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The IEU report for May-August 2024 outlines the completion of evaluations on whistleblower protection, the GCF Investment Framework, and the energy sector portfolio. It details ongoing evaluations in Latin America and the Caribbean, health and food security, and Indigenous Peoples' approaches. The report also highlights the LORTA impact evaluation programme, evidence reviews on just transition and market-based approaches, and the progress of a Management Action Report on the Readiness and Preparatory Support Programme, where the Secretariat agreed to all 15 recommendations with varying levels of implementation progress.

The evaluation finds that while the GCF is uniquely positioned to finance large-scale, high-risk adaptation projects, it has not yet fully utilized this potential. The adaptation portfolio is dominated by small-scale grant projects implemented by international accredited entities, with significant delays in project approval and legal arrangements. Private sector engagement remains extremely low, and the Fund lacks a specific strategy for adaptation impact measurement and innovation. Key recommendations include diversifying financial instruments, streamlining the business model for direct access entities, and establishing a clear private sector strategy for adaptation.