Climate Fund Project Reaches $1.5b, Closes Key Policy Gaps
UN Secretary General, Ban Ki-Moon with some dignitaries, recently
The Board of the Green Climate Fund has taken a series of policy decisions designed to strengthen its partnerships and grow its project pipeline in 2016. The decisions, taken at the Board’s twelfth meeting (B.12), include the adoption of the Fund’s first Strategic Plan, its Work Plan for 2016, and the accreditation of 13 new entities.
GCF’s current pipeline includes 22 private and public projects with a total value of over USD 5 billion. One of the key outcomes from B.12 is the Board’s adoption of the Fund’s first Strategic Plan, which sets out GCF’s vision, operational priorities, and an action plan to be implemented by 2018. The Strategic Plan strengthens the Fund’s ability to programme its resources at scale, in an ambitious and country-driven manner.
“The Board has reached agreement this week on key decisions that help us deliver against our target of approving USD 2.5 billion in 2016,” said Ewen McDonald, Board Co-Chair from Australia.
The Board accredited 13 new entities, representing a diverse range of public, private, small, and large organizations. This includes four national public entities, one regional public entity applying under direct access, two private sector entities, and six international public entities. A total of 33 entities are now authorized to partner with GCF and implement its projects and programmes.
The full list of newly accredited entities is as follows: Agency for Agricultural Development of Morocco (ADA); Ministry of Finance and Economic Cooperation of the Federal Republic of Ethiopia (MOFEC); National Environment Management Authority of Kenya (NEMA); Development Bank of Southern Africa (DBSA);
Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB); HSBC Holdings plc and its subsidiaries (HSBC); African Development Bank (AfDB);
European Investment Bank (EIB); International Finance Corporation (IFC);
Unidad Para el Cambio Rural from Argentina (Unit for Rural Change – UCAR);
International Union for Conservation of Nature (IUCN); World Food Programme (WFP); and World Meteorological Organization (WMO).
To this end, the Board has requested the Executive Director to execute legal and financial arrangements with accredited entities as a matter of urgency.
During the meeting, the United States informed the Board that it completed its contribution arrangements, formalizing its pledge of USD 3 billion to the GCF. The United States also completed arrangements to transfer USD 500 million to the GCF as its first installment on the pledge.