As part of the work plan and budget of the Independent Evaluation Unit (IEU) for 2023, the GCF Board approved the Independent Evaluation of the GCF Investment Framework. The purpose of this evaluation is to assess the relevance and effectiveness of the GCF Investment Framework in fulfilling the GCF’s mandate and strategic goals. It was undertaken in 2023-2024, and the final report was launched in February 2024.

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.

The independent evaluation of the GCF's Readiness and Preparatory Support Programme undertaken in 2023 by the IEU assesses RPSP supports to GCF-eligible recipient countries delivered under the Readiness programme strategy 2019–2021 and the GCF Updated Strategic Plan 2020–2023. It examines progress since the IEU’s 2018 RPSP evaluation and looks at the Programme’s relevance, coherence and complementarity, effectiveness, as well as its results measurement and oversight mechanisms while feeding lessons into the preparation of new readiness operations.