Summary of outstanding Essential Requirements for the GCF
Following the Sixth meeting of the Board of the Green Climate Fund (the Board) in February there are still a number of decisions outstanding that hover to derail the proposed timeline for the operationalization of the Fund.
Decisions were taken on gender-sensitive approach, readiness and policies for the initial allocation of Fund resources, but a number of the key issues remain open. Consequently, the upcoming Seventh meeting in Songdo in South Korea has been extended by an extra day to accommodate the large number of agenda items, and this meeting will be crucial in keeping the timetable on track. These issues will need to be resolved before donors can begin to pledge money to the coffers Green Climate Fund (GCF) which is expected in September at the United Nations Climate Summit in New York.
The outstanding essential requirements are: ~1) Guiding framework and procedures for accrediting national, regional and international implementing entities and intermediaries, including the Fund’s fiduciary principles and standards and environmental and social safeguards; ~2) Initial proposal approval process, including the criteria for programme and project funding; ~3) Fund’s financial risk management ~4) Investment framework; ~5) Initial results management framework of the Fund; ~6) Initial Modalities for the Operation of the Fund’s Mitigation and Adaptation Windows and its Private Sector Facility ~7) Structure of the Fund and the Secretariat;
The following paper offers a brief summary of the main issues pertaining to each of these essential, as set out in the Progress Reports that have been produced following the last meeting of the Board, and some points for consideration.