By its decision B.05/17, taken at its October 2013 meeting, the Board confirmed that one of the essential requirements for the Fund to receive, manage, programme and disburse financial resources is to finalize the initial modalities for the operation of the Fund’s mitigation and adaptation windows and its Private Sector Facility.

At its February 2014 meeting, the Board also considered document GCF/B.06/02 on the Initial modalities for the operation of the Fund’s mitigation and adaptation windows and the Private Sector Facility.

Having considered the document, the Board decided that a conclusion on this issue can only be reached at the end of the May 2014 Board meeting, once the Board has completed its deliberations on the different elements that constitute the modalities. The Board also noted that modalities for the operation of the Fund’s Private Sector Facility will be developed based on the recommendations of the Private Sector Advisory Group.

This document has been revised taking into account views expressed by the Board at its February 2014 meeting, by the Private Sector Advisory Group at its first meeting in April 2014, and by the Board’s committees and team at virtual and in-person meetings since the February 2014 Board meeting. The initial modalities for the operation of the Fund’s mitigation and adaptation windows and the Private Sector Facility are based on the provisions of the Governing Instrument for the Fund1, prior Board decisions and decisions of the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC), and will also integrate decisions taken by the Board at its May 2014 meeting.