Upping the Ante. The 5th Green Climate Fund Board Meeting speeds up progress on the Fund’s Business Model and sets a time-line for GCF resource mobilization
The Board meeting in Paris marked also the formal end of the interim phase of the Fund’s Secretariat with the new Executive Director Hela Cheikhrouhou, who participated for the first time in this capacity in the Board proceedings, showing herself to be in full command of the ongoing move of the Secretariat to its new headquarters in Songdo, South Korea as well as in full command of the issues decided by the Board. In a show of support, in Paris the Board approved her vision for the initial structure of the GCF Independent Secretariat with the planned expansion of its size to close to 50 professional staff by mid-2014.
In Paris, the Board was also finally able to conclude arrangements on the relationship of the Fund, which is an operating entity of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC), with the Convention’s Conference of Parties (COP), to whom the GCF is accountable. With the GCF Board in Paris confirming the draft arrangements worked out over several meetings by the Convention’s Standing Committee on Finance (SCF), both bodies were able to fulfill their COP mandate to present the finalized arrangements to the COP 19 in Warsaw.
The GCF Board’s next meeting will be from February 19 – 21, 2014 in Bali, Indonesia. It will be a crucial one to make progress toward fulfilling the eight policies whose completion the Board in Paris decided are essential “triggers” for the Fund’s initial mobilization efforts. In Paris, several developed Board member promised that their countries have money waiting in the bank to contribute to a “substantial” mobilization effort for the GCF then.