At COP 16 held in Cancun, Mexico, from 29 November to 10 December 2010, the COP adopted decision 1/CP.16 (184 kB) in which it decided to establish a Green Climate Fund, to be designated as an operating entity of the financial mechanism of the Convention under Article 11, with arrangements to be concluded between the COP and the Green Climate Fund to ensure that it is accountable to and functions under the guidance of the COP.  The Green Climate Fund will support projects, programmes, policies and other activities in developing country Parties using thematic funding windows.

The Fund will be governed by the Green Climate Board comprising 24 members, as well as alternate members, with equal number of members from developing and developed country Parties.  The assets of the Green Climate Fund shall be administered by a trustee only for the purpose of, and in accordance with, the relevant decisions of the Green Climate Fund Board.  The World Bank was invited by the COP to serve as the interim trustee of the Green Climate Fund, subject to a review three years after operationalization of the Fund.  The COP also decided that an independent secretariat shall support the operations of the Fund.

The COP also decided that the Green Climate Fund shall be designed by a Transitional Committee in accordance with the terms of reference in Annex III to decision 1/CP.16 (184 kB) .  The Transitional Committee comprises 40 members, with 15 members from developed country Parties and 25 members from developing country Parties, with members having the necessary experience and skills, notably in the area of finance and climate change.

In accordance with these terms of reference, the Transitional Committee shall develop and recommend for approval to the COP at its 17th session to be held in Durban, South Africa, from 28 November to 9 December 2011, a number of operational documents for the Green Climate Fund.  In the conduct of its work, the COP requested the Transitional Committee to encourage input from all Parties and from relevant international organizations and observers.

The COP also requested the secretariat, in consultation with the President of the COP, to make arrangements enabling relevant United Nations agencies, international financial institutions and multilateral development banks, along with the secretariat and the Global Environment Facility, to second staff to support the work of the Transitional Committee. 

The COP also determined that the meetings of the Transitional Committee will be open to observers.

Information on the fourth meeting of the Transitional Committee can be found here.

All submissions to the Transitional Committee can be found here.