This report presents the findings and recommendations of an independent evaluation of the Green Climate Fund’s (GCF) approach to Indigenous Peoples (IPs), undertaken by the Independent Evaluation Unit (IEU). The evaluation assesses the relevance, effectiveness, and implementation of the GCF’s Indigenous Peoples Policy, examining its alignment with international commitments and the GCF’s broader policies. Conducted as part of the IEU’s 2024 Work Plan, the evaluation was approved by the Board at its thirty-seventh meeting (B.37) in October 2023 (Decision B.37/09 Annex VI).