The Green Climate Fund (GCF) Board approved major changes to its accreditation framework to streamline access to climate finance at its 31st Board Meeting, which ended today. The changes will improve and accelerate access to finance for developing countries, including through the creation of a new one-step process for financing climate projects. The Board also allocated $187.7 million in new GCF resources to climate action, bringing its portfolio to $10.2 billion.
The Accreditation Framework governs how the GCF works with partner organizations that implement GCF projects and programs in developing countries. The Council has both strengthened the existing accreditation model for long-term partners and introduced a new, streamlined process for organizations seeking funding for innovative, one-off climate solutions: the project-specific assessment approach. (PSAA).
The four-day virtual Board meeting included decisions related to the Fund’s policies and operations and presentations by the Independent Evaluation Unit. The Board approved one new entity for accreditation and four entities for re-accreditation.
Co-Chair Tlou Emmanuel Ramaru, South Africa, said: “By approving the enhanced accreditation framework and $187.7 million in new climate finance, the GCF Board is providing strong support to developing countries. development to scale up climate action. The new process of project-specific assessments will also close the climate finance gap for sub-national, national and regional entities.
Co-Chair Jean-Christophe Donnellier, from France, said: “The Board meeting that ends today resulted in the adoption of the updated accreditation framework and project-specific assessment approach. (PSAA), two policies aimed at strengthening the access, impact and mobilization of the Green Climate Fund and giving it the capacity to engage more with the private sector, which is essential to ensure the performance of the funds. We also congratulate all projects funded and entities accredited or re-accredited at this Board meeting, and in particular the Development Bank of Southern Africa (DBSA), which has recently committed to achieving climate ambitions for all of its investment and lending portfolios, as part of their integrated just investment framework.
GCF Executive Director Yannick Glemarec said, “The GCF aims to accelerate climate finance programming in 2022-2023, which will maintain the momentum of the past two years when we delivered a record volume of programming. The improved accreditation framework and PSAA will help move funds faster and more efficiently to implement climate action on the ground.
The PSAA, introduced on a pilot basis, will allow organizations that have a climate project proposal to submit it directly to the GCF for rapid review. This new pathway will apply to public and private sector entities and not-for-profit organizations. In the first year, priority will be given to project proposals from sub-national, national and regional entities based in developing countries, particularly those from countries without GCF-funded projects, seed funding to develop project ideas being made available through the GCF Project. Preparation facility.
At the first of four Board meetings scheduled for 2022, the Secretariat confirmed that the GCF remained on track to achieve its ambitious programming goals for the year. According to the financial plan presented by the Secretariat, the volume of funding proposals will increase at subsequent Board meetings as the “commitment power” – the cash flow of anticipated contributions that allows the Fund to engage in the financing of new projects – increases. Through frontloading of certain commitments from its contributors, the GCF aims to achieve at least the lower end of its programming target of $1.7 billion and could achieve the upper end of its target of approximately $2.4 billion if additional resources are mobilized later. during this year.
The following projects were approved at the meeting:
- $73.3 million for “Climate-Smart Initiatives for Climate Change Adaptation and Sustainability in Priority Agricultural Production Systems in Colombia” (CSICAP), undertaken with Corporación Andina de Fomento (CAF) (FP182) ; and
- $114.4 million for “Inclusive Green Financing Initiative (IGREENFIN I): Greening Agricultural Banks & the Financial Sector to Foster Climate Resilient, Low Emission Smallholder Agriculture in the Great Green Great Wall (GGW) countries – Phase I”, undertaken with the International Fund for Agricultural Development (IFAD) (FP183).
The GCF Board of Directors has approved the accreditation of:
- Jamaica Social Investment Fund (JSIF)
and reaccreditation requests from:
- Acumen, based in the United States;
- Ecological Monitoring Center (CSE), based in Senegal;
- Peruvian Trust Fund for National Parks and Protected Areas (PROFONANPE), based in Peru; and
- Development Bank of Southern Africa (DBSA), based in South Africa.
- GCF Communications
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