Comments and Analysis: GCF’s Guiding Framework and Procedures for Accrediting National, Regional and International Implementing Entities and Intermediaries, Including the Fund’s Fiduciary Principles and Standards
The Board has been mandated with developing, managing and overseeing an accreditation process for all implementing entities based on specific accreditation criteria that is reflective the Fund’s fiduciary principles and standards and environmental and social safeguards. As such the Board has been working on developing a guiding framework for the accreditation of institutions within developing countries that will funnel and implement the money that flows from the GCF. The Progress Report offers an update on a few different elements with a view to the final elaboration of the guiding framework for the Fund’s accreditation process. Particular points for finalisation at the 6th Board meeting are: ~i. General objectives of the guiding framework; ~ii. Guiding principles for the accreditation process; ~iii. Initial fiduciary standards: ~ a. Basic fiduciary standards; ~ b. Specialized fiduciary standards for project and programme management. ~iv. Initial environmental and social safeguards.
The following comments and analysis will be focussing on points i) – iii) only. Whilst environmental and social safeguards are undoubtedly critical, these have been discussed at length elsewhere. ~Encouragingly, the fiduciary standards for the GCF have evolved from those of the Adaptation Fund. The Progress Report specifies a number of elements in greater detail, such as institutional functions and competence, specific description of evidence requirement, and even guidelines to deliver certain performance. The GCF standard take account of the interrelated relationship between the general institutional capacity (administrative) and the specific financial capacity, and the mutual supportive roles between these two is a lesson clearly learned from previous direct access NIE experience, and duly incorporated