At COP 16, the COP adopted decision 1/CP.16
in which it decided to establish a Green Climate Fund
(GCF), 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 GCF Board comprising 24 members, as well as alternate members, with
equal number of members from developing and developed country Parties. The assets of the GCF shall 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 shall support the operations of the Fund.
The COP also decided that the GCF was to be designed by a Transitional Committee (TC) in accordance
with the terms of reference in Annex III to
decision 1/CP.16 . The TC comprised 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 TC was to develop and recommend for approval to COP
17 a number of operational documents for the GCF. In the conduct of its work, the COP requested the
TC 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 TC.
The COP also determined that the meetings of the TC were to be open to observers.
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.
For more information on the current status of the Green Climate Fund click here.