The Board of the Green Climate Fund (GCF) met for the 17th time at its headquarters in Songdo, South Korea in July 2017 to discuss important policy issues for the way forward. One key issue on the agenda was the approval of new accredited entities to the Board, including two entities that are known for their investments in fossil fuels. Carbon Market Watch attended the meeting, here is a brief recap for the network.
The Green Climate Fund was established as an important channel to leverage and disburse international climate finance. The fund has the mission to promote a paradigm shift by providing financial support to developing countries to limit or reduce their greenhouse gas emissions. To date, the fund has raised about 10 billion EUR from 43 countries.
6 new accredited entities approved
Accredited entities are institutions that disburse the fund’s money. This includes private and public entities, including multilateral development banks, national ministries, UN agencies and development banks as well as NGOs.
At this meeting, six new entities were presented for accreditation by the GCF Board. The accreditation of Bank of Tokyo-Mitsubishi UFJ (BTMU) and Japan International Cooperation Agency (JICA) were contested by civil society organizations because of their massive support for fossil fuel projects. Even though the accreditation of entities will define future directions of the GCF and where money will be channeled to, the Board rushed through this agenda item, not considering the potential entities on case by case basis, but rather approving them as a package deal.
— Tebtebba (@tebtebba) 5 juillet 2017
The envisioned effective participation by accredited NGO observers was severely limited. Inputs from the active civil society organizations to the GCF Board on this process was hampered, as they were given the floor only after the Board had approved the accreditation for all entities. In addition, the chair of the Board also asked the observer not to make remarks to specific entities to not endanger the reputation of the entity in question.
What’s on the agenda for the upcoming meeting?
The 18th meeting of the GCF Board has a fully packed agenda. Special focus will be given to a number of new funding proposals that are to be presented to the Board. Moreover, it is envisioned to address the Indigenous Peoples policy as well as to get input to the Environmental and Social Management System. The last meeting in 2017 will be held in Cairo, Egypt from 30 September – 2 October. Carbon Market Watch will be present at the meeting and provide updates in the upcoming Watch This!
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