The Second Performance Review of the Green Climate Fund covers the GCF-1 period and seeks to inform, among other things, the next update to the strategic plan (USP-2), currently being discussed for the GCF-2 period (2024–2027). The scope of the SPR includes (1) evaluating the GCF’s progress in delivering on its mandate as set out in the GI and its strategic and operational priorities and actions as outlined in the USP, and (2) the performance of the GCF in promoting a paradigm shift towards low-emission and climate-resilient development pathways, including the effectiveness and efficiency of the funded activities. The review’s approach paper further clarified key areas for the SPR, including the institutional architecture and performance, translating mandate into policies and priorities, country needs and ownership, access to GCF funds, programming and results.