As the biggest player in town, developments within the GCF will likely have implications on all other UNFCCC funding sources, including the AF and the Global Environment Facility’s funds. While funding modalities are still under discussion, unlike the AF, there is currently no limit on the amount of funds a country can access. Entities already accredited to the AF may also get on a fast-track route for GCF accreditation.
The GCF issues calls for funding proposals. Only those that are cleared by a national designated authority or a country’s focal point can be submitted. The GCF Technical Advisory Panel reviews them to ensure compliance to its environmental and social safeguards, and gender, financial, and other relevant policies and requirements.
The GCF approves proposals based on impact; paradigm shift and sustainable development potential; country needs; coherence to national climate strategies; effectiveness and efficiency, including ability to leverage additional funding.