GCF meeting sees the fund move a step closer to capitalisation
Green Climate Fund concluded its eighth board meeting in Bridgetown, Barbados, on Saturday with the successful adoption of decisions that lay the basis for a strong capitalisation
The Green Climate Fund (GCF) concluded its eighth board meeting in Bridgetown, Barbados, on Saturday with the successful adoption of decisions that lay the basis for a strong capitalisation of the institution.
The endorsement of the Fund's policies for receiving funding paves the way for contributors to provide significant pledges to the Fund by the end of November.
The adoption of the Fund's policies for selecting the institutions through which it will disburse funds allows the Fund to start deploying its resources in 2015.
The Board also committed resources to developing countries to help them get ready to engage with the Fund soon after it is fully capitalised.
This support will empower developing countries and give them a head-start to develop ambitious programs and projects for funding to build climate-resilient economies.
The Board also cleared the way for the use of new financial instruments that will enable the Fund to catalyse private sector investments through risk-sharing instruments.
"It took the collective leadership and hard work of the Board members to achieve this milestone and resolve a number of key issues that will enable the Fund to be fully operationalised and ready to receive and disburse funds," said Mr. Ayman Shasly of Saudi Arabia, the Board Co-chair representing the developing countries constituency.
Manfred Konukiewitz of Germany, Co-Chair of the developed countries constituency, said: "With the decisions on accreditation and readiness and the endorsement of the policies for contributions we had a very productive meeting and made a big step towards the operationalisation of the GCF. These important steps paved the way for a successful initial resource mobilisation meeting next month in Berlin."
Héla Cheikhrouhou (pictured above right), Executive Director of the Green Climate Fund, said: "The Fund now has the capacity to absorb and programme resources that will be made available to it to achieve a significant climate response on the ground.”
All 24 Fund's Board members and their alternates took part in the Eighth Green Climate Fund Board meeting, representing the five United Nations regional groups.
The Ninth GCF Board meeting is scheduled to take place from February 25 to 27 in Songdo, Republic of Korea and will be chaired by Mr. Gabriel Quijandría of Peru and Mr. Henrik Harboe of Norway, who were elected as the new Co-Chairs upon conclusion of the Eighth Board meeting.
