Approved as part of the Independent Evaluation Unit’s 2025 workplan by the GCF Board, the Third Performance Review (TPR) will assess the Fund’s performance during GCF-2 and inform the third replenishment. This synthesis report serves as an early, substantive input into that process, guiding subsequent data collection and analysis. While it does not present final evaluative conclusions, it plays a critical role in sharpening the focus of the TPR by grounding the review in existing evidence and identifying key gaps for further investigation.