Thirty-seventh meeting of the GCF Board (B.37)

This matter was considered by the Board in an executive session.

A limited distribution decision was adopted under this agenda item: 

DECISION B.37/01 on accreditation master agreements

The Board, having reviewed document GCF/B.37/23 titled “Appointment of External Auditors for the year 2023”:

1. Decides to extend the term of Nexia Samduk as the External Auditor of the Fund for one year with a view to conducting the audit of the 2023 financial statements; and
2. Requests the Secretariat to commence the process for the selection of an External Auditor for three years commencing with the 2024 financial statements, in accordance with the terms of reference contained in annex II.

The Board, having considered document GCF/B.37/13 titled “Sustainable and responsible investment of GCF funds held in the GCF Trust Fund”:

1. Authorizes a maximum allocation of 30 per cent of GCF Trust Fund liquid assets into the Trustee’s Sustainable Fixed Income Strategy/Model Portfolio 8; and
2. Requests the Trustee to continue reporting quarterly on the performance and profile of the GCF Trust Fund with information provided for each model portfolio in which the GCF Trust Fund assets are invested, and also requests the Trustee to post this information on the Trustee website.

The Board:

1. Establishes the Committee on Human Resources Matters as an ad hoc committee of the Board in accordance with paragraphs 2(g) and 30 of the Rules of Procedure of the Board;
2. Adopts the terms of reference of the Committee on Human Resources Matters as set out in annex III;
3. Decides that the three members from the developed country constituency and three members from the developing country constituency will be deemed appointed by the Board once they have been selected by their respective constituencies and communicated by the Co-Chairs to the Secretariat; and
4. Confirms that the work of the Committee on Human Resources Matters does not affect the role of the Budget Committee with respect to matters that fall within paragraph 3(a) of the terms of reference of the Budget Committee adopted by the Board in decision B.12/37.

The Board, recognizing the Board’s need for transparency and information on resource implications to inform decision-making:

Requests the Secretariat to include a section in relevant documents submitted to the Board for consideration and approval containing information of any administrative budgetary implications of proposed decisions, including the methodology and key assumptions used, and any material impact on the commitment authority of the GCF.

The Board, having considered document GCF/B.37/11 titled “Update of the working modalities of the Accreditation Panel”, pursuant to decision B.07/02, annex V, paragraph 17, and pursuant to decision B.31/06, paragraph (f):

1. Takes note of and endorses the updated Modalities of Work of the Accreditation Panel contained in annex I to document GCF/B.37/11; and
2. Requests, pursuant to decision B.07/02, annex V, paragraph 26, that the Accreditation Committee, in consultations with the Secretariat and the Accreditation Panel, review and, if necessary, update the terms of reference of the Accreditation Panel adopted in decision B.07/02, paragraph (h), to ensure they remain fit for purpose, and present them to the Board for approval no later than the thirty-ninth meeting of the Board.

The Board, having considered document GCF/B.37/24 titled “Appointment of members of the independent Technical Advisory Panel”:

1. Recalls the updated terms of reference of the independent Technical Advisory Panel as approved in decision B.BM-2018/09; and
2. Endorses the renewal of the following members of the independent Technical Advisory Panel for a three-year term starting on the date of the expiration of their current term:
   1. Mr. Rey Guarin;
   2. Mr. Ricardo Nogueira; and
   3. Ms. Caroline Petersen.

The Board, having considered document GCF/B.37/20 titled “2024 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 2024, noting the intent for programming levels to be scaled up over 2025–2027:
   1. Annual programming target of USD 1.75 to 2.2 billion in funding proposals approved by the Board;1 and
   2. Annual disbursement target of USD 990 million to 1,490 million;
2. Approves the 2024 work programme and the objectives set out in annex IV, in accordance with paragraph 23(e) of the Governing Instrument for the GCF;
3. Also approves the administrative budget for the GCF Secretariat as set out in table 8 of annex IV for the period 1 January 2024 to 31 December 2024 in the amount of USD 101,961,000, which includes USD 28,720,239 in new funding, as well as the USD 73,240,720 for 2024 staff salaries and emoluments that was approved by the Board in decisions B.30/06 and B.30/07;
4. Recognizes that the new funding of USD 28,720,239 includes a contingency budget of USD 1,999,000. The contingency budget will be used to support both the Secretariat and the independent units;
5. Approves USD 72,100,000 for projected staff salaries and emoluments for 2026;
6. Adopts the International Staff and Administrative Services staff salary scales shown in annex V, appendix III, which will enter into force on 1 January 2024;
7. Approves a budget of USD 1,741,000 to be allocated in 2024 for the implementation of the 2024 salary scale adjustment;
8. Tasks the Executive Director with setting the guidelines for the distribution of salary increases in line with the Administrative Guidelines on Human Resources, sections E.I.5 and E.I.10;
9. Requests the Secretariat to develop a process for the adjustment of salary scales that provides information to the Board prior to the last meeting of the year;
10. Approves a budget for the Board in the amount of USD 5,947,000 as found in table 7 of annex IV;
11. Also approves a budget for the Trustee in the amount of USD 4,531,000 as included in table 9 of annex IV; and
12. Recalls that the Board will consider in 2024 a proposal for updating the budgeting system for all GCF administrative budgets, pursuant to decision B.34/05, paragraph (k).

1 This target aligns with the Secretariat programming indicator of USD 2.14–2.63 billion submitted to the independent Technical Advisory Panel.

The Board, having considered document GCF/B.37/21 titled “Independent Evaluation Unit 2024 Work plan and Budget and Update of its three-year rolling work plan and objectives”:

1. Approves the work plan and budget of the Independent Evaluation Unit for 2024 as contained in document GCF/B.37/21 (total budgeted amount of USD 7,649,286);
2. Requests the Independent Evaluation Unit, in consultation with the Budget Committee, to prepare a multi-year budget and schedule for the third performance review of GCF for consideration by the Board at its thirty-eighth meeting; and
3. Notes the update on the Independent Evaluation Unit’s three-year rolling work plan, outlined in annex VI, as requested by the Board to ensure flexibility, learning and predictability for the Independent Evaluation Unit.

The Board, having considered document GCF/B.37/18 titled “Work Programme and Budget of the Independent Integrity Unit for 2024”:

1. Approves the work programme and budget of the Independent Integrity Unit for 2024 as contained in annexes VII and VIII with a total budgeted amount of USD 3,601,000; and
2. Requests the Budget Committee and the Ethics and Audit Committee to review the budget execution during 2024 and acknowledge that the Independent Integrity Unit may present to the Board, for its consideration at its thirty-ninth meeting, an additional budgetary request to execute its work programme for 2024.

The Board, having considered document GCF/B.37/19 titled “Independent Redress Mechanism Work Plan and Budget for 2024”:

1. Approves the work plan and the administrative budget of the Independent Redress Mechanism for 2024 in the amount of USD 1,993,209, as contained in annexes II and III, respectively, to document GCF/B.37/19; and
2. Notes that on the basis of cases filed, the Independent Redress Mechanism may need to present a supplementary budget for travel and case-related expenses in 2024 for the consideration and approval of the Board.

The Board, having considered document GCF/B.37/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 030 titled “Strengthening Climate Resilience of the Lao People’s Democratic Republic (PDR) Health System” by Save the Children Australia, as contained in document GCF/B.37/02/Add.01;
   2. Simplified approval process funding proposal 031 titled “Marajó Resiliente: Enhancing the resilience of smallholders to climate change impacts through adapting and scaling up diversified agroforestry systems in the Marajo Archipelago of Brazil” by Fundación Avina, as contained in document GCF/B.37/02/Add.02;
   3. Simplified approval process funding proposal 032 titled “Local Climate Adaptive Living Facility - LoCAL” by National Fund for Environment and Climate of Benin (FNEC), as contained in document GCF/B.37/02/Add.03;
   4. Simplified approval process funding proposal 033 titled “Enhancing Climate Information Systems for Resilient Development in Sierra Leone” by the African Development Bank, as contained in document GCF/B.37/02/Add.04;
   5. Funding proposal 214 titled “Thai Rice: Strengthening Climate-Smart Rice Farming” by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, as contained in document GCF/B.37/02/Add.05;
   6. Funding proposal 215 titled “Community Resilience Partnership Program” by the Asian Development Bank, as contained in document GCF/B.37/02/Add.06;
   7. Funding proposal 216 titled “Scaling up climate resilient flood risk management in Bosnia and Herzegovina” by the United Nations Development Programme, as contained in document GCF/B.37/02/Add.07;
   8. Funding proposal 217 titled “Building Resilience of Vulnerable Communities to Climate Variability in Rwanda’s Congo Nile Divide through Forest and Landscape Restoration” by the Government of Rwanda, acting through the Ministry of Environment, as contained in document GCF/B.37/02/Add.08;
   9. Funding proposal 218 titled “Building climate resilience in the landscapes of Kigoma region, Tanzania” by the United Nations Environment Programme, as contained in document GCF/B.37/02/Add.09;
   10. Funding proposal 219 titled “Staple Crops Processing Zone (SCPZ): Promoting Sustainable Agricultural Value Chains” by the African Development Bank, as contained in document GCF/B.37/02/Add.10;
   11. Funding proposal 220 titled “Africa Rural Climate Adaptation Finance Mechanism (ARCAFIM) for East Africa region” by the International Fund for Agricultural Development, as contained in document GCF/B.37/02/Add.11 and 16;
   12. Funding proposal 221 titled “Rwanda Green Investment Facility (RGIF)” by the African Development Bank, as contained in document GCF/B.37/02/Add.12 and 17;
   13. Funding proposal 222 titled “Renewable Energy Performance Platform (REPP 2)” by Camco Management Limited, as contained in document GCF/B.37/02/Add.13 and 18;
   14. Funding proposal 223 titled “Project GAIA (“GAIA”)” by MUFG Bank, Ltd., as contained in document GCF/B.37/02/Add.14 and 19; and
   15. Funding proposal 224 titled “Renewstable Barbados Project” by the International Finance Corporation, as contained in document GCF/B.37/02/Add.15 and 20;
2. 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, simplified approval process funding proposal 030, submitted by Save the Children Australia, for the amount of USD 24,978,084, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
3. Also approves simplified approval process funding proposal 031, submitted by Fundación Avina, for the amount of USD 9,388,923, subject to the conditions set out annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
4. Further 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, simplified approval process funding proposal 032, submitted by the National Fund for Environment and Climate of Benin (FNEC), for the amount of USD 9,387,720, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
5. Approves simplified approval process funding proposal 033, submitted by the African Development Bank, for the amount of USD 15,094,264, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
6. Also approves funding proposal 214, submitted by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, for the amount of EUR 38,174,347, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
7. Further approves funding proposal 215, submitted by the Asian Development Bank, for the amount of USD 120,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
8. Approves funding proposal 216, submitted by the United Nations Development Programme, for the amount of USD 14,400,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
9. Also approves funding proposal 217, submitted by the Government of Rwanda, acting through the Ministry of Environment, for the amount of USD 39,056,421, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
10. Further approves funding proposal 218, submitted by the United Nations Environment Programme, for the amount of USD 19,007,353, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
11. 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 219, submitted by the African Development Bank, for the amount of USD 102,790,988.06, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.22;
12. Also approves funding proposal 220, submitted by the International Fund for Agricultural Development, for the amount of USD 55,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.16;
13. Further approves funding proposal 221, submitted by the African Development Bank, for the amount of USD 42,793,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.17;
14. 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 222, submitted by Camco Management Limited, for the amount of USD 50,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.18;
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 223, submitted by MUFG Bank, Ltd., for the amount of USD 152,500,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.19;
16. Further 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 224, submitted by International Finance Corporation, for the amount of USD 41,000,000, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.37/02/Add.20;
17. 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 bythe Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and
18. 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.37/10 titled “Status of approved funding proposals: Extension of deadline in respect of SAP016 (Fiji Agrophotovoltaic Project in Ovalau)”:

Decides to extend the deadline until 24 April 2024 for the execution of the funded activity agreement for the following approved funding proposal:

1. SAP016, titled “Fiji Agrophotovoltaic Project in Ovalau”.

The Board, having considered document GCF/B.37/07 and its limited distribution Add.01 titled “Status of approved funding proposals: adding host countries in respect of FP086 (Green Cities Facility)”:

1. Approves the inclusion of: Bosnia and Herzegovina, Kazakhstan, Kyrgyzstan, Morocco, Tajikistan and Uzbekistan as host countries for FP086; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraph (a) above.

The Board, having considered limited distribution document GCF/B.37/08 titled “Consideration of funding proposals: Extension of deadline in respect of FP185 (Climate Change: The New Evolutionary Challenge for the Galapagos)”:

Decides to extend the deadline by one hundred and eighty (180) days after the effectiveness of the amended and restated accreditation master agreement 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/programme, for the following approved funding proposal:

1. FP185, titled “Climate Change: The New Evolutionary Challenge for the Galapagos”

The Board, having considered limited distribution document GCF/B.37/09 titled “Consideration of funding proposals: Extension of deadline in respect of FP166 (Light Rail Transit for the Greater Metropolitan Area (GAM) in Costa Rica)”:

Decides to extend the deadline until 22 April 2025 for the execution of the funded activity agreement, in a form and substance satisfactory to the GCF Secretariat, for the following approved funding proposal:

1. FP166, titled “Light Rail Transit for the Greater Metropolitan Area (GAM)”

The Board, having considered limited distribution document GCF/B.37/04 titled “Consideration of funding proposals: Consideration of a request for restructuring in respect of funded activity FP093 (“Yeleen Rural Electrification Project in Burkina Faso”)”:

1. Approves the restructuring of funded activity FP093 as described in limited distribution document GCF/B.37/04; and
2. Authorizes the Secretariat to negotiate and execute relevant amendments to the funded activity agreement for FP093 to reflect the changes hereby approved.

The Board, having considered document GCF/B.37/03 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 re-accreditation:
   1. Applicant R043 (RAPL043) is the Foreign Environmental Cooperation Center of the Ministry of Ecology and Environment of China (formerly Foreign Economic Cooperation Office) (FECO), based in China, as contained in document GCF/B.37/03/Add.03;
   2. Applicant R053 (RAPL053) is the Micronesia Conservation Trust (MCT), based in Micronesia (Federated States of), as contained in document GCF/B.37/03/Add.04;
   3. Applicant R040 (RAPL040) is the Food and Agriculture Organization of the United Nations (FAO), based in Italy, as contained in document GCF/B.37/03/Add.05;
   4. Applicant R038 (RAPL038) is the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (GIZ), based in Germany, as contained in document GCF/B.37/03/Add.06;
   5. Applicant R041 (RAPL041) is the International Fund for Agricultural Development (IFAD), based in Italy, as contained in document GCF/B.37/03/Add.07; and
   6. Applicant R054 (RAPL054) is MUFG Bank, Ltd (MUFG) (formerly Bank of TokyoMitsubishi UFJ, Ltd. (BTMU)), based in Japan, as contained in document GCF/B.37/03/Add.08;
      
      pursuant to paragraph 45 of the Governing Instrument for the GCF, subject to, and in accordance with, the assessments 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 amendment to the original accreditation master agreement, in accordance with decision B.24/13;
2. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL043, the Foreign Environmental Cooperation Center of the Ministry of Ecology and Environment of China (formerly Foreign Economic Cooperation Office) (FECO), based in China, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.03, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
3. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL053, Micronesia Conservation Trust (MCT), based in Micronesia (Federated States of), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.04, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
4. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL040, the Food and Agriculture Organization of the United Nations (FAO), based in Italy, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.05, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL038, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH (GIZ), based in Germany, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.06, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the reaccreditation of RAPL041, the International Fund for Agricultural Development (IFAD), based in Italy, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.07, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
7. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the re-accreditation of RAPL054, MUFG Bank, Ltd (MUFG) (formerly Bank of Tokyo- Mitsubishi UFJ, Ltd. (BTMU)), based in Japan, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.08, and subject to the completion of Stage III of the accreditation process by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
8. Takes note of the efforts of MUFG Bank, Ltd. to advance the purpose of the GCF, including through the MUFG Carbon Neutrality Declaration, and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
9. Also 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 122 (APL122) is the Federated States of Micronesia Development Bank (FSMDB), based in Micronesia (Federated States of), as contained in document GCF/B.37/03/Add.09;
   2. Applicant 123 (APL23) is the CARICOM Development Fund (CDF), based in Barbados, as contained in document GCF/B.37/03/Add.10; and
   3. Applicant 124 (APL124) is SK Securities, Co., Ltd (SK Securities), based in the Republic of Korea, as contained in document GCF/B.37/03/Add.11; 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;
10. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL122, the Federated States of Micronesia Development Bank (FSMDB), based in Micronesia (Federates States of), subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/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;
11. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL123, the CARICOM Development Fund (CDF), based in Barbados, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.10, 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;
12. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL124, SK Securities, Co., Ltd (SK Securities), based in the Republic of Korea, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.37/03/Add.11, 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;
13. 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.37/03/Add.01;
14. Approves, pursuant to the recommendation by the Accreditation Panel contained in document GCF/B.37/03/Add.01, the modification of the condition of accreditation for the Japan International Cooperation Agency (JICA), as contained in paragraph 45(b)(ii) of annex XVI to decision B.17/13, by amending the condition such that it shall be met by the entity within two years of the first disbursement by the GCF for an approved project/programme to be undertaken by Japan International Cooperation Agency (JICA);
15. Recalls that the scope of review for assessment of accreditation are set out in the updates to the accreditation framework adopted by the Board in decision B.31/06, annex IV, and, in respect of re-accreditation, the scope of review set out in the re-accreditation process adopted by the Board in decision B.24/13, annex XXVI;
16. Recognizes that information included by the Accreditation Panel in the assessment of entities that goes beyond the scopes of review recalled in paragraph (o), is informative in nature and does not imply or impose additional requirements on applicants for accreditation or re-accreditation;
17. Decides, notwithstanding the provisions of decision B.11/10, annex I, paragraph 6, and decision B.24/13, paragraph (a), that the accreditation term of all accredited entities is extended by three (3) years from the date its accreditation term lapsed or will lapse or until the date on which a revised accreditation framework is adopted by the Board, whichever is earlier. For the avoidance of doubt, in respect of the fifth year of the accreditation term, accredited entities are to report to the Secretariat consistent with the form and requirements of the midterm report required under the monitoring and accountability framework. The extension described herein does not apply to (1) any accredited entity which has notified the Secretariat prior to the date of this decision that it will not apply for re-accreditation; or (2) any accredited entity which notifies the Secretariat of its decision to opt out of the extension; in each case the accreditation term is to lapse at the end of the fifth year of their accreditation term; and
18. Requests the Secretariat, in consultation with the Accreditation Committee, to present a revised accreditation framework at the last Board meeting of 2024.

The Board, having considered document GCF/B.37/16/Rev.01 titled “Report on the outcomes of GCF’s second formal replenishment”:

1. Welcomes and endorses the successful conclusion of the second formal replenishment process of GCF, as mandated by decision B.33/11;
2. Expresses its gratitude to Germany for hosting the High-Level Pledging Conference for the second replenishment and its strong support and advocacy throughout the replenishment process;
3. Also expresses its appreciation to the group of potential contributors, members and alternate members of the Board and observers who actively engaged in the replenishment process;
4. Further expresses its sincere appreciation to the Facilitator, Mahmoud Mohieldin, for his leadership, commitment and proactive engagement in making the second formal replenishment of GCF a success;
5. Welcomes the pledges made by 25 contributors at the pledging conference for a total of USD 9.322 billion equivalent, including credit earned due to early payment and/or encashment;
6. Encourages contributing countries to confirm their pledges to GCF in the form of fully executed contribution agreements/arrangements as soon as possible; and
7. Also encourages further pledges and contributions during the replenishment period, in accordance with decision B.05/04, paragraph (c).

The Board, having considered document GCF/B.37/22 titled “Update of the initial investment framework: allocation parameters and portfolio targets for 2024–2027”:

Approves the update to the investment framework set out in annex IX, updating the allocation parameters and portfolio targets for the second replenishment period, with effect from 1 January 2024.

The Board, having considered document GCF/B.37/17 titled “Readiness and Preparatory Support Programme: revised strategy 2024–2027”:

1. Reaffirms that the Readiness and Preparatory Support Programme is a strategic priority for GCF to enhance country ownership, support direct access to GCF resources, and strengthen strategic programming in support of the objectives laid out in the Strategic Plan for the GCF 2024–2027;
2. Approves the Readiness Strategy 2024–2027, as set out in annex X;
3. Also approves an amount of USD 501.5 million to be made available for the execution of the Readiness and Preparatory Support Programme for 2024–2027;
4. Requests the Secretariat to develop the operational modalities, including outcome indicators, as appropriate, to be consistent with the Readiness Strategy 2024–2027 as set out in annex X; and
5. Also requests the Secretariat to report on the implementation of the Readiness and Preparatory Support Programme at the final Board meeting of each year.

The Board, having considered document GCF/B.37/05 and its addendum Add.01 titled “Project Preparation Facility: revised operating modalities, activities and funding”:

1. Endorses the revised operating modalities and activities of the Project Preparation Facility as set out in annex XI;
2. Approves an allocation of USD 90.3 million for the Project Preparation Facility; and
3. Also approves that up to 2.5 per cent of the Project Preparation Facility resource allocation can be employed for partnership-building and knowledge-sharing activities for project preparation.

The Board, having considered document GCF/B.37/06 titled “Independent evaluation of the GCF’s Readiness and Preparatory Support Programme: Final Report”:

1. Takes note of the findings and recommendations in the independent evaluation of the GCF’s Readiness and Preparatory Support Programme undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.37/06/Add.01; and
3. Requests the Independent Evaluation Unit to submit a management report to the Board no later than one year following the adoption of this decision.

The Board:

Elects Ms. Milagros de Camps German and Ms. Sarah Metcalf as the Co-Chairs of the Board for 2024 from 1 January until 31 December 2024.

The Board, having considered document GCF/B.37/15 titled “Dates and venues of upcoming meetings of the Board”:

1. Recalls and confirms that the thirty-eighth meeting of the Board will take place from Monday, 4 to Thursday, 7 March 2024, and decides that the meeting will take place in Kigali, Rwanda;
2. Decides that the thirty-ninth meeting of the Board will take place from Monday, 15 to Thursday, 18 July 2024, in the Republic of Korea; and
3. Also decides that the fortieth meeting of the Board will take place from Monday, 21 to Thursday, 24 October 2024, in the Republic of Korea.