Forty-first meeting of the GCF Board (B.41)

The Board, having considered document GCF/B.41/04 titled “Appointment of members to committees of the Board”:

1. Appoints as members of the Accreditation Committee:
   1. Amjad Abdulla;
   2. Antwi-Boasiako Amoah;
   3. Gisella Berardi;
   4. Lucretia Landmann;
   5. Mohammad Ayoub; and
   6. Jakob Tvede;
2. Also appoints as members of the Budget Committee:
   1. José Delgado;
   2. Pierre Marc;
   3. Mohammad Ayoub;
   4. Jisung Moon;
   5. Alejandro Solano Ortiz; and
   6. Annette Windmeisser;
3. Further appoints as members of the Ethics and Audit Committee:
   1. Kevin Adams;
   2. Henrik Bergquist; 
   3. Nauman Bashir Bhatti;
   4. Stéphane Cieniewski;
   5. Balisi Gopolang; and
   6. Nino Tandilashvili;
4. Appoints as members of the Investment Committee:
   1. Philipp Aepler;
   2. Richard Bontjer;
   3. Isatou F. Camara;
   4. Manuela Galan;
   5. Seyni Nafo; and
   6. Yingzhi Liu;
5. Also appoints as members of the Performance Oversight Committee of the Executive Director and Heads of Independent Units, in addition to the current Co-Chairs of the Board:
   1. Sarah Metcalf; and
   2. Pacifica F. Ogola.
6. Further appoints as members of the Risk Management Committee:
   1. Andrew Hurst;
   2. Ramon Lopez;
   3. Alexandra (Sandra) Louiszoon;
   4. Bob Natifu;
   5. Sindhu Prasad Dhungana; and
   6. Jaime Tramon

The Board, having considered document GCF/B.41/05 titled “Individual performance review for reappointment of members of the independent Technical Advisory Panel”:

1. Decides that the performance review of the members of the independent Technical Advisory Panel shall be undertaken by an independent firm, with the aim of presenting the outcome of the performance review to the Board for consideration at its forty-third meeting, pursuant to the terms of reference included in annex I; and
2. Requests the Secretariat to procure the independent firm referred to in paragraph (a) above.

The Board, having considered limited distribution document GCF/B.41/10 titled “Consideration of funding proposals: Consideration of a request for changes in the scope of funded activity and extension of deadline in respect of FP166 (“Light Rail Transit for the Greater Metropolitan Area (GAM)”):

1. Approves the Major Changes with respect to funded activity FP166 titled “Light Rail Transit for the Greater Metropolitan Area (GAM)” as described in limited distribution document GCF/B.41/10; and
2. Decides to extend the deadline until 22 October 2026 for the execution of the funded activity agreement for FP166.

The Board, having considered document GCF/B.41/08 titled “Guidance from the twenty-ninth 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 2025 in response to guidance received from the Parties during the twenty-ninth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, as contained in annex IV;
2. Approves the modifications to the arrangements between the Conference of the Parties and the Green Climate Fund, as outlined in the annex to United Nations Framework Convention on Climate Change decision XX/CP.29, thereby making the revised arrangements effective;
3. Confirms, in this regard, its understanding that the Conference of the Parties will communicate guidance to GCF:
   1. Annually after each of its sessions, until the end of 2026, and biennially thereafter, after every other session;
   2. After each of its sessions immediately preceding the final year of each replenishment of GCF;
   3. Where applicable, after any of its sessions not referred to in subparagraphs (i) and (ii) above, should the Conference of the Parties decide to do so; and
4. Requests the Co-Chairs, with the support of the Secretariat, to include an overview of progress in response to the guidance referred to in paragraph (a) above in the fourteenth 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.41/14 titled “Proposal for establishing GCF regional presence”:

1. Decides to establish a GCF regional presence, without prejudice to the geographic locations and their respective configuration(s) across all regions;
2. Also decides that a GCF regional presence shall:
   1. Be equitably and geographically balanced among developing countries, taking into account the needs of those developing countries that are particularly vulnerable to the adverse effects of climate change;
   2. Be cost-effective, cost-efficient, and within the approved multiannual budgeting process;
   3. Increase the efficiency and effectiveness of Secretariat operations, including with respect to programming and delivery support and Secretariat staffing; and
   4. Be operationally feasible, taking into account relevant risks and mitigants;

   that the process to establish a GCF regional presence shall be conducted in an open, inclusive, consultative, transparent and non-discriminatory manner;

3. Recognizes that the regional groups are comprised of Asia-Pacific, Africa, Eastern Europe, and Latin America and the Caribbean, and acknowledges that further consideration may be required with regard to the arrangements within the regional groups, including in the context of multilingualism;
4. Requests the Secretariat, following consultation with the Budget Committee and Risk Management Committee on matters relevant to their mandates, to present for the Board’s consideration no later than its forty-third meeting a proposal for operationalizing paragraphs (a), (b) and (c) above, including proposed configuration(s), a selection process and an implementation plan, for a GCF regional presence, taking into account the views expressed by Board members at its forty-first meeting; and
5. Takes note that further Board deliberation may be required prior to its forty-second meeting in order to inform the proposal referred to in paragraph (d) above, and welcomes the offer from Germany to host a workshop.

The Board, having considered document GCF/B.41/06 titled “Independent Evaluation of the GCF’s Approach to Indigenous Peoples: Final Report”:

1. Takes note of the findings and recommendations in the Independent Evaluation of the GCF’s Approach to Indigenous Peoples undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.41/06/Add.01; and
3. 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.41/12 titled “Co-Chairs proposal on modifications to the initial no-objection procedure”:

1. Decides to:
   1. Delete paragraphs 9(c) and 11 of the initial no-objection procedure approved by the Board in decision B.08/10, paragraph (b), annex XII (the “No-Objection Procedure”);
   2. Insert a new paragraph 10 into the No-Objection Procedure, to read as follows:
      
      “10. Notwithstanding any no-objection communicated by the NDA or focal point, the accredited entity shall take the necessary measures to ensure that the relevant project, programme and, where applicable, any subprojects under a programme, are implemented in a manner consistent with applicable national laws.”; and       
   3. Renumber the remaining paragraphs of the No-Objection Procedure accordingly; and
2. Requests the Secretariat to consider the broader issues raised by Board members concerning the initial no-objection procedure, as referred to in document GCF/B.41/12, in the context of the review and update of the guidelines for enhanced country ownership and country drivenness in line with the Strategic Plan for the GCF 2024–2027.

The Board, having considered document GCF/B.41/02/Rev.02 titled “Consideration of funding proposals”:

1.  Takes note of the following funding proposals:
   1. Simplified approval process funding proposal 048 titled “Strengthening the resilience of vulnerable communities within high climatic and disaster risk areas in Togo” by Banque Ouest Africaine de Développement, as contained in document GCF/B.41/02/Add.01;
   2. Simplified approval process funding proposal 049 titled “Sustainable Communities for Climate Action in the Yucatán Peninsula (ACCIÓN)” by Fondo Mexicano para la Conservación de la Naturaleza A.C., as contained in document GCF/B.41/02/Add.02;
   3. Funding proposal 255 titled “Transforming Livelihoods through Climate Resilient, Low Carbon, Sustainable Agricultural Value Chains in the Lake Region Economic Bloc, Kenya” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.41/02/Add.03;
   4. Funding proposal 256 titled “Intensification of Agriculture and Agroforestry Techniques (IAAT) for Climate Resilient Food and Nutrition Security: Tombouctou, Gao, Mopti, Koulikoro and Segou regions of Mali” by Save the Children Australia, as contained in document GCF/B.41/02/Add.04;
   5. Funding proposal 257 titled “RE-GAIN: Scaling solutions for food loss in Africa” by AGRA, as contained in document GCF/B.41/02/Add.05, including the assessment conducted by the Secretariat of AGRA as contained in the Secretariat’s assessment within that document;
   6. Funding proposal 258 titled “Multi-country Project Advancing Early Warnings for All (EW4All)” by the United Nations Development Programme, as contained in document GCF/B.41/02/Add.06;
   7. Funding proposal 259 titled “Adapting tuna-dependent Pacific Island communities and economies to climate change” by Conservation International Foundation, as contained in document GCF/B.41/02/Add.07;
   8. Funding proposal 260 titled “Enhancing the resilience of Serbian forests to ensure energy security of the most vulnerable while contributing to their livelihoods and carbon sequestration (FOREST Invest)” by the Food and Agriculture Organization of the United Nations, as contained in document GCF/B.41/02/Add.08;
   9. Funding proposal 261 titled “Improving Climate Resilience by Increasing Water Security in the Amazon Basin” by the Inter-American Development Bank, as contained in document GCF/B.41/02/Add.09/Rev.01;
   10. Funding proposal 262 titled “Green Climate Finance Facility for Fostering ClimateSmart Agriculture in Senegal” by La Banque Agricole, as contained in document GCF/B.41/02/Add.10 and 13/Rev.01; and
   11. Funding proposal 263 titled “Mirova Sustainable Land Fund 2” by MIROVA, as contained in document GCF/B.41/02/Add.11 and 14, including the assessment conducted by the Secretariat of MIROVA as contained in the Secretariat’s assessment within document GCF/B.41/02/Add.11;
2. Approves simplified approval process funding proposal 048, submitted by Banque Ouest Africaine de Développement (BOAD), for the amount of USD 24,987,000, in accordance with the term sheet agreed between the Secretariat and BOAD and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
3. Also approves simplified approval process funding proposal 049, submitted by Fondo Mexicano para la Conservación de la Naturaleza A.C. (FMCN), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and FMCN and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
4. Further approves funding proposal 255, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 29,215,309, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
5. Approves funding proposal 256, submitted by Save the Children Australia (SCA), for the amount of USD 33,717,918, in accordance with the term sheet agreed between the Secretariat and SCA and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
6. Also approves funding proposal 257, submitted by AGRA, for the amount of USD 75,623,754, in accordance with the term sheet agreed between the Secretariat and AGRA and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II; (g)
7. 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, AGRA shall be deemed accredited only for the purposes of funding proposal 257;
8. Approves funding proposal 258, submitted by the United Nations Development Programme (UNDP), for the amount of USD 103,246,722, in accordance with the term sheet agreed between the Secretariat and UNDP and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
9. Also approves funding proposal 259, submitted by Conservation International Foundation (CI), for the amount of USD 107,449,716, in accordance with the term sheet agreed between the Secretariat and CI and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
10. Further approves funding proposal 260, submitted by the Food and Agriculture Organization of the United Nations (FAO), for the amount of USD 25,000,000, in accordance with the term sheet agreed between the Secretariat and FAO and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
11. Approves funding proposal 261, submitted by the Inter-American Development Bank (IDB), for the amount of USD 162,152,791, in accordance with the term sheet agreed between the Secretariat and IDB and set out in document GCF/B.41/02/Add.16, and subject to the conditions set out in annex II;
12. Also approves funding proposal 262, submitted by La Banque Agricole (LBA), for the amount of EUR 23,425,000, in accordance with the term sheet agreed between the Secretariat and LBA and set out in document GCF/B.41/02/Add.13/Rev.01, and subject to the conditions set out in annex II;
13. Further approves funding proposal 263, submitted by MIROVA, for the amount of EUR 75,000,000, in accordance with the term sheet agreed between the Secretariat and MIROVA and set out in document GCF/B.41/02/Add.14, and subject to the conditions set out in annex II;
14. 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, MIROVA shall be deemed accredited only for the purposes of funding proposal 263;
15. 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
16. 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.41/11 titled “Consideration of funding proposals: Consideration of a request for changes in the scope and financial structure of funded activity FP083 (“Indonesia Geothermal Resource Risk Mitigation Project”)”:

1. Approves the Major Changes with respect to funded activity FP083 titled “Indonesia Geothermal Resource Risk Mitigation Project” as described in limited distribution document GCF/B.41/11; and
2. Authorizes the Secretariat to negotiate and execute relevant amendments to the funded activity agreement for FP083 to reflect the changes hereby approved.

The Board, having considered limited distribution document GCF/B.41/09 titled “Consideration of funding proposals: extension of the deadline in respect of FP220: “Africa Rural Climate Adaptation Finance Mechanism (ARCAFIM) for East Africa Region”:

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

1. FP220 titled “Africa Rural Climate Adaptation Finance Mechanism (ARCAFIM) for East Africa Region”.

The Board, having considered document GCF/B.41/03/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 144 (APL144), the “ARMSWISSBANK” Closed Joint Stock Company (ArmSwissBank), based in Armenia, as contained in document GCF/B.41/03/Add.01;
   2. Applicant 145 (APL145), the Development Bank of Rwanda (B.R.D) Plc (DBR), based in Rwanda, as contained in document GCF/B.41/03/Add.02/Rev.01;
   3. Applicant 146 (APL146), the Fonds d’Intervention pour l’Environnement (FIE), based in Burkina Faso, as contained in document GCF/B.41/03/Add.03;
   4. Applicant 147 (APL147), the Eastern and Southern African Trade and Development Bank (ESATDB), based in Burundi and Mauritius, as contained in document GCF/B.41/03/Add.04;
   5. Applicant 148 (APL148), the ECOWAS Bank of Investment and Development (EBID), based in Togo, as contained in document GCF/B.41/03/Add.05; and
   6. Applicant 149 (APL149), ACTED (ACTED), based in France, as contained in document GCF/B.41/03/Add.06;

   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 APL144, the “ARMSWISSBANK” Closed Joint Stock Company (ArmSwissBank), based in Armenia, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/Add.01, 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 APL145, the Development Bank of Rwanda (B.R.D) Plc (DBR), based in Rwanda, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/Add.02/Rev.01, 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 APL146, the Fonds d’Intervention pour l’Environnement (FIE), based in Burkina Faso, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/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;
5. Approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL147, the Eastern and Southern African Trade and Development Bank (ESATDB), based in Burundi and Mauritius, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/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;
6. Also approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL148, the ECOWAS Bank of Investment and Development (EBID), based in Togo, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/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;
7. Further approves, pursuant to paragraph 45 of the Governing Instrument for the GCF, the accreditation of APL149, ACTED (ACTED), based in France, subject to, and in accordance with, the assessment by the Accreditation Panel contained in document GCF/B.41/03/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;
8. 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;
9. Recognizes that information included by the Accreditation Panel in the assessment of entities that goes beyond the scope of review recalled in paragraph (h) is informative in nature and does not imply or impose additional requirements on applicants for accreditation;
10. Takes note of the status of the fulfilment by accredited entities of accreditation conditions as assessed by the Accreditation Panel and summarized in document GCF/B.41/Inf.13 titled “Status of the GCF resources, pipeline and portfolio”; and
11. Decides that those entities referred to in annex III 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.41/07 titled “Independent Evaluation of the GCF’s ‘Health and Well-being, and Food and Water Security’ Result Area: Final Report”:

1. Takes note of the findings and recommendations in the Independent Evaluation of the GCF’s ‘Health and Well-being, and Food and Water Security’ Result Area undertaken by the Independent Evaluation Unit;
2. Notes the Secretariat’s management response to the evaluation report as presented in document GCF/B.41/07/Add.01; and
3. 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.41/13 titled “Dates and venues of upcoming meetings of the Board”:

Recalls and confirms 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.