Consideration of accreditation proposals – Addendum V Re-accreditation assessment of RAPL045

The Green Climate Fund (GCF) Secretariat and Accreditation Panel (AP) assessed PT Sarana Multi Infrastruktur (PT SMI) for re-accreditation and a scope upgrade. PT SMI demonstrated significant growth in climate financing, increasing its portfolio to USD 976 million by 2021 and committing to phase out fossil fuel financing. The AP recommends re-accreditation with an upgraded scope to include medium-sized projects, equity and guarantees, and high-risk (Category A/I-1) environmental and social (E&S) projects, subject to specific conditions regarding its grievance redress mechanism and external E&S auditing.

• PT SMI has significantly expanded its climate-related financial activities, with total climate financing increasing from USD 177 million (5.3% of total commitment) in 2017 to USD 976 million (11% of total commitment) in 2021.
• The entity is actively transitioning away from fossil fuels, reducing the portion of fossil fuel project finance in its outstanding value to 4.55% as of Q2 2022, against a year-end target of 7.5%.
• PT SMI has been appointed by Indonesia’s Ministry of Finance in July 2022 to manage the Energy Transition Mechanism (ETM) Country Platform, which involves the early retirement of coal-fired power plants and investment in green energy.
• The Accreditation Panel recommends upgrading PT SMI's accreditation scope to 'medium' size for individual projects (above USD 50 million up to USD 250 million) and expanding fiduciary functions to include equity and guarantees.
• The AP recommends upgrading the maximum environmental and social (E&S) risk category to high risk (Category A/I-1), noting that PT SMI's systems generally meet GCF standards but have specific gaps.
• Re-accreditation is conditional upon PT SMI establishing a fully independent institutional grievance redress mechanism (GRM), publishing its policies online, and making its registry of complaints publicly accessible.
• A further condition for re-accreditation requires PT SMI to provide an external audit report on the effectiveness of its institutional E&S management programme within three years of the first disbursement of its first approved project in the second term.
• PT SMI has demonstrated compliance with GCF's Updated Gender Policy through the adoption of a Gender Equality and Social Inclusion (GESI) Mainstreaming Guideline in October 2020 and the creation of a GESI Working Group in December 2021.

APA

Green Climate Fund (2022). Consideration of accreditation proposals – Addendum V Re-accreditation assessment of RAPL045. https://www.greenclimate.fund/sites/default/files/document/gcf-b34-09-add05.pdf

Chicago

Green Climate Fund. Consideration of accreditation proposals – Addendum V Re-accreditation assessment of RAPL045. 2022. https://www.greenclimate.fund/sites/default/files/document/gcf-b34-09-add05.pdf.

Wikipedia

{{cite report |author=Green Climate Fund |title=Consideration of accreditation proposals – Addendum V Re-accreditation assessment of RAPL045 |date=26 September 2022 |url=https://www.greenclimate.fund/sites/default/files/document/gcf-b34-09-add05.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{greenclimatefund2022consideration, author = {{Green Climate Fund}}, title = {{Consideration of accreditation proposals – Addendum V Re-accreditation assessment of RAPL045}}, institution = {Green Climate Fund}, year = {2022}, month = sep, url = {https://www.greenclimate.fund/sites/default/files/document/gcf-b34-09-add05.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }