| Green Climate Fund |
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Background At COP 16, Parties, in  decision 1/CP.16
established a Green Climate Fund (GCF) as an operating entity of the financial mechanism of the Convention
under Article 11. The GCF will support projects, programmes, policies and other activities in developing
country Parties. The Fund will be governed by the GCF Board.The assets of the GCF will be administered by a trustee only for the purpose of, and in accordance with, the relevant decisions of the GCF Board. The World Bank was invited by the COP to serve as the interim trustee of the GCF, subject to a review three years after operationalization of the Fund. The COP also decided that an independent secretariat will support the operations of the Fund. The COP also decided that the GCF was to be designed by the Transitional Committee (TC). Update At COP 17 held in Durban, the COP adopted decision 3/CP.17, in which Parties
welcomed the report of the TC ( FCCC/CP/2011/6 and
Add.1) and approved the governing instrument for
the GCF. Arrangements between the COP and the Fund are to be concluded at COP 18 to ensure that it is
accountable to and functions under the guidance of the COP.The COP will provide guidance to the Board, including on matters related to policies, programme priorities and eligibility criteria and matters related thereto. The Board will provide annual reports to the COP on its activities. The Board was requested to operationalize the Fund in an expedited manner. The Board was also invited to select the trustee of the GCF through an open, transparent and competitive bidding process in a timely manner to ensure that there is no discontinuity in trustee services. Parties were invited to submit their nominations for the members of the Board to the interim secretariat by 31 March 2012, as well as to submit to the Board expressions of interest for hosting the GCF by 15 April 2012. The Board will conduct an open and transparent process for the selection of the host country, and to decide on a host country for endorsement by COP 18. The UNFCCC secretariat and the Global Environment Facility secretariat were requested to set up an interim secretariat until the independent secretariat of the GCF is established. |
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For further information on the current status of nominations for the GCF Board please refer to this
website. |
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Transitional Committee |
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More information on the Transitional Committee |