Consideration of accreditation proposals – Addendum II Accreditation assessment of APL125

The GCF Accreditation Panel recommends the accreditation of Bancóldex, a Colombian state-owned development bank, as a national direct access entity. The bank is recommended for a 'medium' project size category (USD 50 million to USD 250 million) and a 'medium' environmental and social risk category (B/I-2). While Bancóldex demonstrated strong fiduciary capacities in project management, grant allocation, and on-lending, the panel identified gaps in whistleblower protection, gender policy, E&S information disclosure, and grievance redress mechanisms. These gaps are framed as conditions for accreditation to be met either before the master agreement becomes effective or before the first funding proposal is submitted.

• Bancóldex is recommended for accreditation as a national direct access entity with a 'medium' project size scope, meaning it can manage individual projects or programmes with total projected costs between USD 50 million and USD 250 million.
• The applicant is recommended for a maximum environmental and social (E&S) risk category of medium risk (category B/I-2), which covers activities with potential limited adverse risks that are generally site-specific and reversible.
• Bancóldex fully meets GCF specialized fiduciary standards for project management, grant award and funding allocation mechanisms, and on-lending or blending for loans, equity, and guarantees.
• The bank's current climate-related portfolio is valued at USD 87.3 million, representing 5 per cent of its total USD 1.944 billion portfolio, with a target to increase this to at least 10 per cent by 2026.
• The Accreditation Panel identified a gap in basic fiduciary standards regarding the absence of specific procedures to protect whistle-blowers, which must be addressed before the accreditation master agreement becomes effective.
• Bancóldex partially meets GCF gender and E&S disclosure requirements; it lacks a formal gender policy, procedures, and action plan, and has not yet committed to the GCF Information Disclosure Policy for risk category B/I-2 projects.
• The bank has a track record of financing climate projects, including USD 9.2 million for the Renewable Energy Financing Programme for Non-Interconnected Zones and USD 40 million for Bogotá's Integrated Public Transit System Transformation Programme.

APA

Green Climate Fund (2024). Consideration of accreditation proposals – Addendum II Accreditation assessment of APL125. https://www.greenclimate.fund/sites/default/files/document/11-consideration-accreditation-proposals-addendum-ii-gcf-b38-03-add02.pdf

Chicago

Green Climate Fund. Consideration of accreditation proposals – Addendum II Accreditation assessment of APL125. 2024. https://www.greenclimate.fund/sites/default/files/document/11-consideration-accreditation-proposals-addendum-ii-gcf-b38-03-add02.pdf.

Wikipedia

{{cite report |author=Green Climate Fund |title=Consideration of accreditation proposals – Addendum II Accreditation assessment of APL125 |date=12 February 2024 |url=https://www.greenclimate.fund/sites/default/files/document/11-consideration-accreditation-proposals-addendum-ii-gcf-b38-03-add02.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{greenclimatefund2024consideration, author = {{Green Climate Fund}}, title = {{Consideration of accreditation proposals – Addendum II Accreditation assessment of APL125}}, institution = {Green Climate Fund}, year = {2024}, month = feb, url = {https://www.greenclimate.fund/sites/default/files/document/11-consideration-accreditation-proposals-addendum-ii-gcf-b38-03-add02.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }