Annex VIII: Accreditation assessment of Applicant 045 (APL045)

The Accreditation Panel (AP) assessed PT Sarana Multi Infrastruktur (PT SMI), a state-owned Indonesian entity, for GCF accreditation. While PT SMI has a track record in financing renewable energy and climate-resilient infrastructure, the AP found it only 'partially meets' several GCF fiduciary and environmental and social standards due to a recent transition in its business model. Consequently, the AP recommends accrediting PT SMI for 'small' project sizes and 'medium' environmental and social risk (Category B/I-2), rather than the 'large' size and 'high' risk (Category A/I-1) categories requested. Accreditation is conditional upon the applicant fulfilling several requirements, including formalizing its procurement framework, enhancing grant management, and demonstrating full application of its 2016 environmental, social, and gender guidelines.

• PT Sarana Multi Infrastruktur (PT SMI) has a history of financing climate-related infrastructure in Indonesia, including 10 renewable energy projects totaling approximately USD 436 million and a USD 598 million project for an international airport featuring renewable energy sources.
• The applicant is currently managing several climate mitigation and adaptation projects, including a USD 30 million loan for a hydropower plant in Bengkulu Province and USD 111.74 million in loans for four irrigation dams in North Sulawesi, South Sulawesi, Central Java, and Banten.
• The Accreditation Panel concluded that PT SMI only 'partially meets' the GCF's basic fiduciary standards, project management standards, grant award mechanisms, and on-lending standards for loans, and it completely fails to meet the fiduciary standard for on-lending and blending for equity.
• Despite applying for 'large' project size and 'high' environmental and social risk (Category A/I-1), the AP recommends accrediting the applicant for 'small' project sizes (up to USD 50 million) and 'medium' risk (Category B/I-2).
• The applicant's 2016 environmental and social safeguards (ESS) guidelines are aligned with GCF requirements and cover performance standards 1 to 8, but the AP noted that more time is needed to demonstrate their full application.
• Accreditation is subject to several conditions, including the need to provide a formal plan for mainstreaming a multilateral procurement framework, further developing its grant management framework, and providing evidence of compliance with AML/CFT policies.

APA

Green Climate Fund (n.d.). Annex VIII: Accreditation assessment of Applicant 045 (APL045). https://www.greenclimate.fund/sites/default/files/decision/b15/decision-b15-09-b15-a8.pdf

Chicago

Green Climate Fund. Annex VIII: Accreditation assessment of Applicant 045 (APL045). n.d. https://www.greenclimate.fund/sites/default/files/decision/b15/decision-b15-09-b15-a8.pdf.

Wikipedia

{{cite report |author=Green Climate Fund |title=Annex VIII: Accreditation assessment of Applicant 045 (APL045) |url=https://www.greenclimate.fund/sites/default/files/decision/b15/decision-b15-09-b15-a8.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{greenclimatefundndannex, author = {{Green Climate Fund}}, title = {{Annex VIII: Accreditation assessment of Applicant 045 (APL045)}}, institution = {Green Climate Fund}, url = {https://www.greenclimate.fund/sites/default/files/decision/b15/decision-b15-09-b15-a8.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }