Entering the year 2024, the Green Climate Fund (GCF) will hold its 38th board meeting in Kigali, Rwanda, on March 4-7, 2024. Simply put, the 38th GCF board meeting will discuss the approval of eleven project funding proposals, considerations for eight entities applying for accreditation, and the evaluation of GCF's approach to the energy sector and GCF investment framework. This meeting continues the spirit of the 37th GCF board meeting as one of GCF's and the world's efforts to enhance climate finance initiatives in several of its decisions. 

At the 37th GCF Board Meeting held in Tbilisi on October 23-25, 2023, the Green Climate Fund (GCF) made significant strides in advancing climate finance initiatives. Some of the decisions made included the closure of GCF-1 and entry into GCF-2, High-Level Fundraising Conferences and Contributions to GCF-2, Strategic Planning and Policy Enhancement, Climate Finance, and its implementation, Support Programs, and Accreditation Framework. 

The closure of GCF-1 (2020-2023) marked a significant achievement for GCF, with the approval of 115 projects and programs worth USD 8.14 billion in GCF funding, supported by USD 24.64 billion in co-financing with a total of 722 million beneficiaries. The achievements of GCF-1 were continued by entering the GCF-2 phase as a commitment to climate finance. At the High-Level Fundraising Conference in Bonn, contributions totaling USD 9.322 billion were pledged for GCF-2. There were 25 contributors in this fundraising, with 18 contributors exceeding their pledges from the GCF-1 level. Additionally, GCF seeks to engage potential contributors to further support GCF-2.

The Board also aligned the Secretariat's 2024 work program with the 2024-2027 Strategic Plan to enhance Readiness and Preparatory Support Programs (RPSP), operational modalities for the Project Preparation Facility (PPF), and the investment framework applicable from January 1, 2024. GCF's commitment to climate action is evident from the approval of 15 new funding proposals worth USD 736.4 million. Currently, GCF supports 243 projects and programs in 129 developing countries, with a total funding of USD 13.5 billion. This portfolio, including co-financing, reaches USD 51.8 billion and is expected to reduce 3.0 billion tons of carbon dioxide equivalent. Most of these projects focus on adaptation in vulnerable countries. Furthermore, efforts to expand and strengthen the GCF-accredited entity network are also highlighted, with many entities being nominated and undergoing accreditation processes. The Board extended the accreditation period for all accredited entities for three years to focus on expanding access, addressing accreditation-related challenges, and preparing a revised accreditation framework. 

Looking at some of the decisions made by the board at the 37th GCF board meeting, there were two multinational projects approved at the 37th GCF board meeting involving Indonesia as one of the beneficiary countries, namely the GAIA Project and the CRPP project (Community Resilience Partnership Program). The GAIA Project aims to build a blended finance platform offering long-term loans for climate adaptation and mitigation investments in 19 of the world's most climate-vulnerable countries, including Indonesia. As for the CRPP project, it aims to focus on three main areas: (1) Strengthening institutional and community capacities to implement adaptation measures at the local level; (2) Enhancing information and systems to implement informed and climate-resilient investment on a large scale; and providing livelihoods for poor communities and climate-resilient infrastructure investments.

Both projects can be utilized by Indonesia to strengthen climate adaptation and mitigation in line with Indonesia's priority sectors. The extension of the accreditation period for entities also opens up opportunities for GCF to focus more on developing Direct Access Entities (DAEs), particularly in Indonesia. It is hoped that the 38th GCF board meeting will also have a tangible impact on global climate change mitigation efforts, especially in Indonesia.