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UNFCCC Releases Green Climate Fund Report

UNFCCC20 November 2012: The UNFCCC has released the Green Climate Fund (GCF) report. The report describes the GCF's activities between December 2011 and November 2012. An annex outlines the decisions taken by the Board.

The report features sections on the GCF activities, inter alia: membership; meetings; election of co-chairs; additional rules of procedure; arrangements for the interim Secretariat and observer participation; and the Board's work plan. On the host country selection, the report notes that six countries expressed an interest in hosting the GCF and that an evaluation committee decided by consensus to recommend the Republic of Korea as the GCF host country. The report also addresses issues on the Interim Trustee services to be provided by the World Bank, noting that the Board approved the Transfer Agreement that would govern these arrangements.

The report further indicates that, at its second meeting, the Board approved the administrative budget for the period between 1 November 2012 and 31 December 2013, amounting to US$7.48 million. Total approvals by the Board to date amount to US$ 9.6 million. In addition, countries had pledged a total amount of US$7.31 million equivalent to the Trust Fund, as of the closing of the second Board meeting in October 2012.

The report was prepared in response to Decision 3/CP.17, which approves the governing instrument for the GCF. The instrument states that the GCF Board annual reports will be submitted for COP consideration. [GCF report]