As the initial resource mobilization period of the Green Climate Fund (GCF) draws to an end with over USD 10 billion received in commitments, this paper examines the GCF’s financial flows over this time. The paper begins by exploring the GCF’s three main funding activities: the project portfolio, the Readiness and Preparatory Support Programme and the Project Preparation Facility. Following by examining the extent to which this funding trickles down to ground-level beneficiaries. Finally, it concludes by assessing the alignment between the GCF’s project funding allocation and the vulnerability levels of recipient and non-recipient countries.