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ClimateAnalyticsgGmbHSupportingsciencebasedpolicytopreventdangerousclimatechangeenablingsustainabledevelopment

Friedrichstraße231/HausB10969Berlin/Germany

T/+49(0)30259229520W/www.climateanalytics.org

November2015

GCFapproveditsfirstbatchofprojectproposalsReportondecisionsatthe11thMeetingoftheGreenClimateFundBoard

2-5November2015,Livingstone,Zambia

MahletEyassuMelkie

P.1

KeyMessagesforpolicymakersinSIDSandLDCs

TheGCFhasapproveditsfirsteightprojectsincluding2fromSIDS(FijiandMaldives)and3fromLDCs (Bangladesh, Malawi and Senegal). From these 5 projects only one project (Senegal) wassubmitted through a Nationally Implementing Entity. Therefore, SIDS and LDCs should workactivelyonhavingtheirNationalImplementingEntities(NIEs)andRegionalImplementingEntities(RIEs)accreditedandworkcloselywithaccreditedentitiestostartdevelopingandsubmittingmoreprojects.TheBoardhasalsotakenadecisiontoexploreoptionsforfast-trackaccreditationofNIEs,whichwillbeagoodopportunitytoenhancedirectaccess.Thenewlyestablishedprojectpreparation facilitywillmakeup to10%of the requested funding(maximumof$1.5millionperproposal)availableforthepreparationofprojectstobetargetedatDirectAccessentities.Hence,SIDSandLDCsshouldtakethisopportunitytoprepareambitiousandgoodqualityprojectproposals.Whilepreparingprojectproposals,thecommentsandrecommendationsoftheSecretariatandtheIndependent Technical Assessment Panel (ITAP) on the presented proposals should be taken asimportant lessons tomake sure that project proposals will meet the investment criteria of theFund.The roleof the ITAPwasalso strengthenedbyencouragingearlycommunicationbetweentheITAPandprojectproponentswhennecessary.TheBoardaspirestoapprovefundingproposalsworthof$2.5billionin2016.Inordertomeetthistarget, the Boardmight focus on approving large-scale projects, whichmight be at the cost ofsmall-scaleprojects.Therefore,SIDSandLDCsmustmakesurethatasimplifiedapprovalprocessforsmall-scaleactivitiesisadoptedatthenextmeeting.

Additional finance ismadeavailable for the readinessandpreparatoryactivities,whichSIDSandLDCs should take as an opportunity to accessmore funding for readiness activities and also forNAPs processes. The Board, by acknowledging the complexity of the application and approvalprocessforreadinesssupport,willbeworkingonsimplifyingtheprocesstoaccessreadinessfundstosignificantlyincreasetheapprovalandtimelydisbursementofthesefunds.SIDSandLDCsmustensurethattheirspecialneedsandcircumstancesaretakenintoaccountduringthereviewofthereadinessallocationsystemforpreservingthecurrentlyagreed50%minimumallocationforLDCs,SIDSandAfricanStates.TheBoardhastakendecisionstoreformpoliciestomaketheFundmoreresponsivetotheneedsofdevelopingcountries,enhancecountryownership,simplifyandexpeditetheprojectapplicationandapprovalprocess.InthepreparationoftheStrategicPlanoftheFund,SIDSandLDCsshouldbeactivelyengagedandmakesubmissionsby1DecemberandparticipateintheInformalmeetingofearly2016.

P.2

TableofContents

KEYMESSAGESFORPOLICYMAKERSINSIDSANDLDCS.........................................................................1OVERVIEWOFKEYDECISIONSGCFB-11.................................................................................................3

DETAILEDSUMMARYOFMEETINGOUTCOMES.....................................................................................5CONTEXT........................................................................................................................................5COMPARISONOFSALARYLEVELSFORCOMPARABLEPOSITIONSATOTHERSPECIALIZEDGLOBALFUNDSFORTHEHEADS

OFTHEACCOUNTABILITYUNIT............................................................................................................5THEFINANCIALSTATEMENTSOFTHEGREENCLIMATEFUNDFORTHEYEARENDED31DECEMBER2014ANDANNUALREPORT2014/15...........................................................................................................................5STRATEGICPLANFORTHEGREENCLIMATEFUND(PROGRESSREPORT)........................................................5READINESSPROGRAMMEIMPLEMENTATION(PROGRESSREPORT)..............................................................6STATUSOFTHEINITIALRESOURCEMOBILIZATIONPROCESS......................................................................7OTHERMATTERS..............................................................................................................................8UPDATETOADMINISTRATIVEGUIDELINESONCORPORATEPROCUREMENT....................................................8ADMINISTRATIVEBUDGETOFTHEGREENCLIMATEFUNDFOR2016–2018...............................................8ELECTIONOFTHECO-CHAIRS.............................................................................................................9INITIALMONITORINGANDACCOUNTABILITYFRAMEWORKFORACCREDITEDENTITIES......................................9CONSIDERATIONOFFUNDINGPROPOSALS...........................................................................................10UPDATEDADMINISTRATIVEGUIDELINESONHUMANRESOURCES..............................................................13DATEANDVENUEOFTHENEXTMEETINGOFTHEBOARDOFTHEGREENCLIMATEFUND...............................13APPOINTMENTOFMEMBERSTOCOMMITTEESOFTHEBOARD.........................................................................13

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OverviewofKeyDecisionsGCFB-11

TheGCFBoard took somemajor decisions at its 11thmeeting. Even thoughmore than 30 agenda itemswere proposed, the Boardwas able to take decisions only on 14 agenda items due to time constraints.Importantdecisionsontheaccreditationofentities,formalreplenishmentprocess,trusteearrangements,adoption of the risk register, simplified approval process for small-scale activities and communicationstrategyweredeferredtothenextmeeting.Themaindecisionstakenatthemeetingwereon:StrategicPlan:Anad-hocgroupofmemberswasestablishedtooverseeandguidethepreparationoftheStrategicPlanoftheGCFbytheSecretariatthatwillbepresentedforapprovalat its12thmeeting.Boardmembers, active observers and observer organizations are invited tomake submissions by 1 December2015.AninformalmeetingtoaddresstheStrategicPlanwillbeheldearlynextyear.

ReadinessProgramme:TheBoardrequestedtheSecretariattopresenttotheBoardatitsnextmeetingaproposalonhowtosimplifytheprocesstoaccessreadinessandpreparatorysupport.TheBoarddecidedtomake an additional $14 million available for the readiness and preparatory programme and thisprogramme may support the national adaptation planning (NAPs) process. The Board will review theinterimreadinessallocationsystematits12thmeeting.Status of the Initial ResourceMobilizationProcess:TheBoardurgedcontributingcountries tosign theircontribution agreements as soon as possible. The Secretariat was requested to develop policies andproceduresforcontributionsfromphilanthropicfoundationsandothernon-publicandalternativesourcesfor its 14th meeting and prepare document on how to explore alternative sources of finance that areadditionaltothecurrentcontributionsforits15thmeeting.Initial monitoring and accountability framework for accredited entities: The Board adopted an initialmonitoring and accountability framework for accredited entities and an interim policy on fees foraccreditedentitieswiththepolicytobedevelopedbytheAccreditationCommitteeandpresentedtotheBoardatits14thmeeting.

PerformanceReviewof theExecutiveDirector:theBoardestablishedanExecutiveDirectorPerformanceReviewCommitteetoconcludeitsworkbythe12thmeetingwiththesupportofanindependentexternalevaluationfirm.ThecurrentcontractoftheExecutiveDirectorendsinSeptember2016.Consideration of Project Proposals: The Board requested the Secretariat to provide an update of thepipeline of portfolio of projects for each boardmeeting. Furthermore, the Secretariatwas requested toreviewtheproposalapprovalprocessanddeliverareportatthe13thmeeting.

A project preparation facility that is directed to small-scale activities and direct access entities wasestablished to provide 10%of the requested fundingwith amaximumof $1.5million per proposal. TheBoardaspirestoapprovefundingproposalsin2016toavalueof$2.5billion.

TheBoardwillalso lookatoptionsfor fast-trackingaccreditationofNationally ImplementingEntitiesand

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simplifytheconceptnoteandfundingproposaltemplate.

The Board approved the proposals listed below contingent on the fulfillment of conditions and dueconsiderationtorecommendations.

No Projectname AccreditedEntity

Country/Region

Theme Public/Private

GCFfundingrequested(inmillionUSD)

FP001

Building the Resilience ofWetlands in the Province ofDatemdelMarañóninPeru

Profonanpe Peru CrossCutting

Public 6.2

FP002

Scaling Up the Use ofModernized Climate Informationand Early Warning Systems inMalawi

UNDP Malawi Adaptation Public 12.3

FP003

Increasing the Resilience ofEcosystems and Communitiesthrough the Restoration of theProductive Bases of SalinizedLandsinSenegal

CSE Senegal Adaptation Public 7.6

FP004

Climate Resilient InfrastructureMainstreaminginBangladesh

KfW Bangladesh Adaptation Public 40

FP005

KawiSafi Ventures Fund inEasternAfrica

Acumen Multiple(Africa)

CrossCutting

Private 25

FP006

Energy Efficiency Green Bond inLatinAmericaandtheCaribbean

IDB Multiple(Latin

America)

Mitigation Private 22

FP007

Supporting VulnerableCommunities in Maldives toManageClimateChange-InducedWaterShortages

UNDP Maldives Adaptation Public 23.6

FP008

Urban Water Supply andWastewater ManagementProjectinFiji

ADB Fiji CrossCutting

Public 31

Totalfundingrequested(inmillionUSD) 168

AdministrativeDecisions- TheBoardapproveditsFinancialStatementthatended31December2014andtooknoteoftheAnnual

Report 2014/2015. It also approved an administrative budget of $29,157,227 for the time from 1January2016to31December2016.

- TheBoardapprovedtocontinuetheapplicationofadministrativeguidelinesonhumanresourcesuntilit approves a revised one. This will be reviewed at its 12th meeting. Boardmembers are invited tosubmittheirviewsonthecurrentguidelinestotheSecretariatby15thofDecember2015.

- TheBoarddecidedtoextendtheperiodofapplicationoftheCorporateProcurementGuidelinesuntiltheendofits12thmeeting.

- TheBoardalsoelectedSouthAfricaandAustraliatoserveasco-chairsin2016andappointedmemberstoitsvariousCommittees.

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DetailedSummaryofMeetingOutcomes

ContextThe11thmeetingoftheBoardwasaveyimportantmeetingastheBoardwaspresentedwitheightprojectproposalsforitsconsideration.TherewasahighexpectationfromthismeetingastheapprovalofthefirstbatchofprojectproposalswillsendapositivesignalfortheParisClimateSummit inwhichPartiestotheUNFCCCareexpectedtoadoptanewlegallybindingdealthatappliestoallParties.ThiscreatedpressureontheBoardtoapproveprojectsthatwerepresentedonitstableeventhoughtherewerestillsomepolicygaps in the process for approving these projects. With some of these projects not fully meeting theinvestment criteria of the Fund, the Board approved the projects contingent on the fulfillment ofconditions.

Asthereweremanyagendaitemsthatwerenottakenupinpreviousmeetings,the11thmeetingwasa4-daysmeetingwithoneadditionalday.However,theconsiderationoffundingproposalstookmostofthetimeandresultedinthedeferralofotherimportantdecisionstothenextmeetingsuchastheaccreditationof entities, simplified approval process for small scale activities and the development of a formalreplenishmentprocess.

ComparisonofsalarylevelsforcomparablepositionsatotherspecializedglobalfundsfortheHeadsoftheAccountabilityUnit

It istoberecalledthattheBoardhasendorsedtheselectionprocessfortheHeadsoftheAccountabilityUnitsbuthasnotdecidedontheir remuneration levels.Asper therequestby theBoard, theSecretariatpresentedacomparisonof salary levelswithothercomparablepositionsof specializedglobal funds.TheBoard, by taking note of this document that was prepared for its 11th meeting, decided that theappointment level for the Heads of Accountability Units will range from IS-6 (Principal Specialist orequivalent level) to IS-8 (Director or equivalent level) taking the candidate’s work experience, currentposition and educational background into consideration. The highest level for the Secretariat’s salarystructureisIS-10,whichistheExecutiveDirector’ssalarylevel.ThefinancialstatementsoftheGreenClimateFundfortheyearended31December2014andAnnualReport2014/15TheBoardapprovedtheFinancialStatementsfortheyearended31December2014andtooknoteoftheGCFAnnualReport2014/2015.StrategicplanfortheGreenClimateFund(Progressreport)TheStrategicPlanoftheGCFistoassisttheBoardintakingdecisionsonhowtoinvestitsresourceswhilemeetingitsobjectives.BasedontheBoard’sinvitationatthelastmeeting,sixsubmissionsfromtheAfricanStates,Ecuador,Germany,Japan,SIDSandtheUKweremadepriortothismeeting.TheBoardtooknoteofthesesubmissionsandnotedtheconvergenceontheneedtosetoutastrategicplanfortheGCFtofurtheroperationalize theGoverning Instrumentof theFund.TheBoardalsonotedotherconvergences that theStrategicPlanshould:

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- Bealivingdocumentthatwillbereviewedandupdatedregularly;- Clearly articulate the vision and operational priorities of the GCF to make it more accessible to

countriesandtostrengthenitspartnershipwithNationallyDesignatedAuthorities/FocalPointsandaccreditedentities;

- Identify opportunities, policy gaps and challenges in operationalizing these objectives and guidingprinciples;and

- Presentanactionplan for the implementationof strategicmeasures tostrengthen theGCFas thedistinctlytransformational,high-impact,country-owned,dedicatedclimatefund,operatingatscale.

TheStrategicplanshouldfocuson:

- Allowing the GCF to scale up its investments in developing countries to promote urgent andambitiousactionsenhancingclimatechangeadaptationandmitigation;

- Maximizethe impactsof its funding inadaptationandmitigationwhileseekingabalancebetweenthetwo;and

- Ensuring that the GCF is responsive to the needs of developing countries, enhancing country-ownership,directaccess, fastdisbursementandensuringeffectiveuseofresourcesandenhancingtransparency.

TheBoardestablishedanadhocgroupofmemberscomprisedofthreedevelopingcountrymembersandthree developed country members to oversee and guide the preparation of the Strategic plan by theSecretariat.Furtheraninvitationforsubmissionby1December2015onelementsoftheStrategicPlanwasextendedtoBoard/alternatemembers,activeobserversandobserverorganizations.

Furthermore,theBoarddecidedtoholdaninformalBoardmeetingthatisopentoactiveobserversinearly2016(beforethe12thmeetingoftheBoard)toaddressthestrategicplan.Theadhocgroupwasrequestedto present an initial draft and guiding questions that require further consideration by the Board. TheStrategicPlanistobepresentedtotheBoardforapprovalatits12thmeeting.

This is a critical time for the Fund, as thepreparationof its Strategic Plan is underway. Boardmembersshould give their inputs before the 1 December 2015 deadline on how the Fund should further beoperationalizedtofulfillitsmandateandachieveitsobjectives.

Readinessprogrammeimplementation(ProgressReport)The readiness and preparatory support programme was launched at the 8th meeting of the Board inBarbados,October2015,withaninitial$15millionfor2015.EventhoughthisProgrammewaslaunchedayearago,progresshasbeenveryslowandonly$4.6millionwasdisbursedfor17countriesoutofthe87requests.MostBoardmembersespeciallyfromdevelopingcountriesarefrustratedwiththeslowprogressof this programme and have been asking the Secretariat to be more responsive to the requests forreadinessactivitiessupport.TheBoardreaffirmedthatreadinessandpreparatorysupportisapriorityfortheFundtoenhancecountryownership, ensure a strong pipeline and build institutional capacity to enable direct access. Further theBoard emphasized the importance of significantly increasing the approval and timely disbursement ofresources for readinessactivities. In relationto this, theSecretariatwasrequestedtopresentat the12th

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meeting a proposal to improve and simplify the process to access funds for country programming andreadinessandpreparatorysupportinconsultationwithNDAsandfocalpoints.Thisisaveryimportantstepinexpeditingtheapprovalanddisbursementprocessofreadinessfunds.TheSecretariatshouldworkverycloselywithNDAsandfocalpointstotakelessonsfromtheirexperiencesandchallengesandtoincorporatetheirrecommendationsintheproposal.The Board decided to make an additional $14 million available for the execution of the readiness andpreparatory support programme. The decision also reaffirmed that the GCF through its readinessprogramme may support voluntary, country driven national adaptation planning (NAPs) processes incoordination with other programmes and channels. As there are other institutions that support thepreparationofNAPs, it is important that theGCF’s readiness support complimentsothereffortswithoutduplicatingthem.TheSecretariat’sproposaltoallocateupto$2millionpercountryforthedevelopmentofNAPswasrejectedbytheBoard,becauseitfeltthattherewasnojustificationforlimitingfundingavailableforthisactivitytothisparticularnumberof$2million.Moreover, the Board decided to review the interim readiness allocation system at its 12th meeting inaccordance with decision B08/11 (para h). The Secretariat was requested to present for the Board’sconsideration a revised allocation system taking into account the needs and priorities of developingcountries.TheBoardalsorequestedtherevisedallocationsystemtoincludeaninformationnoteonhowtheGCFcan supportdeveloping countries in their voluntaryNAPprocesses includingactivities the fundscanbeused for.Thecurrent readiness support’sallocation system is favorable toparticularlyvulnerableand capacity-constrained countries with at least 50% of the support being allocated for LDCs, SIDS andAfricanStates.Thereadinesssupportprogrammeisinitsearlystageandfacedwithvariouschallengesthatresulted in only a few countries having effectively accessed funds for their readiness activities. In therevisionoftheallocationsystem,thespecialneedsandcircumstancesofthesegroupofcountriesneedstobe taken into considerationand it is important tomaintain theminimumallocation floor (50% for LDCs,SIDSandAfricanStates).TheSecretariatshouldproposewaystosimplifytheapprovalanddisbursementprocesssothatmanycountriesinneedofreadinesssupportwouldbenefit.StatusoftheInitialResourceMobilizationProcess

ItistoberecalledthattheInitialResourceMobilizationProcesshasresultedinapledgeof$10.2billionbyDecember2014.TheBoardhastakenadecisionatits8thmeetingthattheFundwillbecomeeffectiveonce50% of the total pledged amount at the November 2014 high level pledging conference is signed intocontribution agreements and no later than April 30, 2015. To date 27 countries have signed theircontributions agreement with a remaining of 9 countries including US, Canada, Spain and Finland. Inaddition,5countriesthathavesignedonlypartially.At the 11th meeting of the Board, representatives from developing countries proposed a firm deadline(December31st)forthosecountries,whichhavenotyetturnedtheirpledgesintocontributions.However,these countries have expressed their concerns that having another deadlinewill not help their nationalefforts.ThereforetheBoard,initsdecision,urgedcontributingcountriestoconfirmtheirpledgesassoonaspossible.The Board requested the Secretariat to prepare a document for understanding and defining alternativesourcesoffinancial inputstotheGCF,thatareadditionaltocurrentcontributions,forits15thmeeting.Inaddition, the Secretariat was requested to develop policies and procedures for contributions fromphilanthropicfoundationsandothernon-publicandalternativesourcestotheIRMprocessfortheBoardto

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consideratits14thmeeting.Sincethefinancialneedsforclimatechangeactivitiesarelarge,theGCFshouldexplore variousways of raisingmore funds additionally to public funds from contributing countries andsendpositivesignalstootherinterestedcontributors.

OthermattersTheBoarddecidedtoundertakeandconcludeareviewoftheperformanceoftheExecutiveDirectorbyitsfirstmeetingof2016.ThecurrentcontractoftheExecutiveDirectorendsinSeptember2016.Toundertakethis review, the Board adopted the terms of reference of the Executive Director Performance ReviewCommitteeandappointedthefollowingBoardmembers:

- Mr.DavidKaluba(Zambia);- Ms.CarolineLeclerc(Canada);- Ms.AndreaLedward(UK);and- Mr.YingmingYang(China).

The Board adopted amethodology for the performance review and decided to engage an independentexternal evaluation firm to support the Executive Director’s performance review committee. The Boardapproved a budget for performance assessment of the Executive Director including the costs of theindependentexternalevaluationfirmofupto$20,000.

UpdatetoadministrativeguidelinesoncorporateprocurementThe Board reviewed the update of the administrative guidelines on corporate procurement that waspresentedbytheSecretariat.Followinguponthis,theBoarddecidedtoextendtheperiodofapplicationoftheCorporateProcurementGuidelinesuntiltheendofits12thmeetingontheuseofconsultantsandtheCorporate Procurement Guidelines for Goods and Services that was approved at its 8th meeting. Thisguideline will be reviewed at its 12th meeting and authorizes the Executive Director to implement theguidelines. AdministrativebudgetoftheGreenClimateFundfor2016–2018TheSecretariatdocumentproposedabudgetof$33,557,227 for2016withan increaseof$14millionascomparedtothepreviousyear(2015)withaplanofhiringmorestaff.Thedocumentfurthersuggestedanadministrativebudgetof$37,591,724for2017and$42,334,479for2018.The Board had a broad discussion on this agenda item and also on another document prepared by theSecretariattoupdatethestructureandstaffingoftheSecretariat.ItwastheviewofsomeBoardmembersthattherestructuringoftheSecretariatshouldbeinlinewiththeStrategicPlanoftheFundandthatthisrestructuringshouldthereforeonlybedoneaftertheadoptionoftheStrategicPlan.The Board approved an administrative budget of $29,157,227 for the time from 1 January 2016 to 31December2016.TheBoardrequestedtheSecretariattopresentarevisedstaffstructureoftheSecretariatandabudgetproposalthatwillrespondtotheStrategicPlanfortheGCFfortheBoardtoconsiderat its13thmeeting.Furthermore,aBudgetCommitteewasestablishedasastandingcommitteeoftheBoardandtheBoardrequestedtheSecretariattopresentthetermsofreferenceoftheCommitteeforconsiderationatits12thmeeting.

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ElectionoftheCo-ChairsTheBoardelectedco-chairsMr.ZaheerFakir(SouthAfrica)andMr.EwenMcDonald(Australia)toserveasco-chairsforthenextyear(2016).Initialmonitoringandaccountabilityframeworkforaccreditedentities

The Board adopted the initial monitoring and accountability framework for accredited entities. TheSecretariatwasthenrequestedtodeveloptheappropriatetoolsandinternalprocedurestooperationalizethis framework, aswell as standardized templates that take into account the nature of the entities andtheircapacities.The adopted framework inter alia includes a policy on reaccreditation of entities, as an entity’saccreditationisonlyvalidforfiveyears.Theentitycanthenapplyforre-accreditationinthesamecategoryor for an upgrade to a higher category. During the application process, theAccreditation Panel and theSecretariatwillreviewtheentity’sperformanceofthepreviousfiveyearsandwillmakearecommendationtotheBoard.The reviewwill also include an assessment of the extent towhich the overall portfolio of the entity –beyondtheactivities fundedby theGCF–hasevolved in thedirectionof theFund’soverallobjective topromoteaparadigmshifttowardslowemissionandclimateresilientdevelopmentpathways.Thedecisionmandates the Board to take this assessment into accountwhenmaking its decision on re-accreditation.Withthispolicyinplace,theBoardnowhasatoolatitsdisposalforreviewingprogressofentitiestodivestfromemission intensive investmentssuchascoal.Thisapplies inparticularto internationalprivatebanksseekingaccreditationwiththeGCFthatoftenhavelargeinvestmentsincoalandotherfossilfuels.Oneofthemostcontentiousissueswastheproposedfeestructureforaccreditedentities.Administrativecostswillbehigherforentitiesthatareimplementingsmallormicrolevelprojectsascomparedtoentitiesthatwillbeimplementingmediumorlargeprojects.TheBoarddecidedtoadoptaninterimpolicyonfeesforaccreditedentitiesthatapplieshigherpercentagesofmaximumfeesthanthepolicyinitiallyproposedbytheSecretariat[forprojects<USD50million:6%formitigationand7%forcross-cuttingandadaptation;forprojects>USD50million:5%formitigationand6%forcross-cuttingandadaptation].Size Feecap%ofGCFfunding(ongrant)Micro(<USD10million) 10%Small(USD10-50million) 9%Medium(USD50-250million) 8%Large(>USD250million) 7%Table1:Scheduleofcaponfeesapplicabletopublicsectorprojects/programmes

Thefeescaponreadinessgrantswillbe10%.TheservicesthatwillbecoveredbytheGCFfeesare:- Projectorprogrammeimplementationandsupervision;- Projectorprogrammecompletionandevaluations;and- Reporting.

The fees to be paid to the accredited entity will be additional to the approved amount forproject/programme funding and should not duplicate with other forms of support such as technical

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assistance. As per the decision taken previously, fees for the private sector and non-grant instrumentsotherthanconcessionalloanstothepublicsectorshouldbedecidedonacase-by-casebasis.TheBoard requested theAccreditationCommittee, supportedby the Secretariat, todevelop apolicyonfees for accreditedentities for theBoard’s consideration at its 14thmeetingbasedon the lessons learntfrom the interimpolicy on fees andexploreoptions for a performance-based approach and appropriateincentives. The Board also requested the Secretariat to conduct an analysis of the fee structure ofcomparable funds to establish the appropriateness and applicability of the fee structure to accrediteddirectaccessentities.Considerationoffundingproposals

Therewereeightprojectproposalswitha totalvolumeof$168millionwith2 inSIDS (FijiandMaldives)and3 inLDCs (Bangladesh,Malawi,Senegal) thatwerepresentedto theBoard for itsconsideration.TheBoard had a very long discussion about each of the projects after listening to the assessments andrecommendationsbytheSecretariatandtheIndependentTechnicalAssessmentPanel(ITAP).Thefactthatthere was some policy gaps in the approval process, such as no clarity on eligibility criteria and riskinvestmentcriteriaput theBoard inadifficultsituationtoapproveorreject theseprojects.ThiswasthefirstmeetingthattheBoardwaspresentedwithprojectproposalsforitsconsiderationbutaccordingtotheITAP’s assessment some of these projects lacked ambition, innovation and it was not clear if they aredirectlyaddressingtheeffectsandimpactsofclimatechangewhilesomealsodidnotfullymeettheFund’sinvestmentcriteria.Afterreviewingtheprojectsthatwerepresentedforconsideration,theBoardnotedsomecommonareasinwhichtheprojectsprovideabetterdemonstrationofhowtheymeetexistingGCFpolicies:

- Linkage between climate actions and how they enable economic development to proceed in asustainablemanner;

- Howtheproject/programmeincorporatespotentialinnovation;- HowbenefitswillbesustainedonceGCFfinancingends;- Monitoring and evaluation, including how lessons can be disseminated to inform and possibly

promotereplicationinotherregions/countries;- Howbenefitsforwomenandgirlswillbedelivered;- Howfiduciaryweaknessesinprojectcountrieswillbeaddressed;- Countryownershipandeffectivestakeholderengagement;and- Additionalityofthefunding.

TheBoardfinallyapprovedthefollowingeightprojectscontingentonthefulfillmentofconditionsanddueconsiderationtorecommendations.

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No Projectname AccreditedEntity

Country/Region

Theme Public/Private

GCFfundingrequested(inmillionUSD)

FP001

BuildingtheResilienceofWetlandsintheProvinceofDatemdelMarañóninPeru

Profonanpe Peru CrossCutting

Public 6.2

FP002

ScalingUptheUseofModernizedClimateInformationandEarlyWarningSystemsinMalawi

UNDP Malawi Adaptation Public 12.3

FP003

IncreasingtheResilienceofEcosystemsandCommunitiesthroughtheRestorationoftheProductiveBasesofSalinizedLandsinSenegal

CSE Senegal Adaptation Public 7.6

FP004

ClimateResilientInfrastructureMainstreaminginBangladesh

KfW Bangladesh Adaptation Public 40

FP005

KawiSafiVenturesFundinEasternAfrica

Acumen Multiple(Africa)

CrossCutting

Private 25

FP006

Energy Efficiency GreenBondinLatinAmericaandtheCaribbean

IDB Multiple(LatinAmerica)

Mitigation Private 22

FP007

Supporting VulnerableCommunities in Maldivesto Manage ClimateChange- Induced WaterShortages

UNDP Maldives Adaptation Public 23.6

FP008

Urban Water Supply andWastewater ManagementProjectinFiji

ADB Fiji CrossCutting

Public 31

Totalfundingrequested(inmillionUSD) 168Table2.ProjectsapprovedattheGCFB-11.

ToaddresstheconcernraisedbymostdevelopingcountryBoardmembers,theSecretariatwasrequestedtoprovideanupdateofthepipelineportfolioandsubmit ittotheBoardateachmeeting.ThiswillassisttheBoardtohaveaclearpictureandunderstandingofwhatkindofprojectsareinthepipelineandtheirstatuses.FurthertheSecretariatwasrequestedtopublishonitswebsitethefundingproposalsalongwiththeITAP’sassessment.ThiswillfurtherstrengthenthetransparencyoftheFund’soperations.

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TheBoardagreedtoincludeinits2016WorkPlanoutstandingdecisionsrelatedtotheproposalapprovalprocess, programme and project cycle and simplified process for the approval of proposals for certainactivities,inparticularforsmall-scaleactivities.Italsodecidedtoreviewtheproposalapprovalprocessthatwas approvedat its 7thmeetingbasedon theexperiencegathered from the reviewof the first batchofproposalssubmitted:

- StrengthenandscaleuptheFund’spipelineandcountrypipelinesandprogrammes;- Streamlineandimprovethetransparencyoftheproposalapprovalprocess;- Definefurtherdecisionmakingoptionsincludingdeferralofproposalapprovals;- Reviewhowconceptnotesshouldworkwithintheprojectcycle,facilitatetheITAP’sfeedbackon

conceptnotes,andfacilitatecontactoftheITAPwithaccreditedentitiesasusefulandnecessary;- SupporttheBoardtomakedecisionsregardingfundingproposals;- Strengthenproject/programmeeligibilitycriteria, includingcategoriesof incrementalcosteligible

forfunding;and- Interimprocedures for redress pending the recruitment of the head of the independent redress

mechanism.The Secretariat was requested to undertake a review of the proposal approval process that will beoverseenbythead-hocgroupofBoardmembers(thatwillguidethepreparationoftheStrategicPlan).ThisreviewwillbediscussedattheBoard’sinformalmeetinganddeliveraprogressreportatthe12thmeetingandafinalreportatthe13thmeeting.Membersfromdevelopingcountrieswereaskingfortheestablishmentofaprojectpreparationfacilitythatwill support the preparation of project proposals. The Board finally decided to establish a projectpreparationfacilitythatprovides10%oftherequestedGCFfundingwithamaximumof$1.5millionforanysingle proposal. This will be based on concept notes submitted by accredited entities that includejustificationofneedoffundingforprojectpreparation.TheSecretariatwillreviewandassesstheconceptnote against the investment criteria and justification of need and send this funding request for projectpreparation to the Board for approval. The project preparation facilitywould be targeted to small-scaleactivitiesandDirectAccessentitiesandwillbereviewedbytheSecretariatfortheBoard’sconsiderationatits14thmeeting.TheBoardaspirestoapprovefundingproposalsin2016toavalueof$2.5billion,whichwastheaskofsomedevelopingcountrymemberstoensurethattheFundwouldbeambitiousandoperatesatscale.

TheAccreditationCommitteewasrequestedtoincludeoptionsforstreamliningmodalitiesforfast-trackingintheaccreditationofNationallyImplementingEntities(NIEs)usingthirdpartyassessmentsasappropriateintheaccreditationstrategy.TheSecretariatwasalsorequestedtosimplifythefundingproposaltemplateandconceptnotetemplateinanexpeditiousmannerinconsultationwiththeITAP,NDAs,focalpointsandaccreditedentities.Thisdecisiontoexploreoptionsoffast-tracktheaccreditationofNIEsandsimplifytheconceptnoteandfundingproposaltemplatewillencouragemoreNIEstobeaccreditedandopendoorsformore funding proposals to come from small and capacity-constrained countries with the direct accessmodality.

Inordertoenhancecountryownership,theBoarddecidedthatconceptnotessenttotheGCFmustincludea clear paragraph indicating how the project fits in with the country’s national priorities and its fullownershipoftheconcept.

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UpdatedadministrativeguidelinesonhumanresourcesTheSecretariathaspresentedtotheBoardaproposaltorevisethesalaryscaleofitsemployee’saspertheAsianDevelopmentBank’s revisedscale.TheBoard tooknoteof the recommendationby theSecretariatandnoted that the ExecutiveDirector on exceptional cases basedonmerits and experiencesmay applymoreflexibilitytoappointastaffbetweenminimumandmidpointsalarylevel.TheBoardapproved tocontinue theapplicationofadministrativeguidelinesonhumanresourcesuntil itapproves a revised one. The decision requested Board members to make written submissions on theirrecommendations on revision of the guidelines by December 15,2015. The Secretariat will present therevisedguidelinesbyconsideringtheproposedchangesfortheBoard’sapproval.TheBoardalsodecidedtoreviewtheadministrativeguidelinesonhumanresourcesatits12thmeeting.DateandvenueofthenextmeetingoftheBoardoftheGreenClimateFundTheBoarddecidedtheweeksandvenuesofthemeetingstobeheldin2016.Theagreeddatesandvenuesare:- 12thmeeting,Songdo,RepublicofKorea,Weekof7thMarch2016(specificdatestobeconfirmed).- 13thmeeting,Songdo,RepublicofKorea,Tuesday28-Thursday30June2016(datestobeconfirmedat

the12thmeeting).- 14th meeting, Ecuador, Tuesday 18 - Thursday 20 October 2016 (dates to be confirmed at the 13th

meeting).

AppointmentofmemberstocommitteesoftheBoardTheBoardhastakendecisionsonappointingthefollowingBoardmemberstovariousCommitteesoftheBoard.Committees Board/alternatemembersInvestment Committee, for a term starting from 8July2015

• Ms.KateHughes(UK);• Mr.FrankFass-Metz(Germany);and• Mr.AtsuyukiOike(Japan).

RiskManagementCommittee,foratermstartingon8July2015

• Mr.ArnaudBuisse(France);• Mr.MasaakiIizuka(Japan);and

• Mr.JacobWaslander(Netherlands). EthicsandAuditCommittee,foratermstartingonthedateofadoptionofthisdecision

• Ms.LudovicaSoderini(Italy)

PrivateSectorAdvisoryGroup,forthesecondterm

• Mr.MortenElkjaer(Denmark)

AccreditationCommitteeforthesecondterm • Mr.AnderWallberg(Sweden);• Mr.HenrikHarboe(Norway);and• Mr.LeonardoMartinez(US).