The evaluation assesses whether and the extent to which GCF approaches and investments in the energy sector are effective in contributing to the objectives of the UNFCCC and other global agendas. It examines the GCF’s effectiveness and efficiency in reducing the effects of climate change, and promoting a paradigm shift towards low-emission and climate-resilient development pathways through its investments in the energy sector. It analyses the results achieved and paradigm shift emerging on the ground. It also considers the diverse context of the countries and the markets and explores how these differences have informed, enabled, or constrained their engagement with the GCF.