The Board of the Green Climate Fund have agreed on several key decisions that will shape the Fund’s work streams and activities as it moves forward, including the following parameters and guidelines for allocation of resources during its initial phase:
The Fund will aim for a 50:50 balance between mitigation and adaptation over time;
The Board also discussed additional key elements that will shape the Fund’s support for low‐carbon and climate‐resilient development: its result management framework, the risk management and investment frameworks, the accreditation framework and the proposal approval process.
In May, the Board aims to take key decisions on the remaining essential requirements that will allow the Fund to receive, manage, programme and disburse funds.
Co‐Chair Mr. Jose Maria Sarte Salceda (Philippines) stated: “Decisions taken this week ensure that the Fund can help developing countries to cope with the devastating impacts of climate change and become more climate‐resilient. We need to put in place the essential requirements so that the developing world can access climate finance for scalable projects and investments, with a projected floor of 50% of initial adaptation allocations being reserved for the most vulnerable countries.”
The Green Climate Fund (the Fund) is a new multilateral fund that was agreed by Parties at the 2010 United Nations Framework Convention on Climate Change conference held in Cancun, Mexico, and designated as an operating entity of the Convention’s financial mechanism. The Fund’s Governing Instrument was developed and approved in 2011. The Fund’s purpose is to promote, within the context of sustainable development, the paradigm shift towards low‐ emission and climate‐resilient development pathways by providing support to developing countries to help limit or reduce their greenhouse gas emissions and to adapt to the unavoidable impacts of climate change.