Between 24-26 March the Board of the Green Climate Fund (GCF) held its 9th meeting in Songdo, South Korea. The Board had a lot on its plate for a three day discussion, but managed to make notable progress on some items, vital for approving the first funding proposals in the Board meeting ahead of Paris climate negotiations.
Notably, one of the more eminent steps was accrediting the first seven implementing entities (IEs), which will play an important role in implementing the first projects funded by the GCF. Through this decision the Board opened the door to submitting funding proposals and accessing Fund’s resources. The accreditation process was however strongly criticized by civil society for lack of transparency. Nondisclosure of information on applicants identity and assessment process, that would allow for a meaningful input from stakeholders, did not reflect best practices (e.g. of the Adaptation Fund) or provide a good precedent for future accrediting.
The second imperative decision, which came after an extended and diligent discussion, was the adoption of the initial investment framework. The framework is an indispensable element of project development under the Fund’s auspices that provides the criteria which will screen project proposals. To the disappointment of civil society, the Board did not make any explicit reference to exclude fossil fuel projects from Fund’s support despite the strong push from civil society.
The Board intends to consider first funding proposals by mid-year as the Fund aims to approve the first set at the October Board meeting.
The discussion on a pilot phase for Enhance Direct Access (EDA) was deferred along with remaining agenda items because of a shortage of time and various unsettled issues (which will either be dealt with intersessionally or at the 10th Board Meeting.
The next vital step for countries will be to deliver the financial contributions they have pledged in the November 2014 pledging session. So far only about 1 per cent has been legally committed. The approaching deadline of 30 April 2015 gives countries only a month longer to sign off the remaining US$4.5 billion for the fund to become officially effective.
For more details on specific decisions and associated discussions, please read the full report.
Read Full Report here