Thirty-third meeting of the GCF Board (B.33)

The Board:

1. Appoints as a member of the Ethics and Audit Committee, Ms. Nadia Spencer-Henry, replacing Mr. Albara Tawfiq; and
2. Appoints as a member of the Performance Oversight Committee, Ms. Fiona Ralph.

The Board, having considered document GCF/B.33/Inf.16 titled “Matters relating to risk management”:

1. Decides to amend decision B.12/31, paragraph (d), such that as from the date of this decision, the Executive Director, in consultation with the relevant Secretariat divisions, offices and units, will determine on a case-by-case basis, whether a change to the accreditation master agreement template as approved by the Board, proposed by an accredited entity and acceptable to the Secretariat, is considered substantive, and would therefore require Board approval;
2. Also decides that all express or implicit references to decision B.12/31, paragraph (d), in decision B.13/29 and any other relevant Board decisions, shall be deemed to be references to paragraph (a) of this decision;
3. Further decides to set aside an additional amount of USD 150 million towards the risk buffer, thereby bringing the total risk buffer to USD 320 million;
4. Requests the Secretariat to manage the foreign exchange commitment risk buffer and make periodic adjustments to the buffer amount with a view to meeting the target level for the foreign exchange commitment risk buffer, as set out in the Funding Risk Policy adopted pursuant to decision B.19/04, over time and agrees to amend the Funding Risk Policy accordingly; and
5. Also requests the Secretariat, following consultation with the Budget Committee, to present a policy to minimize the effect of currency fluctuations on the commitment authority of the GCF, based on the document contained in annex I to document GCF/B.33/Inf.16, for the Board’s consideration at its thirty-fourth meeting.

The Board, having considered document GCF/B.33/06 titled “Status of the implementation and resources of the Project Preparation Facility”:

1. Decides that an amount of USD 18.0 million is to be made available for the Project Preparation Facility to cover anticipated commitments until the end of the first replenishment period of the GCF (i.e. 2023); and
2. Requests the Secretariat to consult with Board and alternate members, national designated authorities, accredited entities and active observers with a view to presenting to the Board for its consideration no later than at the thirty-sixth meeting of the Board:
   1. Revised operating modalities for the Project Preparation Facility;
   2. A revised list of activities that can be supported by the Project Preparation Facility; and
   3. A review of funding for the Project Preparation Facility.

The Board, having considered document GCF/B.33/07 titled “Readiness and Preparatory Support Programme – work programme and budget 2022–2023”:

1. Reaffirms that the Readiness and Preparatory Support Programme is a strategic priority for GCF to enhance country ownership, encourage direct access to GCF resources, and strengthen strategic programming during the first replenishment period of the GCF;
2. Also reaffirms, recalling decision B.22/11, that the objectives and outcomes for the revised Readiness and Preparatory Support Programme as contained in annex IV to that decision remain for 2022–2023;
3. Adopts the proposed work programme for 2022–2023 as contained in annex I;
4. Notes the estimated budget for 2022−2023 as included in the work programme for 2022– 2023;
5. Approves an additional amount of USD 166.94 million to be made available for the execution of the Readiness and Preparatory Support Programme;
6. Requests the Secretariat to continue to report on the implementation of the Readiness and Preparatory Support Programme at the mid-year Board meeting of each year;
7. Also requests the Secretariat to undertake consultations with Board members and alternate members, national designated authorities, delivery partners and active observers on updates to the strategy for the Readiness and Preparatory Support Programme; and
8. Further requests the Secretariat, in consultation with the Co-Chairs, to present to the Board for its consideration a revised strategy for the Readiness and Preparatory Support Programme in response to countries’ priorities and needs and taking into account the consultations referred to in paragraph (g) above, by the thirty-fifth meeting of the Board.

The Board, having considered document GCF/B.33/10 titled “Updates on addressing gaps in the current portfolio for measurement”:

1. Takes note of the information presented in the document;
2. Reiterates the commitment of GCF as a learning organization to iteratively improve the integration of sufficient monitoring and evaluation budget and activities for the gathering of evidence in funding proposals and funded activities to ensure credibility of the portfolio and the project/programme results reported;
3. Notes that through a voluntary arrangement, 13 accredited entities agreed to proceed to Phase 2 to implement remedial measures for 21 funded activities;
4. Approves the Secretariat proposal to offer two tracks to the participating accredited entities for Phase 2 of the remediation activities:
   1. Track 1: Accredited entities directly receive the budget and implement the remediation measures. Under this track, accredited entities will manage the entire remediation exercise, from procurement and supervision of service providers through to the completion of the logical framework improvements; and
   2. Track 2: Accredited entities do not access the budget directly and implement the remediation measures through the Secretariat. Under this track, the Secretariat procures service providers for the accredited entities, but the latter will supervise the service providers and manage the entire remediation exercise;
5. Also approves the proposal for the Secretariat to deliver the capacity-building activities requested by the accredited entities using two complementary modalities:
   1. Modality 1: In-person workshop. The Secretariat will deliver training on prioritized monitoring and evaluation-related knowledge gaps. The training will also be offered to executing entities and could be delivered either in country-specific sessions or regional events, whichever is more cost-effective; and
   2. Modality 2: Monitoring and evaluation help desk. To complement the classroomstyle training under the first modality, the Secretariat will establish a monitoring and evaluation help desk that will run for six months after the delivery of workshops;
6. Further approves that the Secretariat retain a vendor to provide support in the development of monitoring and evaluation training modules tailored to the monitoring and evaluation-specific requirements of GCF, and the design and management of the monitoring and evaluation help desk;
7. Approves the budget of USD 1,832,398 to be executed during the years 2022 and 2023 for the remediation activities referred to in paragraph (d) above (the “Remediation Activities”) and capacity-building activities referred to in paragraph (e) above (the “Capacity-Building Activities”);
8. Authorizes the Secretariat to determine the amount of funds to be made available to each accredited entity to implement the Remediation Activities in accordance with the information contained in document GCF/B.33/10/Add.02 (each, a “Remediation Grant”);
9. Confirms that the implementation of the Remediation Activities, including the entry into of any relevant legal agreements that may be necessary in order for the Remediation Activities to be implemented, does not fall within the scope of the Policy on Restructuring and Cancellation adopted by the Board pursuant to decision B.22/14;
10. Also confirms that all relevant GCF policies that apply to the use of GCF proceeds in the context of funded activities shall be equally applicable to the Remediation Grants;
11. Authorizes the Executive Director or his designee to negotiate and enter into legal agreements on behalf of GCF with accredited entities and other parties involved in respect of the Remediation Activities and the Capacity-Building Activities; and
12. Requests the Secretariat to update the Board on the changes in the risk rating of the portfolio for measurement at the end of the implementation of remediation activities in Phase 2.

The Board, having considered limited distribution document GCF/B.33/18 titled “Appointment of a member of the Accreditation Panel”:

Endorses the nomination by the Accreditation Committee of the following expert to the Accreditation Panel for the remainder of the term that started on 1 May 2021 and expires on 30 April 2024:

1. Ms. Diana Isiye (Kenya; expertise area: fiduciary).

The Board, having considered document GCF/B.33/14 titled “Updated Salary Structure: Review of GCF’s Salary Scale and Benefits”:

1. Takes note of the document prepared by the Secretariat titled “Updated Salary Structure: Review of GCF’s Salary Scale and Benefits”;
2. Requests the Secretariat, in consultation with the Budget Committee, to consider this matter until 8 September 2022 and to present to the Board a proposal for developing a stepwise approach for an updated salary structure and addressing other immediately actionable items, including, inter alia, issues related to merit pay, death in service grants, insurance, and parental leave, ahead of a more comprehensive review of the Guidelines, including its compensation framework, which will be brought to the Board at a later stage; and
3. Also requests the Co-Chairs to undertake open and inclusive consultations on the updated salary scale in September 2022 in order to facilitate the Board’s decision-making on this urgent matter and to present a proposal to the Board at its thirty-fourth meeting.

The Board, having considered document GCF/B.33/02 titled “Consideration of funding proposals”:

1. Takes note of the following funding proposals:
   1. Funding proposal 187 titled “Ouémé Basin Climate-Resilience Initiative (OCRI) Benin” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.33/02/Add.01 and 07;
   2. Funding proposal 188 titled “Climate Resilient Fishery Initiative for Livelihood Improvement in the Gambia (PROREFISH Gambia)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.33/02/Add.02 and 07;
   3. Funding proposal 189 titled “E-Mobility Program for Sustainable Cities in Latin America and the Caribbean” by the Inter-American Development Bank, as contained in document GCF/B.33/02/Add.03 and 07; and
   4. Funding proposal 190 titled “Climate Investor Two” by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), as contained in document GCF/B.33/02/Add.05/Rev.01;
2.  Approves funding proposal 187 for the amount of USD 18,453,795, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.07;
3. Also approves funding proposal 188 for the amount of USD 17,200,000, submitted by the Food and Agriculture Organization of the United Nations, subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.07;
4. Further approves funding proposal 189 for the amount of USD 200,000,000, submitted by the Inter-American Development Bank, subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.07;
5. Approves funding proposal 190 for the amount of USD 145,000,000, submitted by the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), subject to the conditions set out in annex II and in the respective term sheet set out in document GCF/B.33/02/Add.05/Rev.01;
6. Confirms that the approval set out in paragraph (e) above is based on a case-by-case assessment of funding proposal 190 in accordance with decision B.09/04, paragraph (c);
7. Reaffirms that pursuant to annex IV to decision B.17/09, the Executive Director or his 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
8. 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.33/03 titled “Status of approved funding proposals: Waiver of Board Condition for Post-investment Voting Board Seats in Investee Companies in respect of FP181 (CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries)”:

1. Approves the waiver of the Board condition as described in document GCF/B.33/03;
2. Agrees that the following condition for FP181 (CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries) that was set out in decision B.30/03, annex I, table 2: “(c) the investee company has agreed to offer a voting Board seat to CRAFT after the execution of the investment, to ensure appropriate governance” shall be modified as follows: “(c) the investee company has agreed to offer a voting Board seat or a Board observer seat to CRAFT after the execution of the investment, to ensure appropriate governance.”;
3. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the changes approved in paragraph (b) above; and
4. Requests the Secretariat to develop guidelines for accredited entities to follow when conducting consultations with national designated authorities when required by the Policy on Restructuring and Cancellation, taking into account the views expressed by Board members at the thirty-third meeting of the Board and other Board meetings on the importance of active consultations with national designated authorities.

The Board, having considered document GCF/B.33/09 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 annexes for the following applicants for re-accreditation:
   1. Applicant R005 (RAPL005) is the Asian Development Bank (ADB), based in the Philippines, as contained in annex I to document GCF/B.33/09/Add.01;
   2. Applicant R017 (RAPL017) is the European Bank for Reconstruction and Development (EBRD), based in the United Kingdom of Great Britain and Northern Ireland, as contained in annex II to document GCF/B.33/09/Add.01; and
   3. Applicant R019 (RAPL019) is the United Nations Environment Programme (UNEP), based in Kenya, as contained in annex III to document GCF/B.33/09/Add.01;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 annexes for each of the applicants, and subject to the completion of Stage III of the accreditation by having an effective amendment to the original accreditation master agreement, in accordance with decision B.24/13;
2. Recalls, pursuant to decision B.10/06, paragraph (i), that all international entities:
   1. As an important consideration of their accreditation application, shall indicate how they intend to strengthen capacities of, or otherwise support, potential subnational, national and regional entities to meet, at the earliest opportunity, the accreditation requirements of the Fund in order to enhance country ownership; and
   2. That they report annually on these actions;
3. Underscores that provisions related to decision B.10/06, paragraph (i), are set out in the template accreditation master agreement approved by the Board by decision B.12/31 (“Template AMA”);
4. Recalls, pursuant to paragraph 16(f)(iv) of annex XXVI to decision B.24/13, that the scope of review for reaccreditation for international access accredited entities includes the reports on their support to direct access entities to strengthen capacities of, or otherwise support, potential subnational, national and regional entities to meet, at the earliest opportunity, the accreditation requirements of GCF in order to enhance country ownership;
5.  Also recalls, pursuant to paragraph 26(a)(v) of annex VI to decision B.27/06, that the Board mandated GCF to present a revised accreditation framework with the aim to, interalia, and in relevant part, inform re-accreditation decisions with an examination of accredited entities’ performance in contributing to GCF programming results, including considering international access accredited entities’ contribution to building capacities of direct access entities;
6. Further recalls, pursuant to paragraph 70(f)(iv) of annex IV to decision B.31/06, that the scope of review for reaccreditation for international access entities includes their contribution to building capacity of direct access entities, as well as reports on their support to direct access entities to strengthen capacities of, or otherwise support, potential subnational, national and regional entities to meet, at the earliest opportunity, the accreditation requirements of GCF in order to enhance country ownership;
7. Decides that any changes to the provisions related to decision B.10/06, paragraph (i), in the Template accreditation master agreement shall, notwithstanding any prior decisions, be deemed to be substantive changes, requiring the approval of the Board;
8. Also decides that paragraph (g) above also applies in the context of the amendments to signed accreditation master agreements that must be entered into following the relevant accredited entity being reaccredited by the Board;
9. Takes note of the efforts of Asian Development Bank to advance the purpose of the GCF, including through the Asian Development Bank’s climate finance commitment in line with its Strategy 2030 and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
10. Approves the re-accreditation of RAPL005, the Asian Development Bank, based in the Philippines, as contained in annex I to document GCF/B.33/09/Add.01;
11. Takes note of the efforts of the European Bank for Reconstruction and Development to advance the purpose of the GCF, including through the European Bank for Reconstruction and Development’s Green Economy Transition approach and related statements in the context of the United Nations Framework Convention on Climate Change and the Paris Agreement;
12. Approves the re-accreditation of RAPL017, the European Bank for Reconstruction and Development, based in the United Kingdom of Great Britain and Northern Ireland, as contained in annex II to document GCF/B.33/09/Add.01;
13. Also approves the re-accreditation and upgrade of RAPL019, the United Nations Environment Programme, based in Kenya, as contained in annex III of document GCF/B.33/09/Add.01;
14. Takes note with appreciation of the assessment conducted by the Secretariat and the Accreditation Panel contained within the relevant annex for the following applicant seeking to upgrade its accreditation type:
    1. World Food Programme based in Italy, as contained in annex III; and
15. Agrees to upgrade the accreditation type of the World Food Programme, as contained in decision B.12/30, paragraph (b), subject to, and in accordance with, the assessment by the Accreditation Panel contained in annex III.

The Board, having reviewed document GCF/B.33/15/Rev.01 titled “Arrangements for the second replenishment of the Green Climate Fund,” and taking into account decision B.32/04 and guidance from the Conference of Parties to the United Nations Framework Convention on Climate Change:

1. Stresses decision B.21/18, paragraph (c), which states that the replenishments of the Fund should take into account the stated ambitions, actions and contributions of developing countries to reduce their greenhouse gas emissions by meaningful mitigation actions and to adapt to the impacts of climate change, and that the Board will provide the replenishment process with strategic guidance;
2. Recalls paragraph 2(e) of the “Policy for contributions to the Green Climate Fund for the first replenishment”, which states that “the GCF will initiate the next replenishment 30 months after the commencement of the replenishment period in order to allow sufficient time for the preparation and consideration of such reports and/or evaluations as may be necessary”;
3. Also recalls decision B.32/04, by which the Board set out the details of the sequencing and consideration of strategic and programming matters for the Green Climate Fund’s second replenishment;
4. Decides to commence the process for the Green Climate Fund’s second replenishment from July 2022;
5. Also decides that the period of the second replenishment will be from 1 January 2024 to 31 December 2027;
6. Further decides that replenishment meetings will be open to all potential contributors and to all Board members;
7. Endorses the process of collective engagement for the second replenishment process set out in annex IV;
8. Requests the Secretariat to begin making arrangements to facilitate the process of collective engagement referred to in paragraph (g) above, including finding hosts for the in-person replenishment meetings;
9.  Approves a budget of USD 761,000 to conduct the second replenishment process in 2022 and 2023, as detailed in annex V;
10. Requests the Trustee to provide support to the Secretariat, as part of its function to administer the GCF Trust Fund, on issues related to:
    1. Updating the standard provisions and template for contribution agreements and/or arrangements; and
    2. Other relevant financial management issues as agreed between the Executive Director of GCF and the Trustee;
11. Also requests the Co-Chairs, in consultation with the Board and with the support of the Secretariat, to identify and appoint a suitable chairperson(s)/facilitator for the second replenishment process;
12. Further requests the Secretariat to prepare for consideration at the first consultation meeting of the replenishment process a document outlining areas in the policy for contributions, standard provisions, and template for contribution agreements that may be updated for the Green Climate Fund’s second replenishment period;
13. Decides to conclude its consideration of the updated policy for contributions no later than the thirty-sixth meeting of the Board; and
14. Invites participants to the replenishment process to provide, by the end of 2022, inputs to the Board on the updated Strategic Plan for the second replenishment period of the Green Climate Fund, in accordance with the consultation process outlined in decision B.32/04.

The Board, having considered document GCF/B.33/05 titled “Steps to enhance the climate rationale of GCF-supported activities”:

1. Takes note of document GCF/B.33/05 entitled “Steps to enhance the climate rationale of GCF-supported activities” as mandated in decision B.19/06, paragraph (d);
2. Reaffirms its decisions B.07/06, paragraph (a), and B.09/05, paragraph (b), adopting GCF’s initial investment framework and further developing the sub-criteria and methodology of the initial investment framework and decision B.29/01 adopting the Integrated Results Management Framework;
3. Also reaffirms decision B.05/05, paragraph (d), which decided that, in relation to adaptation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to adapt to the impacts of climate change in the context of promoting sustainable development and a paradigm shift and the urgent and immediate needs of vulnerable countries, in particular least developed countries, small island developing States and African States; and paragraph (e) which decided that, in relation to mitigation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to limit and reduce greenhouse gas emissions in the context of promoting a paradigm shift;
4. Further reaffirms decision B.09/05, paragraph (g), requesting the Secretariat and the independent Technical Advisory Panel in the application of the assessment scale to take into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change, in particular least developed countries, small island developing States and African States;
5. Requests the Secretariat and the independent Technical Advisory Panel to take into account the principles for demonstrating the impact potential for mitigation and adaptation activities set out in annex VI in order to establish a more transparent and consistent approach in their guidance to accredited entities and in their assessment of funding proposals;
6. Recognizes the significant variation in information and data availability across countries and contexts;
7. Also recognizes the urgent need for: (i) guiding accredited entities in presenting climaterelated information needed for establishing the impact potential of funding proposals, and (ii) establishing a more transparent and consistent approach to the review of impact potential as part of the proposal assessment process, with a view to streamlining the proposal development cycle, and leading to improved review outcomes and a more rapid flow of proposals for endorsement to the Board, particularly for adaptation;
8. Decides that the use of best available information and data, including from the Intergovernmental Panel on Climate Change, and from traditional, local and indigenous knowledge and practices is sufficient to form the basis for the demonstration of impact potential for GCF-supported activities, while taking into account the context of the proposal, the different capabilities of accredited entities, and country and regional circumstances; and 
9. Requests the Secretariat to provide capacity-building support to accredited entities, especially direct access entities, to enhance the demonstration of the impact potential in GCF-supported activities, and to consider their feedback for future enhancements, including by:
   1. Providing early engagement of GCF technical experts in proposal conceptualization;
   2. Promoting deployment of the Readiness and Preparatory Support Programme to strengthen countries’ capacities to undertake adaptation planning and investment programming, and to help countries identify their priorities for adaptation action based on relevant data; and
   3. Promoting utilization of Project Preparation Facility funding to help countries convert project ideas identified in their country programmes into actionable investments.

The Board, having considered document GCF/B.33/04 titled “Guidance on the approach and scope for providing support to adaptation activities”:

1. Welcomes the guidance on the GCF’s vision, approach and scope for providing support to enhance climate adaptation, as set out in annex VII;
2. Confirms, with regard to adaptation activities, in line with paragraph 31 of the Governing Instrument for the GCF, 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;
3. Requests the Secretariat to engage with national designated authorities and accredited entities to urgently advance a pipeline of concept notes and funding proposals that will contribute to meeting the Board’s adaptation programming targets for the first replenishment period of the GCF;
4. Also requests the Secretariat to provide and enhance technical support and guidance, and encourage and facilitate the use of the Readiness and Preparatory Support Programme and the Project Preparation Facility, as appropriate, to advance:
   1. The development of nationally determined contributions, national adaptation plans, and other adaptation planning efforts that can help strengthen countrydriven, climate risk-informed and more systemic investment planning and pipeline origination for adaptation;
   2. Conceptualization of country-driven programmes of adaptation investments that respond to systematically identified adaptation needs and which will help identify financing for adaptation at scale;
   3. Preparation of high-quality adaptation concept notes and funding proposals, which are based on best available information about climate risk, vulnerability and adaptation solutions, and respond to systematically identified areas of adaptation needs; and
   4. The role of the private sector in adaptation, including through strengthening the engagement of the private sector in the preparation of national climate strategies and policies;
5. Reaffirms decision B.05/05, paragraph (d), which decided that in relation to adaptation, resources will be allocated based on the ability of a proposed activity to demonstrate its potential to adapt to the impacts of climate change in the context of promoting sustainable development and a paradigm shift; and decides that in order to demonstrate such potential to adapt, adaptation proposals will include an evidence-based analysis to show that the proposed activity is likely to be an effective adaptive response to the risk or impact of a specific climate change hazard, based on best available information and data including, inter alia, the Intergovernmental Panel on Climate Change, and traditional, local and indigenous knowledge and practices;
6. Decides to continue to strengthen the linkage between adaptation planning outputs and programming in funding proposals;
7. Requests the Secretariat to enhance its efforts to increase the efficiency and effectiveness of the project and programme cycle, in particular for adaptation projects;
8. Also requests the Secretariat, in the context of the revised Readiness and Preparatory Support Programme and the accreditation strategy under the Board’s consideration, as well as other relevant policy development processes, to identify additional actions that enhance GCF adaptation investments, including those identified in country and regional adaptation planning processes;
9. Further requests the Secretariat to consider, as part of the accreditation strategy under the Board’s consideration, the prioritization of accreditation applications from entities, particularly direct access entities and private sector entities, with a focus on adaptation projects/programmes;
10. Reiterates the need to enhance the private sector contribution towards developing and implementing national adaptation plans; and
11. Requests the Secretariat to further develop, for consideration by the Board as part of the update to the Strategic Plan for the GCF, proposals on updating the GCF’s strategic objectives and priorities, and requests for proposals or other programming initiatives, to further the implementation of the GCF’s strategic approach to adaptation programming, including options for possible adaptation programming parameters and output-based goals for adaptation.

The Board, having considered document GCF/B.33/11 titled “Review of the financial terms and conditions of the Green Climate Fund financial instruments”:

1. Takes note of the review of the financial terms and conditions of the Green Climate Fund financial instruments led by the Investment Committee as contained in document GCF/B.33/11;
2. Requests the Secretariat to take up the recommendations from the review of the financial terms and conditions relating to concessionality, in the context of ongoing work to develop the policy on concessionality as mandated under decision B.19/06;
3. Also requests the Secretariat to develop a local currency financing pilot programme that addresses current barriers and risks associated with currency fluctuations at the programme/project level, including an analysis of the requirements for operationalization and impact assessment of a programme, with a view for the Investment Committee to review and make a recommendation to the Board no later than the thirty-sixth meeting of the Board;
4. Further requests the Secretariat to present an approach in which GCF can more efficiently deploy its current financial instruments, with a view for the Investment Committee to review and make a recommendation to the Board for consideration no later than the thirty-sixth meeting of the Board;
5. Requests the Secretariat to review the financial terms and conditions of the Green Climate Fund financial instruments in accordance with the terms of reference set out in annex I to decision B.BM-2019/08, as may be amended pursuant to decision B.BM-2019/08, with a view for the Investment Committee to review and make a recommendation to the Board for consideration no later than the thirty-seventh meeting of the Board; and in the third year of every four-year policy cycle thereafter prior to commencement of the new replenishment programming period; and
6. Approves an additional administrative budget for the Secretariat in the amount of USD 200,000 to conduct the further reviews and analyses referred to in paragraphs (c), (d) and (e) above. This approval is in addition to the 2022 administrative budget for the Secretariat as approved via decision B.30/07, it being understood that amounts not utilized in 2022 shall be carried forward into the administrative budget for the Secretariat for 2023.

The Board, having considered limited distribution document GCF/B.33/16 titled “Matters related to the Heads of Independent Units”:

1. Takes note of and accepts the resignation of Mr. Lalanath de Silva as Head of the Independent Redress Mechanism effective from 31 August 2022;
2. Requests the Ethics and Audit Committee to consider appropriate candidates for the role of Head of the Independent Redress Mechanism ad interim, and to make a recommendation to the Board, no later than 15 August 2022, on a final candidate for appointment by the Board by a decision without a Board meeting;
3. Takes note of the updated timeline for the Head of the Independent Evaluation Unit recruitment process set out in annex IX;
4. Also takes note of the updated timeline for the Head of the Independent Redress Mechanism and the Head of the Independent Integrity Unit recruitment process set out in annex X; and
5. Decides to consider the appointment of the Head of the Independent Evaluation Unit at the thirty-fourth meeting of the Board and the appointments of the Head of the Independent Integrity Unit and the Head of the Independent Redress Mechanism at the thirty-fifth meeting of the Board, according to the updated timelines.

The Board, having considered limited distribution document GCF/B.33/17 titled “Selection of the Executive Director”:

1. Adopts the terms of reference of the Executive Director of the Green Climate Fund Secretariat as set out in annex XI;
2. Requests the Co-Chairs to conduct a comprehensive assessment of the mandates and responsibilities delegated by the Board to the Executive Director of the Secretariat, and to report to the Board for consideration of their potential impact on the terms of reference of the position;
3. Adopts the selection process for the Executive Director of the Green Climate Fund Secretariat as set out in annex XII;
4. Takes note of the indicative timeline of the entire process for the selection and appointment of the Executive Director of the Green Climate Fund Secretariat as set out in annex XIII;
5. Establishes the Executive Director Selection Committee as an ad hoc committee of the Board in accordance with paragraphs 2 (g) and 30 of the Rules of Procedure of the Board;
6. Adopts the terms of reference of the Executive Director Selection Committee as set out in annex XIV;
7. Appoints as members of the Executive Director Selection Committee:
   1. Nadia Spencer-Henry
   2. Karma Tshering
   3. Nauman Bashir Bhatti
   4. Tlou Emmanuel Ramaru
   5. Hans Olav Ibrekk
   6. Sarah Metcalf
   7. Jean-Christophe Donnellier
   8. Victoria Gunderson
8. Decides to engage the services of an independent executive search firm to support the Executive Director Selection Committee;
9. Authorizes the Secretariat, notwithstanding the Administrative Guidelines on Procurement, to issue the request for proposal for the independent executive search firm in accordance with the deadlines set out in annex XIII;
10. Endorses the terms of reference of the independent executive search firm as set out in annex XV;
11. Approves a budget increment of USD 65,000 for the selection of the Executive Director of the Green Climate Fund Secretariat, including the costs of the independent executive search firm; and
12. Authorizes the Executive Director Selection Committee to engage the services of the independent executive search firm, with due observance of applicable procurement rules.

The Board, having considered document GCF/B.33/13 and its Add.01 titled “Eleventh 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 “Eleventh Report of the Green Climate Fund to the Conference of the Parties to the United Nations Framework Convention on Climate Change”, presented in annexes XVI, XVII, and XVIII, taking into consideration the comments made and decisions taken at the thirty-third 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-seventh 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 “Eleventh 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 thirty-fourth meeting of the Board and submit the addendum to the United Nations Framework Convention on Climate Change secretariat.

The Board considered document GCF/B.33/12 titled “Dates and venues of upcoming meetings of the Board”:

1. Recalls and confirms that the thirty-fourth meeting of the Board will take place from Monday, 17 October to Thursday, 20 October 2022, in the Republic of Korea;
2. Decides that the thirty-fifth meeting of the Board will take place from Monday, 13 March to Thursday, 16 March 2023, in Kigali, Rwanda, with the dates and venue to be confirmed at the thirty-fourth meeting of the Board; and
3. Requests the Secretariat to initiate consultations with the host country with the aim of finalizing the memorandum of understanding for the hosting of a Board meeting at least four weeks before the commencement of the meeting of the Board.