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Carbon Market Watch (CMW) argues that the proposed "REDD+ Project in Oro Province of Papua New Guinea" by Kanaka Management Services Private Limited should be rejected by Verra due to significant "red flags" in its Project Description Document (PDD). CMW highlights a lack of evidence for the project's baseline deforestation estimates, additionality assumptions, and stakeholder consultation processes. The project, which would be the second largest Verra VCS project if approved, aims to generate 8.1 million credits annually for 100 years, but CMW contends that the PDD fails to provide the necessary data, maps, and justifications to verify these claims. Furthermore, CMW notes that a moratorium issued by Papua New Guinea's Ministry for Environment, Conservation and Climate Change on March 2, 2022, likely renders the project ineligible.

The GCF SAP Review Tool is a guide designed to streamline the appraisal of climate finance proposals for developing countries. It establishes minimum standards for 'quality at entry' through two detailed checklists—one for concept notes and one for funding proposals—covering climate rationale, investment criteria, financing structures, and environmental and social safeguards. The tool aims to increase review consistency, reduce the number of review rounds, and provide predictability for Accredited Entities and National Designated Authorities.

The Green Guarantee Company (GGC), managed by the Development Guarantee Group (DGG) and accredited by MUFG Bank, Ltd., seeks USD 82.5 million in equity from the Green Climate Fund (GCF) to create a guarantee vehicle. GGC aims to leverage its capital 10x to provide up to USD 4 billion in guarantees for green bonds and loans in developing countries, specifically targeting those with sub-investment grade ratings to attract global institutional investors. The programme focuses on five GCF result areas: energy generation and access, low-emission transport, buildings/cities/industries/appliances, health/food/water security, and infrastructure/built environment. It targets a mitigation impact of 74.6 million tCO2e and reaches approximately 36.9 million beneficiaries over a 20-year lifespan. The proposal includes a detailed Transaction Selection Process (TSP) to ensure climate impact and a comprehensive Gender Action Plan to promote equality and women's empowerment in the supported projects.

The report argues that current IFI efforts to align indirect financing through financial intermediaries with the Paris Agreement are insufficient and opaque. It highlights how this lending model allows IFIs to 'outsource' environmental and social safeguards, potentially funding fossil fuel projects. The authors provide recommendations for a rights-based alignment methodology that includes an absolute ban on new fossil fuel financing, increased support for sustainable renewables, and strict transparency requirements for sub-project disclosure.

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.

The Green Climate Fund (GCF) Secretariat and Accreditation Panel (AP) assessed World Wildlife Fund, Inc. (WWF-US) for re-accreditation. The AP recommends re-accreditation for a second term with a medium project size limit and medium environmental and social risk category (B/I-2). While WWF-US met most fiduciary and gender standards, it partially failed the GCF Revised Environmental and Social Policy due to its institutional grievance redress mechanism (GRM) lacking independence, legitimacy, transparency, and predictability. Re-accreditation is conditional upon the AE adopting and publishing a compliant GRM policy. The assessment highlights the success of the 'Bhutan for Life' project and WWF-US's broader climate strategy, which includes a target for renewable energy to provide 50 per cent of global energy supply by 2025.

The report identifies the Green Guarantee Company (GGC) as a private sector project categorized as Environmental and Social Safeguards (ESS) Category I-2. It lists the disclosure of an Environmental and Social Management System (ESMS), Gender Assessment, Gender Action Plan, and Indigenous Peoples Planning Framework in multiple languages to accommodate target countries including Bangladesh, Brazil, Gabon, India, Indonesia, Lao PDR, the Philippines, and Trinidad and Tobago. Physical disclosure locations for stakeholders were established on June 15, 2022, in each of these countries.

The document is a formal reporting form detailing the environmental and social safeguards (ESS) compliance for a project in Lao PDR. It identifies the project as Category B and lists the disclosure dates and links for essential safeguard documents, including the Environmental and Social Impact Assessment (ESIA), Environmental and Social Management Plan (ESMP), Gender Assessment, Gender Action Plan, and Ethnic Groups Development Plan. It also specifies the physical locations in various provinces where these documents were made available to stakeholders.

The IRM found that the Bio-CLIMA project in Nicaragua failed to comply with GCF safeguards regarding conflict sensitivity, human rights due diligence, and informed consultation and participation (ICP). Specifically, the project did not adequately assess recurrent violent conflicts between indigenous communities and non-indigenous settlers, nor did it conduct meaningful consultations on key project components like Peaceful Co-habitation Regime Agreements (PCRAs). The IRM warns that the current design may reward illegal land occupation and exacerbate violence. It recommends conducting a macro-level conflict sensitivity analysis, a human rights due diligence report, and a framework-level ICP process before any project activities commence.

The report outlines a framework for a social taxonomy that classifies business activities based on their contribution to social well-being and governance. It establishes a system of minimum social safeguards as a mandatory threshold, followed by two Guiding Principles (GP1 for positive social impacts and GP2 for governance improvements). The taxonomy uses a color-coded performance scale (Red to Dark Green) to categorize companies and activities, providing illustrative examples across sectors such as construction, finance, and agriculture to guide investors and regulators in identifying socially sustainable investments.

The Government of Jamaica is seeking USD 322,148.00 over 12 months to strengthen its REDD+ readiness. Building on the initial JAM-RS-003 project, this supplement focuses on establishing a National Bureau for REDD+ Management, enhancing Monitoring, Reporting, and Verification (MRV) capacity, engaging private forest landowners who own over 70% of the island's forest resources, and creating a Social Safeguard Information System (SIS). The proposal identifies critical gaps in jurisdictional control of forested lands and the lack of systematic social and gender-disaggregated data. Key deliverables include a Forest Disturbance Index for broadleaf forests and non-binding agreements with 15 private landowners.

The document outlines a plan to transition the Economic and Social Development Agency (ADES) from a humanitarian organization to a GCF-accredited entity. It identifies critical gaps in ADES's fiduciary standards, environmental and social safeguards (ESS), and gender policies. The proposed 18-month intervention includes updating organizational manuals, training staff on climate finance and GCF investment criteria, and co-developing three project concept notes and one Project Preparation Facility (PPF) request. The goal is to increase Chad's country ownership of climate projects and enhance the implementation of its Nationally Determined Contributions (NDCs) and Country Programme.

The proposal seeks USD 2,545,711 over 36 months to address fiscal vulnerabilities and institutional gaps in the Dominican Republic. Key initiatives include developing a National Climate Finance Strategy, preparing for sovereign green bond issuance, implementing debt-for-climate swaps, and establishing a National Financing Vehicle. The program also aims to green the banking sector, integrate climate criteria into public-private partnerships (PPPs), develop a National Ecotourism Strategy, and create 436,065 green jobs through vocational training. Additionally, it provides technical support to accredit two national entities as GCF Direct Access Entities.

The proposal outlines a 24-month program implemented by the Global Green Growth Institute (GGGI) to address gaps in Thailand's climate finance architecture. Key objectives include supporting Kasikornbank's GCF accreditation, updating the 2017 Thailand Country Programme (TCP) to align with the updated NDC and Long-term Low Greenhouse Gas Emission Development Strategy, and creating a national climate finance strategy. A central component is the design of the Thailand Circular Economy Financing Facility (T-CEFF), a blended finance mechanism intended to de-risk investments in Municipal Solid Waste to Energy (MSW2E) and bioenergy projects, targeting a USD 200 million loan portfolio by 2025. The project also aims to refine the National Designated Authority's (NDA) no-objection procedure to better accommodate private sector proposals.

The document outlines a 24-month Readiness support project to operationalize direct access to climate finance in Fiji. It focuses on training NDA staff, supporting the MoE's Stage 2 GCF accreditation, assisting the FDB in upgrading its accreditation to ESS Category B, and developing a bankable project pipeline. Key activities include establishing a private sector engagement strategy, conducting pre-feasibility studies for projects such as the Fiji Electric Bus initiative, and enhancing the NDA Portal for better stakeholder coordination. The project is implemented by the Global Green Growth Institute (GGGI).

The document details the re-accreditation reviews for three international entities: the Asian Development Bank (ADB), the European Bank for Reconstruction and Development (EBRD), and the United Nations Environment Programme (UNEP). All three entities are recommended for re-accreditation without conditions. ADB and EBRD are recommended for 'large' project sizes and 'high risk' (Category A/I-1) environmental and social (E&S) risk categories. UNEP is recommended for an upgrade to 'medium' project size and maintains a 'medium risk' (Category B/I-2) E&S category. The assessments cover fiduciary standards, E&S safeguards, gender policies, and the entities' overall climate portfolios, noting that all three have aligned their strategies with the Paris Agreement and GCF's 2020–2023 Strategic Plan.

The GCF Board's 31st meeting resulted in the approval of two funding proposals totaling approximately USD 187.6 million, the adoption of an updated accreditation framework, and the re-accreditation of several entities. The Board discussed the Second Performance Review (SPR) and the need for a more effective private sector strategy and simplified approval processes for Least Developed Countries (LDCs) and Small Island Developing States (SIDS).

The report details the environmental and social disclosure process for a subproject in Tanzania's Pemba Channel, focusing on community-led coastal ecosystem management. It identifies the project's risk classification as Category B+ and lists the specific districts in Zanzibar and mainland Tanzania where the project is located. The document provides links to the Environmental and Social Management Plan (ESMP), Grievance Mechanism, and Stakeholder Engagement Plan, confirming that these were disclosed between May and June 2022.

Carbon Market Watch argues that an independent grievance body must be operational before any Article 6.4 activities begin to avoid reputational risks and human rights infringements. The author recommends that this body be independent of the 6.4 Supervisory Body, free of charge for stakeholders, and capable of imposing temporary measures like suspending credit issuance. The document also suggests extending this mechanism to cover Article 6.2 and compares existing voluntary carbon market standards, noting that some, like Verra, have inappropriate fee requirements.

The report assesses the GCF's network of 113 accredited entities (AEs), evaluating their capacity to deliver on the Fund's strategic priorities. While the network is diverse and expanding—particularly in private sector and direct access entities—significant gaps remain in the ability of direct access entities (DAEs) to manage high environmental and social (E&S) risk projects and large-scale adaptation programming. The analysis highlights a low AE-to-project ratio, which may disincentivize institutional capacity building, and notes that GCF's internal processing capacity is currently insufficient to meet the growing volume of new and re-accreditation applications.