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        THE GREEN CLIMATE FUND UNDER THE UNITED NATIONS
       FRAMEWORK CONVENTION ON CLIMATE CHANGE (UNFCCC)

      REQUEST TO THE WORLD BANK TO ACT AS INTERIM TRUSTEE

                                CHAIR’S SUMMING UP

                           Meeting of the Executive Directors

                                       April 26, 2012

       Executive Directors discussed the President’s Memorandum entitled “The Green
Climate Fund under the United Nations Framework Convention on Climate Change
(UNFCCC) – Request to the World Bank to Act as Interim Trustee� (R2012-0070).
Directors approved the proposed approach for the Bank to serve as interim trustee of the
Green Climate Fund (GCF) through establishing a single, multi-purpose Financial
Intermediary Fund structure as described in the Recommendation in Section VI of the
President’s Memorandum.

        Directors supported the Bank’s role as interim trustee and the opportunity it offers
for constructive engagement by the Bank, noting that it is important to respond positively
to the invitation by the Conference of the Parties to the UNFCCC. Lending its financial
platform to the GCF will allow the Bank to build on its current role in providing climate
financing through Financial Intermediary Funds such as the Climate Investment Funds
and the Global Environment Facility (GEF).

         Directors stressed that, as interim trustee, the Bank could play a critical role in
facilitating an early and effective start to the GCF. Directors noted that the proposed risk
management strategy and mitigation measures were appropriate and minimized potential
perception of conflict of interest by clearly defining and communicating the Bank’s roles
as interim trustee, which do not include responsibility or accountability for the GCF’s
governance, policies, operation or fundraising. Directors welcomed the full cost-recovery
of providing interim trustee services.

        Directors appreciated Management’s commitment to keep them informed of the
arrangements between the Bank and GCF as the interim trustee role evolves. They looked
forward to considering the Bank’s future engagement in the GCF as an international
implementing entity, and as permanent trustee, if and when the Bank seeks to engage in
these roles.


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 This summary is not an approved record.