Report on the activities of the Secretariat

The GCF Secretariat report for 2023 details progress on six strategic objectives, highlighting a mix of target achievements and lagging indicators. While the Fund has increased its private sector financing and adaptation focus, it faces challenges with project implementation timelines, with only 49% of the portfolio rated 'on track' against a 70% target. The report also outlines the launch of the project-specific assessment approach (PSAA) and the progress of the second replenishment period (GCF-2), which had received over USD 7.25 billion in pledges as of September 2023.

• The GCF portfolio's implementation rate is below target, with only 49% of projects rated as 'on track' compared to a work programme target of 70%, attributed to lasting COVID-19 impacts and supply chain disruptions.
• As of 24 September 2023, the GCF had received pledges totaling over USD 7.25 billion for its second replenishment period (GCF-2) from 14 countries, including Austria, Canada, Czechia, Denmark, Germany, Monaco, Republic of Korea, the United Kingdom, Luxembourg, Slovenia, France, Spain, Slovakia, and Iceland.
• The GCF's private sector portfolio shifted significantly during the first replenishment period (GCF-1), with total commitments increasing to USD 3.1 billion compared to USD 1.7 billion during the initial resource mobilization period.
• Private sector financing for adaptation grew from a 12% share during the initial resource mobilization period to 31% during GCF-1 in nominal terms.
• The use of equity and guarantees in private sector financing rose to over 51% during GCF-1, up from 11.1% during the initial resource mobilization period.
• The project-specific assessment approach (PSAA) pilot launched on 1 April 2023 to allow entities to bring project proposals directly to the GCF for rapid consideration; as of August 2023, four of nine cleared entities were undergoing initial review.
• The Secretariat established the Climate Impact Advisory Team (ClImATe) in July 2023 to create a climate information gateway and expert advisory forum to improve the quality of funding proposals.
• The GCF faces significant financial and reputational risks because it is disbursing USD 3.2 billion in 98 countries where it lacks bilateral privileges and immunities agreements.
• The Simplified Approval Process (SAP) saw 100% of funded activity agreements signed within one month of Board approval, exceeding the annual target of 50%, although only 50% of submissions were reviewed within 30 days against a 70% target.
• The Secretariat's staff fill ratio reached 80% as of 31 August 2023, with 16 incoming staff expected to bring the ratio to 84%, approaching the 90% goal.

APA

Green Climate Fund (2023). Report on the activities of the Secretariat. https://www.greenclimate.fund/sites/default/files/document/05-report-activities-secretariat-gcf-b37-inf14.pdf

Chicago

Green Climate Fund. Report on the activities of the Secretariat. 2023. https://www.greenclimate.fund/sites/default/files/document/05-report-activities-secretariat-gcf-b37-inf14.pdf.

Wikipedia

{{cite report |author=Green Climate Fund |title=Report on the activities of the Secretariat |date=9 October 2023 |url=https://www.greenclimate.fund/sites/default/files/document/05-report-activities-secretariat-gcf-b37-inf14.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{greenclimatefund2023report, author = {{Green Climate Fund}}, title = {{Report on the activities of the Secretariat}}, institution = {Green Climate Fund}, year = {2023}, month = oct, url = {https://www.greenclimate.fund/sites/default/files/document/05-report-activities-secretariat-gcf-b37-inf14.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }