The Green Climate Fund (GCF) Board is responsible for the governance and oversight of GCF funding management. The Board Members consist of 12 developed and 12 developing countries to ensure that decisions are based on justice. The GCF Board holds three meetings annually, attended by all relevant stakeholders, including observers from civil society and the private sector, National Designated Authorities (NDAs), and Accredited Entities (AE). The GCF Board meeting generally discusses the approval of project proposals, accreditation, and updates on GCF governance. On October 2022, GCF held the 34th meeting (B.34) in Incheon, Republic of Korea. During this meeting, a few agendas were related to Indonesia.

In the accreditation mechanism, there is the decision to re-accredit PT. Sarana Multi Infrastruktur (PT. SMI) from 2022-2027. All this time, PT. SMI has been accredited since 15 December 2016 under the 'micro' scale category. This means PT. SMI can access GCF funding of up to USD 10 to 50 million for a project. PT. SMI can also access funding in the form of grants, loans, or project management with low to moderate environmental and social risk. In B.34, PT. SMI successfully extended and increased its funding category. The funding category upgraded to "Medium," meaning it would be eligible to receive GCF funding of up to USD 50 to 250 million, with additional equity instruments and loans, alongside high environmental and social risk. This is a good step to synergize the access category with PT. SMI's mandate in Indonesia, namely infrastructure development.

Other than that, Indonesia also successfully received funding amount of USD 247.7 million through a project named "Supporting Innovative Mechanisms for Industrial Energy Efficiency Financing in Indonesia with Lessons for Replications in other ASEAN Member States" by the Korean Development Bank and ASEAN Centre for Energy. The project approval is a crucial achievement for Indonesia and the NDA GCF because it was the fruition of the Call for Project Concept Note initiated by the NDA GCF with the support of the Global Green Growth Institute (GGGI).

Indonesia is also part of a few multi-country projects, the first one being the "Programme for Energy Efficiency in Buildings" (PEEB) Cool by Agence Fraincaise de Developpement (AFD). The PEEB project will assist energy efficiency in the housing and commercial building sector, affecting Indonesia's development paradigm. The second is the "Green Guarantee Company" (GGC) by MUFG Bank. This project will help bridge international investment access for private companies in the climate sector in Indonesia.

The 35th Board Meeting (B.35) is scheduled for 13-16 March 2023 in Songdo, Republic of Korea. At this meeting, Indonesia again has the potential to get support in increasing infrastructure resilience through the "Sustainable Renewables Risk Mitigation Initiative (SRMI) Facility Phase 2." With the increasing number of projects and accredited entities' access in Indonesia, it is hoped that funding from GCF can penetrate various climate change sectors in Indonesia.