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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 has a prominent position in climate finance and a diverse set of instruments, its energy sector approach lacks a clearly articulated strategy and suffers from a mismatch between its stated and actual risk appetite. The portfolio is heavily skewed toward international accredited entities (IAEs) and focuses primarily on renewable energy generation, while underfinancing energy efficiency and emerging technologies like green hydrogen and large-scale storage. Results management is described as underdeveloped, with inconsistent metrics for measuring paradigm shifts and a lack of specific emissions reduction targets for the energy sector. The report recommends that the GCF clarify its role in the global energy transition, increase support for enabling environments and regulatory frameworks, and better align its risk appetite with transformational innovation.