In the terms of reference for the Independent Evaluation Unit, the GCF Board requested the IEU to develop the Evaluation Policy for the GCF. In developing the policy, the IEU undertook extensive consultations. As requested by the Board, the IEU and the GCF Secretariat worked together to jointly clarify and delineate the roles and responsibilities in this Policy. The policy was approved by the GCF Board on 4 May 2021 as a between Board Meeting decision.

The Evaluation Policy for the GCF is a GCF-wide policy that defines the overall approach of GCF evaluations, including principles, criteria, and objectives. The Policy is adopted by the Board and further designates the roles, responsibilities and accountabilities of the GCF Secretariat, the IEU, other independent units, accredited entities working with the GCF and other stakeholders.