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There are currently no criteria on how much the first replenishment of the GCF should aim to raise and how the financial effort amongst contributors should be shared.

This working paper argues that a more objective and transparent framework for determining contributions to the GCF is needed to strengthen the predictability of GCF resources, one that uses as a reference point a formula-based scaled indicative minimum threshold. This formula could be based, for illustrative purposes, on gross national income, cumulative GHG emissions, and GHG emissions per capita.

There is a need to strengthen the board’s effectiveness in making decisions, allowing dissenting opinions without holding up critical decisions, and agreeing to a decision-making procedure if efforts to reach consensus have been exhausted. An independent review of the board’s performance, as well as a self-assessment by the board, can also help improve its governance.

The GCF Board should enhance its representative function for both developing and developed countries’ constituencies by ensuring greater transparency in board member selection and promoting effective feedback processes between board members and their constituencies. The GCF Secretariat should have a more active role in supporting selection processes and in facilitating feedback processes between board members and their constituents.