Report of the thirty-seventh meeting of the Board, 23 – 26 October 2023

The GCF Board's 37th meeting in Tbilisi, Georgia, resulted in the approval of 15 funding proposals totaling USD 736.4 million and the adoption of the 2024 administrative budget of USD 112.4 million. Key strategic outcomes include the endorsement of the Readiness Strategy 2024–2027, which allocates USD 501.5 million to enhance country ownership and direct access, and the confirmation of USD 9.3 billion in pledges for the second formal replenishment (GCF-2). The Board also established an ad hoc Committee on Human Resources Matters to address systemic compensation and policy issues. Significant discussions occurred regarding the potential for a regional presence to reduce operational bottlenecks and the ongoing debate over the financing of results-based payments for REDD+, which was deferred to the next meeting.

• The Board approved 15 funding proposals requesting a total of USD 736.4 million, including 10 public sector and 5 private sector projects. The portfolio showed a strong focus on adaptation, with 8 proposals specifically for adaptation and 6 as cross-cutting.
• The GCF's second formal replenishment (GCF-2) has secured USD 9.3 billion in pledges from 25 contributors as of the High-Level Pledging Conference in October 2023.
• The Board adopted the 2024 administrative budget for the GCF Secretariat, Board, and Trustee totaling USD 112.4 million, including a contingency of USD 1.999 million.
• The Board approved a 4.5% increase in the salary scale for GCF staff for 2024, with a total budget allocation of USD 1.741 million for the adjustment.
• The revised Readiness Strategy 2024–2027 was approved with a total allocation of USD 501.5 million. It streamlines objectives into three areas: climate finance coordination (30% target), pipeline development (60% target), and knowledge-sharing (10% target).
• The Board authorized a maximum allocation of 30% of GCF Trust Fund liquid assets into the Trustee's Sustainable Fixed Income Strategy (Model Portfolio 8) to increase ESG-aligned investments.
• An ad hoc Committee on Human Resources Matters was established to review compensation philosophy, salary structures, and administrative guidelines on human resources, with a term ending at the fortieth Board meeting.
• The Board approved the appointment of Nexia Samduk as the External Auditor for one year to conduct the audit of the 2023 financial statements.
• The Board approved the renewal of three members of the independent Technical Advisory Panel (iTAP) for a three-year term: Mr. Rey Guarin, Mr. Ricardo Nogueira, and Ms. Caroline Petersen.
• The Board approved an allocation of USD 90.3 million for the Project Preparation Facility (PPF) and authorized up to 2.5% of this resource for partnership-building and knowledge-sharing activities.
• The Board decided to extend the accreditation term of all accredited entities by three years from the date their term lapsed or will lapse, or until a revised accreditation framework is adopted, as an interim measure to reduce the burden on the Secretariat.
• The Board deferred a decision on the financing of results-based payments for REDD+ to the next meeting due to a lack of consensus on the funding envelope, valuation of results, and regional allocation.
• A feasibility study on GCF regional presence identified that a hybrid model would be most fit-for-purpose, though the Board requested further analysis on costs, legal implications, and inclusive consultations before making a decision.

APA

Green Climate Fund (2024). Report of the thirty-seventh meeting of the Board, 23 – 26 October 2023. https://www.greenclimate.fund/sites/default/files/document/gcf-b37-26-report-thirty-seventh-meeting-board-23-26-october-2023.pdf

Chicago

Green Climate Fund. Report of the thirty-seventh meeting of the Board, 23 – 26 October 2023. 2024. https://www.greenclimate.fund/sites/default/files/document/gcf-b37-26-report-thirty-seventh-meeting-board-23-26-october-2023.pdf.

Wikipedia

{{cite report |author=Green Climate Fund |title=Report of the thirty-seventh meeting of the Board, 23 – 26 October 2023 |date=26 January 2024 |url=https://www.greenclimate.fund/sites/default/files/document/gcf-b37-26-report-thirty-seventh-meeting-board-23-26-october-2023.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{greenclimatefund2024report, author = {{Green Climate Fund}}, title = {{Report of the thirty-seventh meeting of the Board, 23 – 26 October 2023}}, institution = {Green Climate Fund}, year = {2024}, month = jan, url = {https://www.greenclimate.fund/sites/default/files/document/gcf-b37-26-report-thirty-seventh-meeting-board-23-26-october-2023.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }