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Green Climate Fund
 
Background

At COP 16 held in Cancun, by pdf-icon decision 1/CP.16, Parties established the Green Climate Fund (GCF) as an operating entity of the Financial Mechanism of the Convention under Article 11. The Fund is governed by the GCF Bo ard and it is accountable to and functions under the guidance of the COP to support projects, programmes, policies and other activities in developing country Parties using thematic funding windows.

The GCF was designed by the Transitional Committee (TC) as per pdf-icon decision 1/CP.16, paragraph 109. Based on the report of the TC (pdf-icon FCCC/CP/2011/6 and pdf-icon Add.1), at COP 17 held in Durban, Parties adopted pdf-icon decision 3/CP.17 and approved the pdf-icon Governing Instrument for the GCF.

The Governing Instrument for the GCF stipulates that 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. In 2015, the GCF Board invited the World Bank to continue serving as the Interim Trustee until a permanent Trustee is appointed (pdf-icon Board decision B.08/22). The process to appoint the permanent Trustee should be finalized no later than the end of 2017.

At COP 18 held in Doha, Parties requested the Standing Committee on Finance and the GCF Board to develop arrangements between the COP and the GCF for agreement by the Board and subsequent agreement by the COP. Parties recognized that the provisions contained in Article 11, paragraph 3, and decision 3/CP.17 and the governing instrument of the GCF contained in the pdf-icon annex to 3/CP.17 form the basis for the arrangements between the COP and the GCF. At COP 19 held in Warsaw, Parties agreed to the pdf-icon arrangements between the COP and the GCF to ensure that the GCF is accountable to and functions under the guidance of the COP.

Parties, at COP 18, endorsed the consensus decision of the GCF Board to select Songdo, Incheon, Republic of Korea as the host of the GCF. At COP 19, Parties welcomed the establishment of the independent GCF secretariat and provided initial guidance to the GCF.

At COP 21 held in Paris, by pdf-icon decision 1/CP.21, paragraph 58, the COP decided that the GCF shall serve the Paris Agreement. The COP also decided that the guidance to the entities entrusted with the operation of the Financial Mechanism of the Convention in relevant decisions of the COP, including those agreed before adoption of the Paris Agreement, shall apply mutatis mutandis.

pdf-icon Article 9 of the Paris Agreement states that the institutions serving the Agreement, including the operating entities of the Financial Mechanism of the Convention, shall aim to ensure efficient access to financial resources through simplified approval procedures and enhanced readiness support for developing country Parties, in particular for the least developed countries and small island developing States, in the context of their national climate strategies and plans.

Update

Guidance provided in pdf-icon decision -/CP.22, Report of the Green Climate Fund to the Conference of the Parties and guidance to the Green Climate Fund

The COP welcomed the actions taken by the GCF Board in response to previous guidance from the COP as contained in decisions 3/CP.17, 6/CP.18, 4/CP.19, 7/CP.20 and 7/CP.21 and looked forward to the ongoing and timely implementation of the GCF Board decisions and guidance received from the COP, including the strategic plan, and the scaling up of investments in ambitious country-driven climate action.

The COP urged the GCF Board to finalize in a timely manner its work related to the guidance of the COP on financing for forests as mandated by decision 7/CP.21, paragraphs 23–25;

The COP requested the GCF Board to facilitate an increase in the amount of direct access proposals in the pipeline and to report to the COP on progress made in this regard. COP 22 also requested the GCF Board to take into account decision 1/CP.21, paragraph 64, to enhance the coordination and delivery of resources to support country-driven strategies through simplified and efficient application and approval procedures, and through continued readiness support to developing country Parties, including the least developed countries and small island developing States, as appropriate, and in accordance with Board decisions.

The COP further requested the GCF Board to enhance the delivery of resources by addressing those measures that are delaying the implementation of projects that have been approved by the Board, including the conclusion of pending accreditation master agreements and funded activity agreements.

The COP encouraged the GCF Board to implement its decision B.04/08 to develop modalities to support activities enabling private sector involvement in the least developed countries and small island developing States, and to seek opportunities to engage with the private sector, including local actors, on adaptation action at the national, regional and international levels.

Additional guidance to the GCF was provided in the following decisions:

Decisions by COP 22:

pdf-icon Enhancing climate technology development and transfer through the Technology Mechanism

pdf-icon Linkages between the Technology Mechanism and the Financial Mechanism of the Convention

pdf-icon Paris Committee on Capacity-building

pdf-icon Improving the effectiveness of the Doha work programme on Article 6 of the Convention

Conclusions by the Subsidiary Body for Implementation 45:

pdf-icon Agenda Item 14(c): Paris Committee on Capacity-building

 
Updated: 02 Dec 2016
 

 
GCF Board
Website of the GCF

Meetings of the Board and the Meeting Documents

 
 Latest documents and decision

Decisions

pdf-icon Decision 7/CP.21 (Report of the GCF and guidance to the GCF)
pdf-icon
Decision 7/CP.20
(Report of the GCF and guidance to the GCF)
pdf-icon
Decision 4/CP.19
(Report of the GCF and guidance to the GCF)
pdf-icon
Decision 5/CP.19
(Arrangements between the COP and the GCF)

Documents

FCCC/CP/2016/7/Rev.1 (Fifth report of the GCF Board to the COP)

FCCC/CP/2016/7/Rev.1/Add.1 (Fifth report of the GCF Board to the COP - Addendum)

FCCC/CP/2015/3 (Fourth report of the GCF Board to the COP)

FCCC/CP/2014/8 (Third report of the GCF Board to the COP)

FCCC/CP/2013/6 (Second report of the GCF Board to the COP)

FCCC/CP/2013/6/Add.1 (Second report of the GCF Board to the COP - Addendum)



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