The 24 member Board of the Green Climate Fund gathered in Songdo, South Korea, for a four-days meeting ended on Wednesday (May, 21). According to official release, the Board reached agreement on essential requirements to start mobilizing financial resources, such as a results management framework, the initial proposal approval process, the guiding framework and procedures for accrediting entities, and the Fund’s financial risk management and investment frameworks.
The Fund was set by UNFCCC Parties at the Cancun climate conference in 2010 and it is aimed at channel at least $100 billion a year by 2020 to help developing countries in tackling climate change. Pledges and contributions from richer countries and the private sector have been below expectations so far, also because of the lack of clear rules on the mechanism’s structure and operating principles.
According to a recent financial report, as of end-March 2014 the total amount of pledges and contributions to the GCF Trust Fund amounted to USDeq. 54.89 million, of which USDeq. 36.68 million has been deposited in the GCF Trust Fund, by twelve contributors.
According to Reuters, the Board set a November 2014 deadline to receive cash pledges but it did not set an overall target for the amount to be pledged.