Early this year, the future of the Green Climate Fund seemed to hang in the balance. Not only were there doubts on meeting the $100 billion climate financing annual target until 2020, stakeholders also failed to make a decision on crucial areas such as procedures, policies and frameworks.
Last month, at a meeting in Songdo, South Korea, the GCF board finally completed all eight operating procedures.
Decisions on initial resource allocation policy and the terms of reference for the fund’s Independent Evaluation Unit, Independent Integrity Unit and the independent redress mechanism were made in the Bali, Indonesia, meeting held earlier this year. The remaining six requirements — from the initial fund and secretariat structure to the initial modalities for the operation of the fund’s mitigation and adaptation windows and the Private Sector Facility — were agreed on at the Songdo meeting.