above, in order to inform their development; and
4. Further requests the Secretariat to present to the Board for its further guidance an update on the development of the items set out in paragraph (b) at its forty-first meeting.

The Board, having considered document GCF/B.40/11 titled “Policy for results-based payments for REDD+”:

1. Decides to approve the Policy for results-based payments for REDD+ (the “Policy”), as contained in annex VIII;
2. Also decides that for each GCF programming period, GCF will accept for consideration REDD+ results achieved within a five-year period that commences six years prior to the GCF programming period during which the relevant funding proposal is submitted;
3. Further decides that, for the GCF programming period of 2024–2027 (the second replenishment period of GCF), a carbon price for REDD+ results paid under the Policy shall be set at USD 8.00 per tonne of carbon dioxide equivalent of reduced emissions or enhanced removals;
4. Encourages countries that wish to submit REDD+ results-based payment funding proposals to request financing under the GCF Readiness and Preparatory Support Programme to support eligibility under the Policy; and
5. Requests the Secretariat to prepare relevant guidance and templates, building on the guidance and templates of the 2017–2022 REDD+ Results-Based Payments Pilot Programme, to operationalize the Policy.

The Board, having considered document GCF/B.40/09 titled “Risk appetite statement”:

1. Adopts the risk appetite statement, as contained in annex IX;
2. Agrees that the risk appetite statement referred to in paragraph (a) above replaces the risk appetite statement adopted through decision B.17/11, effective on the date of this decision; and
3. Requests, notwithstanding decision B.24/04, paragraph (h), the Secretariat, in consultation with the Risk Management Committee, to review the other components of the risk management framework, ensuring alignment with the risk appetite statement referred to in paragraph (a).

The Board, having considered document GCF/B.40/04 titled “Independent Evaluation of the Relevance and Effectiveness of GCF’s Investments in the Latin American and Caribbean States: Final Report”:

1. Takes note of the findings and recommendations in the “Independent Evaluation of the Relevance and Effectiveness of GCF’s Investments in the Latin American and Caribbean States” undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.40/04/Add.01;
3. Decides to further consider the Independent Evaluation Unit’s findings and recommendations in the Board’s ongoing strategic and policy deliberations and requests the Secretariat to continue to consider the Independent Evaluation Unit’s findings and recommendations in its efforts to make GCF’s operations more efficient and responsive to the needs of developing countries; and
4. Requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the adoption of this decision.

The Board, having considered document GCF/B.40/05 titled “Independent Evaluation of the Green Climate Fund’s Approach to and Protection of Whistleblowers and Witnesses: Final Report”:

1. Takes note of the findings and recommendations in the “Independent Evaluation of the Green Climate Fund’s Approach to and Protection of Whistleblowers and Witnesses” undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.40/05/Add.01;
3. Requests the Ethics and Audit Committee to further consider the findings and recommendations in the “Independent Evaluation of the Green Climate Fund’s Approach to and Protection of Whistleblowers and Witnesses”, the Secretariat’s management response, as well as the Independent Integrity Unit’s review of the Policy, and submit its recommendations to the Board for consideration; and
4. Also requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the Board’s consideration of the recommendations made by the Ethics and Audit Committee.

The Board, having considered document GCF/B.40/12 titled “Dates and venues of upcoming meetings of the Board”:

1. Recalls and confirms that the forty-first meeting of the Board will take place from Monday, 17 to Thursday, 20 February 2025, in the Republic of Korea;
2. Decides that the forty-second meeting of the Board will take place from Monday, 30 June to Thursday, 3 July 2025, in Port Moresby, Papua New Guinea; and
3. Also decides that the forty-third meeting of the Board will take place from Monday, 27 to Thursday, 30 October 2025, in the Republic of Korea.

The Board:

Elects Mr. Seyni Nafo and Mr. Leif Holmberg as the Co-Chairs of the Board for 2025 from 1 January to 31 December 2025.

The Board, having considered document GCF/BM-2024/05 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

Approves the accreditation of the following organizations as observer organizations to the GCF:

Civil society organizations:

Anchalik Jana Seva Anusthan

International Climate Change Development Initiative – Africa

National Integrated Human and Industrial Development Agency

Private sector organizations:

None

International entities:

Islamic Organization for Food Security

The Board, having considered document GCF/B.39/08 titled “Audited financial statements of the Green Climate Fund for the year ended 31 December 2023”:

Approves the audited financial statements of the Green Climate Fund for the year ended 31 December 2023 as contained in annex I.

The Board, having reviewed document GCF/B.39/04 titled “Appointment of External Auditors for the Green Climate Fund for the years 2024 through 2026”:

Decides to appoint Deloitte & Touche LLP as the External Auditor of the Fund to conduct the audit of the financial statements for the years 2024 through 2026.

The Board:

1. Recalls decision B.36/16, which requested the Secretariat to develop, under the guidance of the Investment Committee, a framework that specifically addresses the scope and criteria for local currency financing pilot projects, with particular attention to, inter alia, additionality, direct access entity eligibility, implications to the GCF balance sheet and commitment authority, and cost of all-in concessionality for each project/programme utilizing local currency financing;
2. Takes note of the progress made by the Investment Committee and the Secretariat in developing a framework addressing the scope and criteria for local currency financing, particularly the focus of the Investment Committee on understanding the GCF’s existing GCF/B.39/19 Page 4 foreign exchange exposure and the range of foreign exchange risk mitigation instruments including hedged and unhedged options;
3. Also takes note of the need to strengthen the risk management capacity and internal treasury function of the GCF in order to implement a Foreign Exchange Management Framework for its financing to developing countries;
4. Requests the Secretariat to undertake further analysis and report to the Investment Committee on:
   1. The GCF’s existing foreign exchange exposure in its financing to developing countries;
   2. The risks and costs of different foreign exchange risk mitigation instruments and their likely implications on the design of such instruments, taking into account potential impacts on end beneficiaries of GCF financing, including hedged and unhedged options; and
   3. The progress of strengthening GCF’s risk management regarding foreign exchange exposure; and
5. Also requests the Secretariat, under the guidance of the Investment Committee, to develop a Foreign Exchange Management Framework for its financing to developing countries, cognizant of the work of the Risk Management Committee on foreign exchange risk and the need to ensure impactful investment across different regions, for consideration by the Board at its forty-first meeting.

The Board, having considered document GCF/B.39/Inf.11 titled “Reports from committees, panels and groups of the Board of the Green Climate Fund”;

(a) Notes the discussions to date of the Investment Committee regarding the “Review of the structure and effectiveness of the independent Technical Advisory Panel” and recognizes the evolving context of GCF work since the previous report was commissioned in 2023 such as the adoption of the Strategic Plan for the GCF 2024–2027;

(b) Requests the Secretariat under the guidance of the Investment Committee to commission a broader review of the function, governance and role of the independent Technical Advisory Panel in supporting GCF business and Board decision-making; and

(c) Also requests the Investment Committee to prepare terms of reference for such review of the independent Technical Advisory Panel for consideration and approval by the Board no later than the fortieth meeting of the Board, with a particular focus on ensuring an inclusive stakeholder engagement process

The Board, having considered document GCF/B.39/05/Rev.01 titled “Updated terms of reference of the Accreditation Panel”:

Approves the terms of reference of the Accreditation Panel contained in annex II to document GCF/B.39/05/Rev.01.

The Board, having considered document GCF/B.39/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 038 titled “Climate Adaptation, Resilience and Engagement in Local Governments (CARE-LG)” by the Bhutan Trust Fund for Environmental Conservation, as contained in document GCF/B.39/02/Add.01;
   2. Simplified approval process funding proposal 039 titled “Integrated climate risk management for strengthened resilience to climate change in Buner and Shangla Districts of Khyber Pakhtunkhwa Province, Pakistan” by the World Food Programme, as contained in document GCF/B.39/02/Add.02;
   3. Simplified approval process funding proposal 040 titled “Climate Adaptation and Resilience in Thua Thien Hue Province Vietnam (CARe Hue)” by Agence luxembourgeoise pour la Coopération au Développement S.A. (Luxembourg Agency for Development Cooperation), as contained in document GCF/B.39/02/Add.03;
   4. Simplified approval process funding proposal 041 titled “ALBAdapt – Climate Services for a Resilient Albania” by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.39/02/Add.04;
   5. Simplified approval process funding proposal 042 titled “Building climate resilience by linking climate adaptation and social protection through decentralised planning in Mozambique (LINK)” by Save the Children Australia, as contained in document GCF/B.39/02/Add.05;
   6. Simplified approval process funding proposal 043 titled “Upscaling “Naatangué” integrated family and village farms for a resilient agriculture in Senegal” by Centre de Suivi Ecologique, as contained in document GCF/B.39/02/Add.06/Rev.01;
   7. Funding proposal 232 titled “Jordan Integrated Landscape Management Initiative (JILMI)” by the United Nations Environment Programme, as contained in document GCF/B.39/02/Add.07;
   8. Funding proposal 233 titled “Community-based Agriculture Support Programme ‘plus’ (CASP+)” by the International Fund for Agricultural Development, as contained in document GCF/B.39/02/Add.08;
   9. Funding proposal 234 titled “Tonga Coastal Resilience” by the United Nations Development Programme, as contained in document GCF/B.39/02/Add.09/Rev.01;
   10. Funding proposal 235 titled “Mangroves for climate: Public, Private and Community Partnerships for Mitigation and Adaptation in Ecuador” by Conservation International Foundation, as contained in document GCF/B.39/02/Add.10;
   11. Funding proposal 236 titled “Basin Approach for Livelihood Sustainability through Adaptation Strategies (BALSAS)” by the International Fund for Agricultural Development, as contained in document GCF/B.39/02/Add.11;
   12. Funding proposal 237 titled “E-Motion: E-Mobility and Low Carbon Transportation” by Agence Française de Développement, as contained in document GCF/B.39/02/Add.12/Rev.01;
   13. Funding proposal 238 titled “Ecosystems-based Adaptation for resilient Watersheds and Communities in Malawi (EbAM)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.39/02/Add.13;
   14. Funding proposal 239 titled “Building Climate Resilience for Food and Livelihoods in the Horn of Africa (BREFOL)” by the African Development Bank, as contained in document GCF/B.39/02/Add.14;
   15. Funding proposal 240 titled “Collaborative R&DB Programme for Promoting the Innovation of Climate Technopreneurship” by Korea Development Bank, as contained in documents GCF/B.39/02/Add.15/Rev.01 and 18;
   16. Funding proposal 241 titled “Financing Mitigation and Adaptation Projects (FMAP) in Indian MSMEs” by the Small Industries Development Bank of India, as contained in documents GCF/B.39/02/Add.16/Rev.01 and 19/Rev.02; and
   17. Funding proposal 242 titled “Caribbean Net-Zero and Resilient Private Sector” by the Inter-American Investment Corporation, as contained in documents GCF/B.39/02/Add.17 and 20;
2. Approves simplified approval process funding proposal 038, submitted by the Bhutan Trust Fund for Environmental Conservation (BTFEC), for the amount of USD 10,000,000, in accordance with the term sheet agreed between the Secretariat and BTFEC and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
3. Also approves simplified approval process funding proposal 039, submitted by the World Food Programme (WFP), for the amount of USD 8,777,141, in accordance with the term sheet agreed between the Secretariat and WFP and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
4. Further approves simplified approval process funding proposal 040, submitted by Agence luxembourgeoise pour la Coopération au Développement S.A. (Luxembourg Agency for Development Cooperation), for the amount of USD 8,650,000, in accordance with the term sheet agreed between the Secretariat and the Luxembourg Agency for Development Cooperation and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
5. Approves simplified approval process funding proposal 041, submitted by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 23,070,000, in accordance with the term sheet agreed between the Secretariat and GIZ and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
6. Also approves simplified approval process funding proposal 042, submitted by Save the Children Australia (SCA), for the amount of USD 23,500,000, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
7. Further approves simplified approval process funding proposal 043, submitted by Centre de Suivi Ecologique (CSE), for the amount of EUR 9,050,089, in accordance with the term sheet agreed between the Secretariat and CSE and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
8. Approves funding proposal 232, submitted by the United Nations Environment Programme (UNEP), for the amount of USD 44,904,203, in accordance with the term sheet agreed between the Secretariat and UNEP and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
9. Also approves funding proposal 233, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 39,000,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
10. Further approves funding proposal 234, submitted by the United Nations Development Programme (UNDP), for the amount of USD 22,656,409, in accordance with the term sheet agreed between the Secretariat and the UNDP and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
11. Approves funding proposal 235, submitted by Conservation International Foundation (CI), for the amount of USD 36,404,391, in accordance with the term sheet agreed between the Secretariat and CI and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
12. Also approves funding proposal 236, submitted by the International Fund for Agricultural Development (IFAD), for the amount of USD 39,500,000, in accordance with the term sheet agreed between the Secretariat and IFAD and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
13. Further approves funding proposal 237, submitted by Agence Française de Développement (AFD), for the amount of EUR 78,333,415 and USD 40,264,000, in accordance with the term sheet agreed between the Secretariat and AFD and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
14. Approves funding proposal 238, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 42,808,151, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
15. 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 239, submitted by the African Development Bank (AfDB), for the amount of USD 151,000,000, in accordance with the term sheet agreed between the Secretariat and AfDB and set out in document GCF/B.39/02/Add.21/Rev.01, and subject to the conditions set out in annex II;
16. Further approves funding proposal 240, submitted by Korea Development Bank (KDB), for the amount of USD 104,471,000, in accordance with the term sheet agreed between the Secretariat and KDB and set out in document GCF/B.39/02/Add.18, and subject to the conditions set out in annex II;
17. Approves funding proposal 241, submitted by the Small Industries Development Bank of India (SIDBI), for the amount of USD 215,600,000, in accordance with the term sheet agreed between the Secretariat and SIDBI and set out in document GCF/B.39/02/Add.19/Rev.02, and subject to the conditions set out in annex II;
18. Also approves funding proposal 242, submitted by the Inter-American Investment Corporation (IDB Invest), for the amount of USD 118,975,948, in accordance with the term sheet agreed between the Secretariat and IDB Invest and set out in document GCF/B.39/02/Add.20, and subject to the conditions set out in annex II;
19. 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
20. 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 document GCF/B.39/07 titled “Consideration of funding proposals: Consideration of a request for changes in the scope of funded activity FP037 (“Integrated Flood Management to Enhance Climate Resilience of the Vaisigano River Catchment in Samoa”)”:

Approves, with respect to funded activity FP037 titled “Integrated Flood Management to Enhance Climate Resilience of the Vaisigano River Catchment in Samoa”:

1. The cancellation of the construction of flood walls along segments 2 and 3 of the Vaisigano River (activity 2.1), except for penstock protection walls that have already been financed and carried out under the funded activity;
2. The cancellation of the construction of flood wall extensions at Leone and Lelata bridges (activity 2.4), except for the flood wall extension to Leone bridge downstream that has already been financed and carried out under the funded activity; and
3. The cancellation of Lelata bridge upgrade (activity 2.3), including a cancellation of GCF proceeds in the amount of USD 15,282,008 that were allocated to activities 2.1, 2.3 and 2.4 of the funded activity.

The Board, having considered limited distribution document GCF/B.39/12 titled “Consideration of funding proposals: Consideration of a request for a change in the environmental and social risk category in respect of FP224 Renewstable Barbados Project”:

Approves the change of environmental and social risk category of FP224 from Category B to Category A as described in limited distribution document GCF/B.39/12.

The Board, having considered limited distribution document GCF/B.39/13 titled “Consideration of funding proposals: Extension of deadline in respect of SAP033 (Enhancing Climate Information Systems for Resilient Development in Sierra Leone)”:

Decides to extend until one (1) day after the last day of the forty-first meeting of the Board (B.41) the deadline for the submission by the accredited entity of a certificate or a legal opinion, in a form and substance satisfactory to the Secretariat, confirming that the accredited entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed project, for the following approved funding proposal:

1. SAP033, titled “Enhancing Climate Information Systems for Resilient Development in Sierra Leone”.

The Board, having considered document GCF/B.39/03 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 133 (APL133) is the Center for Implementation of Investment Projects within the Committee for Environmental Protection (CIIP) under the government of the Republic of Tajikistan, based in Tajikistan, as contained in document GCF/B.39/03/Add.02;
   2. Applicant 134 (APL134) is the Development Bank of Nigeria Plc (DBN), based in Nigeria, as contained in document GCF/B.39/03/Add.03;
   3. Applicant 135 (APL135) is the Fonds Interprofessionnel pour la Recherche et le Conseil Agricoles (FIRCA), based in Côte d’Ivoire, as contained in document GCF/B.39/03/Add.04;
   4. Applicant 136 (APL136) is the Indian Ocean Commission (IOC), based in Mauritius, as contained in document GCF/B.39/03/Add.05;
   5. Applicant 137 (APL137) is the Islamic Development Bank (IsDB), based in Saudi Arabia, as contained in document GCF/B.39/03/Add.06;
   6. Applicant 138 (APL138) is Meridiam SAS (Meridiam), based in France, as contained in document GCF/B.39/03/Add.07;

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 APL133, the Center for Implementation of Investment Projects within the Committee for Environmental Protection (CIIP) under the government of the Republic of Tajikistan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/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 APL134, Development Bank of Nigeria Plc (DBN), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/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 APL35, the Fonds Interprofessionnel pour la Recherche et le Conseil Agricoles (FIRCA), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/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 APL136, the Indian Ocean Commission (IOC), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/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 APL137, the Islamic Development Bank (IsDB), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/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 APL138, Meridiam SAS (Meridiam), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/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. Takes note with appreciation of the assessments conducted by the Secretariat and the Accreditation Panel contained within the relevant documents for the following applicants seeking to upgrade their respective accreditation types:
   1. Department of Environment under the Ministry of Health and the Environment of the Government of Antigua and Barbuda (DOE), based in Antigua and Barbuda, as contained in document GCF/B.39/03/Add.08;
   2. Fondo Mexicano para la Conservación de la Naturaleza A.C. (FMCN), based in Mexico, as contained in document GCF/B.39/03/Add.09;
   3. Ministry of Finance of the Federal Democratic Republic of Ethiopia (MOF Ethiopia), based in Ethiopia, as contained in document GCF/B.39/03/Add.10; and
   4. Palli Karma-Sahayak Foundation (PKSF), based in Bangladesh, as contained in document GCF/B.39/03/Add.11;
9. Agrees to upgrade the accreditation type of the Department of Environment under the Ministry of Health and the Environment of the Government of Antigua and Barbuda (DOE) as contained in decision B.18/05, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.08;
10. Also agrees to upgrade the accreditation type of Fondo Mexicano para la Conservación de la Naturaleza A.C. (FMCN) as contained in decision B.22/09, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.09;
11. Further agrees to upgrade the accreditation type of the Ministry of Finance of the Federal Democratic Republic of Ethiopia (MOF Ethiopia) as contained in decision B.12/30, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.10;
12. Agrees to upgrade the accreditation type of Palli Karma-Sahayak Foundation (PKSF) as contained in decision B.18/05, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.39/03/Add.11;
13. Recalls that the scope of review for assessment of accreditation is set out in the updates to the accreditation framework adopted by the Board in decision B.31/06, annex IV;
14. Recognizes that information included by the Accreditation Panel in the assessment of entities that goes beyond the scope of review recalled in paragraph (m) is informative in nature and does not imply or impose additional requirements on applicants for accreditation;
15. 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.39/03/Add.01; and
16. Decides that those entities referred to in annex III to document GCF/B.39/03 are also eligible to apply under the fast-track accreditation process for the standards of GCF in accordance with decision B.08/03, paragraph (f), for entities under the Adaptation Fund.

The Board, having considered document GCF/B.39/10 titled “Guidance from the twenty-eighth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change: Co-Chairs’ proposal”:

1. Takes note of this report, including the actions to be undertaken by the Board and Secretariat in 2024 in response to guidance received from the Parties during the twentyeighth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, as contained in annex III; and
2. Requests the Co-Chairs, with the support of the Secretariat, to include an overview of actions taken by the Board and Secretariat in response to the guidance referred to in paragraph (a) above in the thirteenth report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change.

The Board, having considered document GCF/B.39/14 titled “Thirteenth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”:

1. Requests the Co-Chairs, assisted by the Secretariat, to finalize the “Thirteenth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annex II to document GCF/B.39/14, taking into consideration the comments made and decisions taken at the thirty-ninth meeting of the Board, and submit the revised report to the United Nations Framework Convention on Climate Change secretariat, no later than 12 weeks prior to the twenty-ninth session of the Conference of the Parties, in accordance with decision 7/CP.20, paragraph 23; and
2. Also requests the Co-Chairs, assisted by the Secretariat, to develop an addendum to the “Thirteenth Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change” capturing the progress and decisions to be made during the fortieth meeting of the Board and submit the addendum to the United Nations Framework Convention on Climate Change secretariat.

The Board, having considered document GCF/B.39/17 titled “Financing of results-based payments for REDD+”:

1. Decides to approve the “Principles for mainstreaming REDD+ results-based payments”, as set out in annex IV, as the guiding principles to be applied for developing a proposal to integrate a REDD+ results-based payments funding modality into the regular project and programme activity cycle of GCF;
2. Requests the Secretariat to prepare for the Board’s consideration and approval a proposal for integrating a REDD+ results-based payments funding modality into the regular project and programme activity cycle of GCF, consistent with the principles approved under paragraph (a) above, and building on consultations conducted following decision B.35/12, paragraphs (b) and (c), no later than the fortieth meeting of the Board;
3. Also requests the Secretariat to undertake open, inclusive and transparent consultations on the development of the proposal on the financing of results-based payments for REDD+;
4. Notes that four eligible concept notes for the Lao People’s Democratic Republic, Papua New Guinea, Uganda and Viet Nam, respectively, had been submitted under, and within the period of, the pilot programme for REDD+ results-based payments that was adopted by decision B.18/07 and were not able to be considered under the pilot programme due to the funding envelope approved for that pilot programme being exhausted; and
5. Decides on an exceptional basis to allow the four REDD+ results-based payments concept notes to be submitted as funding proposals under the pilot programme mentioned in paragraph (d) above, subject to the relevant review and due diligence to be carried out by the Secretariat for a funding proposal.

The Board, having considered document GCF/B.39/18/Rev.01 titled “Partnerships and Access Strategy”:

1. Recalls paragraph 31 of the Governing Instrument for the GCF which provides that the Fund will provide simplified and improved access to funding, including direct access, basing its activities on a country-driven approach and will encourage the involvement of relevant stakeholders, including vulnerable groups and addressing gender aspects;
2. Confirms that in line with the Strategic Plan for the GCF 2024–2027, significantly improving access to GCF resources represents a core operational commitment of GCF for the period 2024–2027, noting the urgency of climate change and consultations with stakeholders on GCF accessibility;
3. Takes note of document GCF/B.39/18/Rev.01 titled “Partnerships and Access Strategy” and the views expressed by the Board members during the thirty-ninth meeting of the Board; and
4. Requests the Secretariat to take into account comments made on document GCF/B.39/18/Rev.01 titled “Partnerships and Access Strategy” during the thirty-ninth meeting of the Board in developing policy proposals, in consultation with the Board and/or its committees, for Board consideration.

The Board, having considered document GCF/B.39/11 titled “Enhancing coherence and complementarity”:

1. Welcomes the efforts made on the draft action plan in annex V as a contribution to enhancing coherence and complementarity between the multilateral climate funds and within the international climate finance architecture;
2. Requests the Secretariat to coordinate with the other multilateral climate funds to reflect the Board’s comments and observations in the further refinement of the multilateral climate funds draft action plan; and (c) Also requests the Secretariat to update on progress in the development of the draft action plan as part of its reporting on the Operational Framework on Complementarity and Coherence.

The Board, having considered document GCF/B.39/16 titled “Independent Evaluation of Green Climate Fund’s Energy Sector Portfolio and Approach: Final Report”:

1. Recalls paragraph 60 of the Governing Instrument for the GCF and the importance of “an operationally independent evaluation unit as part of the core structure of the Fund”;
2. Notes some Board members’ concerns with factual inconsistencies and inaccuracies in the evaluation report;
3. Invites members and alternate members of the Board to consider the findings and recommendations of the following evaluations and to provide any comments no later than 30 September 2024:
   1. Independent Evaluation of Green Climate Fund’s Energy Sector Portfolio and Approach; and
4. Requests the Independent Evaluation Unit to append the response matrix of comments received to the evaluation report no later than 30 October 2024 to inform future relevant Board discussions.

The Board, having considered document GCF/B.39/06 titled “Independent Evaluation of the GCF’s Investment Framework: Final Report”:

1. Takes note of the findings and recommendations in the independent evaluation of the GCF’s investment framework undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.39/06/Add.01;
3. Requests the Investment Committee to further consider the independent evaluation of the GCF’s investment framework, including its findings and recommendations, as well as the Secretariat’s management response, and submit its recommendations to the Board for consideration;
4. Also requests the Independent Evaluation Unit to submit a management action report to the Board no later than one year following the Board’s consideration of the recommendations made by the Investment Committee.

The Board, having considered document GCF/B.39/09 titled “Dates and venues of upcoming meetings of the Board”:

1. Expresses appreciation for the offers from Mongolia, Papua New Guinea, and Tajikistan to host a meeting of the Board;
2. Recalls and confirms that the fortieth meeting of the Board will take place from Monday, 21 October to Thursday, 24 October 2024, in the Republic of Korea;
3. Decides that the forty-first meeting of the Board will take place from Monday, 24 to Thursday, 27 February 2025, in the Republic of Korea;
4. Also decides that the forty-second meeting of the Board will take place from Monday, 30 June to Thursday, 3 July 2025 in a location outside of the Republic of Korea to be decided further by the Board upon recommendation by the Secretariat; and
5. Further decides that the forty-third meeting of the Board will take place from Monday, 27 to Thursday, 30 October 2025, in the Republic of Korea.

The Board, having considered document GCF/BM-2024/04 titled “Accreditation of observer organizations” and through a decision taken between meetings on a no-objection basis:

Approves the accreditation of the following organizations as observer organizations to the GCF:

Civil society organizations:

Ban Ki-moon Centre for Global Citizens (BKMC)

Friendship Global Partnership for Sustainable Development (GPSD)

Good Neighbors International (GN)

Jigme Singye Wanchuck School of Law (JSW Law)

Private sector organizations:

Mandala Capital Limited

International entities:

None

The Board, having considered limited distribution document GCF/BM-2024/03 titled “Performance review and appointment of members of the Accreditation Panel”:

1. Takes note of the detailed report on the performance review of the members of the Accreditation Panel prepared by the independent consultant pursuant to decision B.36/03 and in line with decision B.BM-2017/03, paragraph (e), as set out in annex II of document GCF/BM-2024/03;
2. Considers the performance of the reviewed members of the Accreditation Panel satisfactory;
3. Decides to reappoint the following members of the Accreditation Panel for another three-year term, starting on the date of this decision:
   1. Mr. Ben Boxer (United Kingdom of Great Britain and Northern Ireland/Australia, fiduciary);
   2. Ms. Diana Isiye (Kenya, fiduciary); and
   3. Ms. Natalie Unterstell (Brazil/Switzerland, fiduciary, environmental and social safeguards (ESS), and gender); and
4. Endorses the nomination by the Accreditation Committee of, and decides to appoint, the following experts to the Accreditation Panel for a three-year term, starting on the date of this decision in accordance with the terms of reference adopted in decision B.07/02, paragraph (h), and decision B.BM-2017/03, and taking into account decision B.08/20, paragraphs (d) and (e):
   1. Ms. Sandra Abiola (South Africa, fiduciary, environmental and social safeguards (ESS) and gender);
   2. Ms. Irene Nakiwu Koksæter (Uganda/Norway, environmental and social safeguards (ESS) and gender); and
   3. Ms. Yasmin Saadat (Iran (Islamic Republic of)/United Kingdom of Great Britain and Northern Ireland, fiduciary).

The Board, having considered the limited distribution document GCF/BM-2024/01 titled “Status of approved funding proposals: Extension of deadline in respect of FP153 (Mongolian Green Finance Corporation)”:

1. Decides to extend the deadline until 180 days after the Previous Deadline which falls on 02 July 2024 for the submission by the accredited entity of a certificate or legal opinion, in form and substance satisfactory to the Secretariat, confirming that the accredited entity has obtained all final internal approvals needed by it and has the capacity and authority to implement the proposed programme for the following approved funding proposal:
   1. FP153, titled “Mongolian Green Finance Corporation”.

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.