Total GCF financing commitment (USD) 10.6 bn (second replenishment)
On a rolling basis.
The Green Climate Fund (GCF), established in 2010, is part of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and serves in the same function for the Paris Agreement. It aims to make an ambitious contribution for the implementation of the Paris Agreement and its mitigation and adaptation goals by supporting the paradigm shift in developing countries towards low-carbon and climate-resilient development pathways. The GCF is currently the world’s largest dedicated multilateral climate fund and the main multilateral financing mechanism to support developing countries in achieving a reduction of their greenhouse gas emissions and an enhancement of their ability to respond to climate change.
The Fund will receive financial inputs from developed country Parties to the Convention. The Fund may also receive financial inputs from a variety of other sources, public and private, including alternative sources.
Co-financing is not required for GCF projects – the GCF can pay the entire cost of a project if it deems that to be justified. However, the GCF does consider the amount of co-financing available when assessing the potential efficiency and effectiveness of a proposed project. Private sector actors in particular can expect to be required to show that they will utilize GCF finance to mobilize additional resources.
Accredited Entities are responsible for monitoring and evaluating the projects they implement, as well as reporting their activities to GCF. On an entity level, the AEs are required to provide an annual self-assessment report, and go through light-touch mid-term review of the compliance performance in 2,5 years after accreditation. Accreditation of a given institution is reviewed every 5 years, if they wish to continue being accredited. On project level, GCF will continue to assess how Accredited Entities do this through the life of the project, and after its completion. This is done through regular reporting, which will measure the performance of project implementation against GCF’s investment criteria.
GCF project-related reports and assessment documents include:
- Inception Report: helps to review and sequence activities and, if necessary, to reorganise the project work plan and implementation schedule.
- Annual Performance Report (yearly and final): records the status of implementation of each project activity, updates achievement indicators against targets and identifies implementation-related problems and mitigation measures.
- Mid-term Evaluation Report: presents preliminary or initial evaluation findings, measures and reports on performance to date and recommends adjustments (activities and outputs) that may need to be made to ensure the successful implementation of the project.
All GCF assessments follow the Fund’s Monitoring and Accountability Framework (MAF, available here), and its Performance and Management Framework (PMF, available here) for adaptation and mitigation. The Annual Performance Report will also indicate challenges or problems (if any) encountered during implementation, as well as identifying lessons learned.
The GCF functions under the guidance of and is accountable to the UNFCCC Conference of the Parties (COP). The GCF Board governs the Fund and ensures accountability by:
- receiving COP guidance on matters such as policies and priorities
- responding appropriately to that guidance
- submitting annual reports to the COP for consideration.
GCF Board
The Board is composed of 24 members—12 from developed countries and 12 from developing countries—nominated by their regional constituencies. The composition includes members from Africa, Asia-Pacific, Latin America and the Caribbean, SIDS, LDCs, and other developing countries. Members serve three-year terms. The Board meets three times per year, makes decisions primarily by consensus (but allows for voting in cases where consensus is not possible, such as for funding decisions), and is co-chaired by one member from a developed country and one from a developing country, elected annually.
Accreditation Panel
This independent panel advises the Board on accreditation applications. It conducts technical reviews of applicants’ compliance with GCF fiduciary standards, environmental and social safeguards, and other relevant policies. It consists of six senior experts from both developed and developing countries. In light of the ongoing GCF accreditation framework reform in 2025, the future of the Accreditation Panel is uncertain.
Independent Technical Advisory Panel (ITAP)
The ITAP assesses funding proposals against the GCF’s six investment criteria. It consists of up to ten international experts (equally from developed and developing countries) and may consult additional external specialists from its expert roster as needed.
The current list of GCF Board members is available at: https://www.greenclimate.fund/boardroom
All developing country Parties to the UNFCCC are eligible to receive resources from the GCF. Being an ODA-eligible country is not set out as a mandatory requirement to access the Fund.
The GCF aims for a balanced allocation between mitigation and adaptation in grant equivalent terms, with a floor of 50% of the adaptation allocation ring-fenced for particularly vulnerable countries, namely Least Developed Countries (LDCs), Small Developing Island States (SIDS) and African countries.
Access Modalities – The GCF allows for both direct access and international access through accredited entities. The accredited entities are the central actors of GCF’s funding proposal cycle. They are in charge of presenting funding applications to the GCF and overseeing, supervising, managing and monitoring the overall implementation of GCF-approved projects and programmes.
Recipient countries can submit funding proposal through their National Designated Authorities (NDAs). Some recipient countries can receive GCF funding via direct access through accredited sub-national, national and regional implementing entities.
GCF funds can also be accessed through multilateral implementing entities, such as accredited multilateral development banks and UN agencies. In addition, a private sector facility also allows direct and indirect financing by the GCF for private sector activities.
Entities that are not accredited by the Fund may still submit funding proposals through an accredited entity to obtain resources for climate change projects and programmes.
All funding proposals are required to secure the approval from the NDAs in the countries where they are to be implemented via a no-objection letter to ensure that proposed projects and programmes are aligned with national climate policies.
As described on the GCF website, “the accredited entities develop funding proposals, in close consultation with National Designated Authorities (NDA) or focal points, based on the differing climate finance needs of individual developing countries. The accredited entities can also respond to Requests for Proposals issued by GCF to fill current gaps in climate financing. In issuing some Requests for Proposals, GCF may accept proposals from entities it has not yet accredited. However, non-accredited entities will have to team-up with accredited entities when formally submitting funding proposals to GCF. Entities that submit proposals through the Requests for Proposals can be prioritised when applying for accreditation”.
The GCF’s funding proposal cycle involves several key steps:
- Concept Note (optional): Accredited entities (AEs) may submit a concept note to the GCF Secretariat to receive early feedback and ensure alignment with GCF’s mandate and investment criteria
- Funding Proposal: The AE, in close coordination with the National Designated Authority (NDA), prepares and submits a full Funding Proposal (FP). This must include a no-objection letter from the NDA and all required technical documentation, including environmental and social assessments
- Assessment: After an initial review for completeness, the Secretariat conducts a detailed assessment. The Independent Technical Advisory Panel (iTAP) then evaluates the proposal against six GCF investment criteria and may recommend modifications or conditions
- Board Consideration: The Secretariat forwards the FP to the GCF Board for decision. The Board may approve, approve with conditions, or reject the proposal
- Legal Arrangements: If approved, the Secretariat and the AE negotiate and sign a Funded Activity Agreement (FAA), which sets the legal framework for project/programme implementation.
Developing country Parties to the UNFCCC.
To receive money directly from the Green Climate Fund (GCF), entities need to be accredited as an “Accredited Entity.” See sections “Other eligibility criteria” and “Type of recipient” for more details. Note that entities that prefer to not apply for accreditation have the option of partnering with an institution that is already accredited.
One distinct feature of the GCF is the accreditation of national entities or entities operating regionally in developing countries as Direct Access entities. National and Regional Accredited Entities fall under the Green Climate Fund’s Direct Access modality, which enables entities to directly access financing and manage all aspects of climate change mitigation and adaptation projects, from design through implementation, to monitoring and evaluation. Direct Access allows developing countries to strengthen capacity to adapt to climate change and build on local expertise.
Click below to for additional guidance on where to find relevant materials (templates, guidance, etc.). For more information visit the Green Climate Fund Website. A list of Accredited Entities can be found here.
Organizations seen to have specialized capacities in driving climate action may apply to become GCF Accredited Entities. They can be private, public, non-governmental, sub-national, national, regional or international bodies.
Find out more about the accreditation process and how to become an accredited entity here
Accredited entities that need support in project preparation can access the GCF project preparation facility to receive support in project identification, concept development, and project structuring.
Find an overview of GCF Project Preparation Facility here, and how to access project preparation support here
For those accredited entities that have their project defined, find an overview of how to bring a project proposal to GCF, from initial submission through to Board approval here
GCF can finance private sector projects relating to mitigation and adaptation activities at all levels. Private Sector Facility (PSF) to fund and mobilize private sector actors, including institutional investors, and leverage GCF’s funds. Find out more about how GCF engages with the private sector here