GCFDispatch

AroundupofnewsfromtheGreenClimateFund

May2015Edition1

The Green Climate Fund is pleased to share its first GCF Dispatch, a short compilation of newsrelated to the development of the Fund. This roundup will be published periodically to keep allPartners up to speed on GCF activities Board members, National Designated Authorities,Accredited Entities, contributors, civil society and private sector actors. For more frequentupdates, follow the Fund on Twitter at GCF News.

ExecutiveViewpointGCFonthepathtoParis

In just seven months, the international community will gather in Paris for the 21st Conferenceof the Parties of the UN Framework Convention on Climate Change (COP 21). Expectations fora credible and ambitious Universal Climate Agreement (UCA) could not be higherandrightfully so when we consider what is at stake.As the operating entity under the financial mechanism of UNFCCC, the Fund has a central roleto play in mobilizing and channeling the financial resources required to enable a paradigmshift towards low-emission and climate-resilient pathways in developing countries, to achievethe goal of keeping a global temperature rise under 2 degrees Celsius.GCF is a key indicator for new climate finance resources, making them visible and possible to

track. The Paris Agreement is a test for governments to deliver on their vision to establish GCFas the primary global investment vehicle on climate finance under the UNFCCC. Climatefinance and the Green Climate Fund are a decisive building block of the UCA, and the successof the Fund is an incentive for the outcome of the Paris agreement.

At the recent Spring Meetings of the World Bank Group and IMF in Washington DC, UNSecretary-General Ban Ki-moonechoed this sentiment by reminding Ministers of Finance ofthe importance of operationalizing the Green Climate Fund. He underlined that the USD 10billion mobilized as an initial capitalization of the Fund is a first step, following which there isa need for a clear pathway on how the Green Climate Funds resources will grow until 2020and beyond.Looking ahead to Paris, one objective of GCF is to ensure that our first projects are consideredby the Board ahead of the conference, specifically that we can successfully allocate some ofthe funding for our initial activities. This will give added credibility to the Fund, reassure bothcontributing and recipient countries that we are on track. Ultimately, GCF can give the ParisAgreement the required gravitas to help unlock further investment into low emissiontechnologies and climate resilience in developing countries.

MobilizingResources

Total pledges made to GCF in 2014 account for close to USD 10.2 billion equivalent and arecurrently being converted into documented agreements. As of 8 May 2015, approximately USD4 billion equivalent hasbeen signed up with the Fund, approximately 42% of the pledgesmade. An online pledge tracker is regularly updated and shared with partners, includingthrough social media.

The goal of having 50% of pledges converted into contribution agreements by 30 April 2015has not been met. In order to enable the Board to start allocating resources to projects andprogrammes, the Fund needs to urgently reach effectiveness; it is working expeditiously withall contributing countries to finalize their respective agreement.

ProgressonOperations

Country readiness efforts are advancing well with 122 National Designated Authority and FocalPoint (NDA/FP) designations received to date. The Funds first grant agreement for readinesswas signed with Mali on 10 April, and readiness proposals and grant agreements areprogressing for the Dominican Republic, Ethiopia and Rwanda.

The accreditation of seven entities at the ninth Board meeting represented a significantmilestone for GCF. An overview of the accredited entities is now available online, providing asnapshot of their accreditation type, conditions for accreditation, and contact information.Applications for accreditation continue on an ongoing basis through the Funds onlineaccreditation system. GCF is reviewing a new round of entities to be presented to the Board forits consideration at its tenth meeting in July. A total of 42 additional entities have submittedapplications for accreditation, including national, regional, international, public, private andnon-governmental organizations.The Fund is currently establishing an independent Technical Advisory Panel (TAP) to assessGCF funding proposals. A beta version of the funding proposal template has been publishedon the Funds website for use of GCFs accredited entities and NDAs.

UpdateonGovernance

The GCF Board held its ninth meeting in Songdo from 24 to 26 March 2015 the first timethe Board convened at the Funds Headquarters offices in South Korea. The March meetingwas crucial as Board members agreed on a range of operational decisions, including theaccreditation of the first batch of entities that will channel Fund resources into developingcountries. The Board also adopted decisions related to key operational policies, such as themodalities of the initial investment framework, the financial terms and conditions of theFunds instruments, and a gender policy and action plan. A comprehensive summary of thedecisions of the ninth meeting is available online.

The tenth meeting of the Board will be held in Songdo from 6 to 9 July 2015, anddocumentation for the meeting will be published on the GCF website in June. Registration willbe open from 25 May to 29 June 2015. New organizations that wish to be accredited to theFund as observers are requested to submit their observer accreditation request before 29 May2015.

BehindtheFund

On the occasion of the ninth Board meeting, GCF prepared a booklet to introduce the peopleworking at the Fund. Meet the People behind the Fund presents an overview of the Fundsstaff, showcasing colleagues diversity and range of talent and expertise.

The Fund is actively looking for additional staff to fill some 10+ vacancies. Applications bywomen and candidates from developing countries are strongly encouraged. For the latestavailable opportunities, please visit GCFs vacancies page.

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