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Report on the execution of the 2025 administrative budget of the GCF
The GCF's 2025 administrative budget saw a total expenditure of USD 131.7 million, representing 98% of the approved USD 134.5 million budget. While the Board and Secretariat remained broadly within their budget envelopes, the Trustee's expenditure reached 130% of its budget due to higher-than-expected average annual cash balances. The independent units' execution was 88% overall, with the Independent Evaluation Unit spending 82% of its budget. Significant year-on-year increases in Secretariat spending were noted in travel (48%) and consultants (41%), driven by record programme delivery of USD 3.26 billion across 50 projects in 2025.
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Document type: Report