Further Contribution Agreements needed for the GCF to start programming its resources
While the GCF is getting ready to disburse resources, it still awaits authorisation to start committing its resources to specific projects:
According to the Fund’s contribution policies, this commitment authority is triggered when contributors realise their pledges through signing official legally binding contribution agreements for 50 per cent (USD 4.7 billion) of the total pledges made to the GCF.
By accrediting its first seven implementing entities (including three entities using the direct access track) at its last meeting in March 2015, the GCF board made important progress towards putting in place all the necessary arrangements for making its first funding decisions in October this year. While the Fund is getting ready to disburse resources, it still awaits authorisation to start committing its resources to specific projects: According to the Fund’s contribution policies, this commitment authority is triggered when contributors realise their pledges through signing official legally binding contribution agreements for 50 percent (USD 4.7 billion) of the total pledges made to the GCF at the Fund’s High Level Pledging Conference in November 2014.
To enable the Fund to start making programming decisions in this critical year for the international climate negotiations, the Board set a deadline for reaching the 50 percent threshold by 30 April 2015.
The following briefing note provides an update on the status of contribution agreements signed by contributor countries as of 30 April 2015 – the Fund’s initial deadline to reach the 50 percent threshold.
The GCF’s press release can be found here. The table above is taken from there.