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The IEU's 2024 activity report details the completion of evaluations on the energy sector and investment framework, the launch of new evaluations regarding whistleblowers, Indigenous Peoples, and health/food security, and the progress of the LORTA impact evaluation portfolio. A significant portion of the document is dedicated to a synthesis on GCF access, which argues that access has become synonymous with accreditation, creating biases toward countries with strong governance and existing multilateral development bank (MDB) relationships. The report recommends shifting the focus of access from procedural accreditation to country-led needs and exploring alternative models such as National Climate Funds (NCFs).

The independent evaluation finds that while the GCF Investment Framework effectively translates strategic goals into portfolio targets and project criteria, it suffers from operational complexities and a lack of alignment with results and risk management frameworks. Key issues include the high resource burden on Direct Access Entities (DAEs) compared to International Accredited Entities (IAEs), subjective interpretations of investment criteria like 'country ownership', and a disconnect between ex-ante investment decisions and ex-post results monitoring. The report recommends simplifying the Investment Criteria Scorecard (ICS), improving the predictability of funding for recipient countries, and explicitly integrating risk-reward assessments into the framework.

The document outlines a 24-month readiness and preparatory support programme for Iran, implemented by the FAO. It aims to address barriers to climate finance by establishing a National Climate Change Knowledge Hub, updating Technology Need Assessments, and supporting the accreditation of national Direct Access Entities. The project focuses on creating a bankable project pipeline, improving inter-agency coordination through the National Climate Change Working Group, and developing a National Climate Change Mitigation Plan, with a specific emphasis on the energy sector and gender-responsive climate action.

The document outlines a 30-month Readiness and Preparatory Support project for Saint Kitts and Nevis, implemented by the Caribbean Community Climate Change Centre (CCCCC). It aims to address critical gaps in institutional governance, policy frameworks, and data availability that hinder the country's ability to access international climate finance and implement adaptation measures. Key activities include supporting the GCF accreditation of the Development Bank of St. Kitts and Nevis and the St. Kitts Co-operative Credit Union (SKCCU), digitizing land resource management, and developing strategic plans for waste management, coastal zones, and urban resilience in Charlestown, Nevis. The project also intends to produce at least one bankable project concept note supported by a pre-feasibility study on nature-based solutions for coastal protection.

The proposal seeks USD 553,230 over 24 months to address Cambodia's lack of national accredited entities with on-lending and blending fiduciary functions. It focuses on supporting the accreditation of three private banks—Foreign Trade Bank Plc. (FTB), ACLEDA Bank Plc., and Advanced Bank of Asia Ltd (ABA)—and the NCSD. The project includes institutional gap assessments, capacity-building workshops, a national readiness needs assessment, and a learning exchange with other Asian countries to develop a strategic accreditation framework.

The GCF Board's 37th meeting in Tbilisi, Georgia, resulted in the approval of 15 funding proposals totaling USD 736.4 million and the adoption of the 2024 administrative budget of USD 112.4 million. Key strategic outcomes include the endorsement of the Readiness Strategy 2024–2027, which allocates USD 501.5 million to enhance country ownership and direct access, and the confirmation of USD 9.3 billion in pledges for the second formal replenishment (GCF-2). The Board also established an ad hoc Committee on Human Resources Matters to address systemic compensation and policy issues. Significant discussions occurred regarding the potential for a regional presence to reduce operational bottlenecks and the ongoing debate over the financing of results-based payments for REDD+, which was deferred to the next meeting.

The proposal identifies significant barriers preventing the Chadian private sector from contributing to climate action, including the NDA's poor understanding of private sector roles and a lack of national technical expertise in climate finance. To address these, the project proposes a series of capacity-building activities: training the NDA on GCF private sector facilities, establishing a private sector coordination mechanism, developing a roadmap for the accreditation of a private sector Direct Access Entity, and creating a knowledge management system. The project will be implemented by the Institut de la Francophonie pour le Développement Durable (IFDD) over 18 months, with a strong focus on gender mainstreaming, targeting at least 40% female participation in training and strategy development.

The GCF Readiness Strategy 2024–2027 reorients capacity-building support by streamlining five previous objectives into three, with a significant shift in funding priority toward pipeline development. The strategy introduces a four-year planning cycle to replace annual caps, providing a total estimated budget of USD 501.5 million. It establishes two primary modalities: a country support modality offering up to USD 7 million per country (including specific allocations for NAPs and LDCs/SIDS) and a DAE support modality providing up to USD 1 million per entity to strengthen direct access programming.

The document outlines a 36-month Readiness and Preparatory Support project for Tuvalu, managed by the Ministry of Finance. It aims to address critical gaps in human, technical, and institutional capacity that have limited the country's success in accessing Green Climate Fund (GCF) financing. Key initiatives include establishing a dedicated climate finance Program Management Unit (PMU), training 100 stakeholders, supporting the accreditation of a private sector direct access entity, and developing a private sector investment roadmap. The project also intends to advance the project pipeline by developing at least two bankable concept notes and conducting pre-feasibility studies for priority sectors such as water security, agriculture, and energy.

The proposal seeks USD 615,650 over 24 months to address four primary barriers in Angola: inadequate institutional capacity within the NDA, the absence of national direct access accredited entities, a lack of strategic frameworks for GCF investment and private sector mobilization, and a weak project pipeline. The project, implemented by the Global Green Growth Institute (GGGI), aims to establish a no-objection procedure, develop a Country Programme Document, create a climate finance tagging system, and produce two high-quality project concept notes for GCF submission. It also includes the development of an NDA website to increase stakeholder awareness.

The GCF has become the largest multilateral climate finance contributor to African states, but its portfolio is heavily weighted toward mitigation (59%) over adaptation (41%), despite urgent regional needs. While the fund has successfully leveraged co-financing, particularly from Multilateral Development Banks, it faces significant efficiency challenges, including cumbersome accreditation and approval processes, language barriers for non-Anglophone states, and a paucity of Direct Access Entities (DAEs). The report recommends a strategic shift toward adaptation, streamlining access for Least Developed Countries (LDCs) and Fragile, Conflict and Violence (FCV) states, and increasing regional presence in Africa.

As of 30 April 2023, the GCF has approved 693 readiness grants totaling USD 513 million for 142 countries. Analysis of 239 completed grants shows significant progress in capacity-building, strategic framework development, and adaptation planning, with a strong focus on vulnerable regions. However, the portfolio has faced substantial delays, primarily due to the COVID-19 pandemic, leading to 336 grants receiving no-cost extensions. The GCF is implementing operational improvements, including the Readiness Results Management Framework (RRMF) and the Portfolio Performance Management System (PPMS), to enhance reporting and efficiency.

The Syrian Arab Republic's Country Programme for the Green Climate Fund (GCF) identifies critical climate vulnerabilities, including extreme water stress and agricultural failure, and proposes a strategic framework for mitigation and adaptation. The programme is organized around three strategic pillars: Agriculture, Forests and Landscape Management; Sustainable Infrastructure; and Resilient Cities, Communities and Areas. It details a pipeline of readiness projects to build institutional capacity and two major funding proposals: one focused on a water-agriculture-energy nexus for rural resilience and another on sustainable urban rehabilitation in Damascus. The document emphasizes the need for direct access entities (DAEs) and private sector engagement to overcome financial and institutional barriers exacerbated by the ongoing national crisis.

The document argues that the Loss and Damage Fund must be grounded in human rights to effectively protect marginalized communities and provide substantive redress. It recommends a governance structure with representative board membership, the use of rights-based needs assessments, and the implementation of strict social and environmental safeguards. To ensure adequacy and equity, the authors advocate for public, grants-based funding derived from historic polluters and innovative sources like a Climate Damages Tax, rather than loans that increase debt in the Global South.

The Pacific Community (SPC), a regional Direct Access Entity, seeks USD 200,000 over 12 months to update its MEL systems to align with the GCF's Integrated Results Management Framework (IRMF). The project aims to replace manual, non-standardised reporting with a centralised MEL tool to improve data aggregation and portfolio-level management for its GCF projects in Pacific Small Island Developing States.

The GCF Secretariat responds to the Independent Evaluation Unit's synthesis of direct access, agreeing with most recommendations to broaden access beyond accreditation and enhance support for direct access entities (DAEs). Key initiatives include the project-specific assessment approach (PSAA) pilot, the Simplified Approval Process (SAP), and the use of the Portfolio Performance Management System (PPMS) for implementation support. The Secretariat aims to integrate these improvements into the GCF Strategic Plan for 2024-2027 (USP-2) and a revised Readiness Strategy.

The document outlines a readiness project to enhance Lao PDR's access to climate finance by accrediting two national financial institutions. The project focuses on capacity building, institutional gap analysis, and knowledge sharing to enable these entities to provide on-lending and blending fiduciary services. It includes technical assistance to meet GCF standards, the development of a project pipeline, and an international learning visit to other successful DAEs in Southeast Asia.

The GCF is the largest multilateral climate finance contributor to African states, but its portfolio is heavily weighted toward mitigation (59%) over adaptation (41%), despite urgent regional needs. While the GCF has effectively leveraged co-financing, particularly through Multilateral Development Banks, it faces significant challenges in direct access, with only 18 Direct Access Entities (DAEs) accredited across 13 countries. The evaluation highlights cumbersome and rigid procedural barriers, including an English-only policy and high transaction costs, which hinder access for Least Developed Countries (LDCs) and Fragile, Conflict, and Violence (FCV) states. Gender-related co-benefits are growing, but engagement with indigenous peoples remains limited. The report recommends shifting the portfolio toward adaptation, streamlining accreditation and fee structures, and increasing regional presence in Africa.

The GCF's direct access modality, primarily operationalized through institutional accreditation, has largely failed to enable a diverse range of national entities to access funding at scale. While the number of Direct Access Entities (DAEs) has grown, the portfolio remains highly concentrated among a few well-resourced financial institutions, with 63% of DAEs having no approved projects. The report finds that the high transaction costs of accreditation and project design favor high-capacity institutions, while support mechanisms like the Readiness and Preparatory Support Programme (RPSP) and Project Preparation Facility (PPF) have not effectively leveled the playing field. Implementation challenges for DAEs are similar to those of International Accredited Entities (IAEs), though DAEs show better adaptability to national governance disruptions. The report recommends diversifying access pathways beyond accreditation, clarifying the strategic vision for direct access, and enhancing implementation support.

As of 31 December 2022, the GCF has approved 209 funding proposals totaling USD 11.4 billion, with 182 projects under implementation. The portfolio maintains a near-equal balance between mitigation (51%) and adaptation (49%) in grant equivalent terms. The Readiness Programme has approved 649 grants totaling USD 468 million. While cumulative disbursements for funded activities reached USD 3 billion, the GCF reports implementation delays primarily attributed to the COVID-19 pandemic and other operational challenges. The report also details the status of condition fulfillment for approved projects and identifies specific activities requiring restructuring or cancellation.