At its twenty-first meeting (Manama, 17–20 October 2018) the GCF Board initiated and approved a review of the GCF and asked the GCF Independent Evaluation Unit (IEU) (decision B.21/17) to finalise the process by 30 June 2019. The purpose of the FPR is to encourage the GCF to learn from its experience so far, support accountability, assess how the GCF has performed in delivering its objectives, and look forward, by providing actionable and pragmatic recommendations for enhancing performance. This Report contributes to the overall ambition of making the GCF faster, better and smarter, so the GCF can target the needs of developing countries.

The FPR aims to assess (decision B.21/17):

1. Progress made by the Green Climate Fund so far in delivering on its mandate as set out in the Governing Instrument for the Green Climate Fund as well as in terms of its core operational priorities and actions as outlined in the initial Strategic Plan of the GCF and the GCF’s business model, in particular, the extent to which the GCF has responded to the needs of developing countries and the level of country ownership;
2. The performance of the GCF, including its funded activities and its likely effectiveness and efficiencies, as well as the disbursement levels to the funded activities; and
3. The existing GCF portfolio and pipeline, the application of financial instruments, and the expected impacts of funding decisions and other support activities, including in terms of mitigation and adaptation, on both a forward- and backward-looking basis.”