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.
Principles for developing the GCF's evaluation policy
The IEU is the custodian of the GCF's Evaluation Policy. In developing this policy, the IEU. In developing the policy, the IEU followed well-considered guidelines and principles. Specifically, the IEU:
- Consulted extensively within the GCF and among its stakeholders.
- Clarified the implications of the policy's scope, processes and stakeholders.
- Considered the context of the GCF, including its existing policies and governing mandate, and the guidance provided by the United Nations Framework Convention on Climate Change.
- Included a process for the Evaluation Policy to be revised every five years.
- Defined key principles, such as credible measurement, independence and utility; clarified the roles of GCF partners involved in preparing and implementing projects; and explained the IEU's role and linkages.
GCF Evaluation Standards*
The GCF Board mandated the IEU to develop evaluation standards in collaboration with the GCF Secretariat in order to inform the Fund’s overall results, successes and unintended consequences in a credible and measurable manner. By applying these standards, the Fund intends for a more consistent and harmonized approach across all three types of evaluations, namely, IEU-led, Secretariat-led and AE-led, as recognized by the GCF Evaluation Policy. As a result, 15 GCF Evaluation Standards were developed with the objective to support and enable the production of state-of-the- art evaluations with high-quality evidence and recommendations.