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The report details how Shell and TotalEnergies integrate themselves across the VCM value chain—from project development and trading to influencing governance—to maintain fossil fuel production while claiming progress toward net-zero. It highlights systemic issues with the integrity of the credits they use, specifically in forestry and cookstove projects, and notes that neither company has a decarbonisation plan aligned with the Paris Agreement.

The document serves as a practical manual for identifying carbon projects within a specific country and evaluating their project documents. It explains the differences between Article 6.2 (decentralised), Article 6.4 (centralised), Voluntary Carbon Markets (VCM), and REDD+ programs. The guide directs users to specific digital tools—such as the UNEP Article 6 pipeline platform, the UC Berkeley Voluntary Registry Offsets Database, and the REDD+ Web Platform—to find project data. It also provides a framework for analysing project documents, focusing on geographic scope, actor roles, timelines, methodologies, and benefit-sharing arrangements, while highlighting industry quality criteria like additionality, leakage, and permanence.

The GCF Board approved 18 funding proposals totaling USD 960.3 million and accredited 10 new entities. A major outcome was the selection of host cities for regional presence: Panama City (Latin America and Caribbean), Amman (Eastern Europe, Central Asia and Middle East), Nairobi and Abidjan (Africa), and Suva (Pacific). The Board also restructured its committees, approved a training programme, and established a roadmap for the 2028–2031 Strategic Plan.

The GCF's fifteenth annual report highlights a record year of programming with USD 3.26 billion approved in 2025 and a total portfolio exceeding USD 20 billion. Key institutional shifts include the establishment of regional offices in Panama City, Amman, Nairobi, Abidjan, and Suva to enhance country ownership and access. The Fund reports a near-parity balance between adaptation and mitigation in nominal terms, with 59.24% of the portfolio in grant equivalent terms dedicated to adaptation. Significant progress was made in private sector engagement, reaching a cumulative USD 7.21 billion. The report also details the 'Efficient GCF' initiative to reduce project appraisal times to nine months or less and the operationalization of a revised accreditation framework.

As of March 31, 2026, the GCF has total pledged amounts of USD 30.0 billion, with USD 24.0 billion in committed funding. The Fund's accredited entity network has grown to 168 entities, with a strong emphasis on Direct Access Entities (DAEs). The portfolio shows a shift toward adaptation, which now represents 59% of funding in grant equivalent terms. The GCF is managing a pipeline of 139 concept notes and 51 funding proposals. However, several projects face implementation challenges, including the Mali solar rural electrification project, which is awaiting formal termination following the government's decision to cancel co-financing.

The IEU report for February to May 2026 outlines the progress of several independent evaluations, including those on gender, the Project Preparation Facility, and the private sector. It highlights the ongoing Third Performance Review (TPR) and the LORTA impact evaluation programme, which supports 23 evaluations. The Unit also reports on its strategic engagement with other multilateral climate funds, the use of AI in evaluation synthesis, and its budget expenditure, which stood at 19% (USD 1.5 million) of the annual budget as of 30 April 2026.

The report argues that fossil fuel interests use corporate lobbying, trade associations, and advisory roles to maintain the availability of cheap, low-quality carbon credits to avoid structural decarbonization. It details specific efforts to weaken California's cap-and-trade program and oppose transparency laws like AB 1305, while highlighting the role of the CFTC in federal oversight. The document concludes with recommendations to ban fossil fuel companies from climate advisory roles and eliminate carbon credits from California's compliance mechanisms.

Vietnam is seeking results-based payments for 14,040,000 tCO2e of net emission reductions and removals from 2014, totaling an expected payment of 71,955,000 USD. The funds will finance a six-year project (2027-2033) targeting the North West and North East agro-ecological regions, specifically six provinces: Phu Tho, Son La, Dien Bien, Lai Chau, Lao Cai, and Tuyen Quang. The project focuses on four outcomes: strengthening institutional systems, improving land and forest management, enhancing forest value for local socio-economics, and project management. It aims to benefit 9.24 million people and protect 3.79 million hectares of terrestrial forest, with an ex-ante mitigation impact of 17.29 million tCO2e.

Ghana faces a critical juncture where economic recovery is threatened by a fragile, high-carbon energy sector and widespread illegal mining. The energy sector is characterized by high debt, a heavy reliance on thermal generation, and a lack of renewable energy investment. Simultaneously, illegal mining (galamsey) causes severe deforestation and water pollution, threatening food security and the viability of hydropower. The document proposes a transition toward sustainable growth through competitive solar auctions, the establishment of a green investment facility, the formalization of artisanal mining via the Ghana Gold Board, and large-scale ecosystem restoration.

The Forest Declaration Assessment recommends that the COP30 Presidency focus on four systemic levers to meet 2030 forest goals: aligning national ambition and planning, securing land rights and governance, reforming trade and real-economy incentives, and transforming financial systems. Key proposals include integrating deforestation targets into NDCs, ensuring 30% of forest finance reaches Indigenous and community organizations, repurposing harmful agricultural subsidies, and implementing mandatory nature-related risk disclosures for financial institutions.

The report analyzes how high debt-service obligations and fossil fuel reliance create a structural trap for Global South nations, where fiscal pressures force governments to prioritize short-term liquidity and fossil fuel extraction over long-term renewable energy transitions. Through case studies of Colombia, Egypt, Guyana, Jordan, and Sri Lanka, it demonstrates that this nexus is systemic, often reinforced by the conditionalities of International Financial Institutions (IFIs) and the interests of multinational corporations. The document advocates for comprehensive debt cancellation, the end of fossil fuel finance, and a global transition framework based on 'extraction equity' to dismantle these structural barriers.

Carbon Market Watch advises the European Commission against incorporating international credits into the EU's 2040 climate target. The organization argues that such a move would ignore scientific advice for 90-95% domestic emission reductions, violate the spirit of Article 6 of the Paris Agreement, and expose the EU to significant financial and reputational risks. The document highlights systemic failures in carbon credit integrity, including over-crediting and human rights violations, and estimates that relying on credits for 5% of the target could result in EU emissions being 50% higher than a fully domestic target, costing up to €49.7 billion.

The report confirms that the Vietnam REDD-plus results-based payments project is classified as Environmental and Social Safeguards (ESS) Category B. It lists the disclosure of key management and assessment documents, including an Environmental and Social Management Framework (ESMF), an Environmental and Social Assessment (ESA), a Stakeholder Engagement Plan (SEP), and an Ethnic Minorities Planning Framework (EMPF), all made available in English and Vietnamese as of February 18, 2026.

The document highlights Uganda's use of the United Nations-backed REDD+ initiative to combat deforestation, which saw the country lose over 60% of its forests between 1990 and 2015. By implementing improved forest monitoring, community-led reforestation, and energy-efficient stoves, Uganda achieved a verified emissions reduction of 8 million tonnes CO2e between 2016 and 2017. This success made Uganda the first African country to receive results-based payments from the Green Climate Fund, totaling 31 million USD. The specific project spotlighted has an estimated annual emissions reduction potential of 4 MtCO2e.

Kenya is a regional leader in renewable energy and climate action, but it lacks a formal, dedicated National Just Transition Framework. While elements of social equity and inclusion are embedded in the Constitution, the Climate Change Act (2016), and the second NDC (2031–2035), the transition is hindered by institutional fragmentation, a skills mismatch in the workforce, and inadequate data systems. The document highlights the energy sector as the cornerstone for decarbonisation, aiming for 100% renewable energy by 2035, and identifies agriculture, forestry, land use (AFOLU), transport, and waste management as other priority sectors. Key barriers include the financial vulnerability of those in the AFOLU sector due to carbon market fluctuations and a debt cycle where climate-resilient infrastructure diverts funds from worker retraining. The brief recommends that international actors provide technical capacity for policy integration, support the development of monitoring systems, and restructure global green value chains to ensure greater value-added benefits for producing countries like Kenya.

The report identifies seven recurring patterns where international climate support reproduces structural barriers in the Global South, such as prioritising technical infrastructure over social protection and centralising decision-making power. Based on analysis of Chile, Indonesia, Kenya, South Africa, Uganda, and Vietnam, it argues that Just Transition efforts are hindered by labour informality, contested land rights, and a lack of subnational delivery capacity. The framework recommends that the JTWP embed social requirements in finance, strengthen subnational institutions, develop justice-aligned data systems, shift from consultation to co-decision, and address the extractive dynamics of green supply chains.

The Consejo Comunitario General Los Riscales manages approximately 31,469 hectares of biodiverse ecosystems in the Gulf of Tribugá, Colombia. Through a combination of ancestral knowledge, collective land titles granted in 2002, and strategic alliances, the community has implemented sustainable fishing and agricultural practices and established the Distrito Regional de Manejo Integrado (DRMI) Golfo de TribugáCabo Corrientes to protect marine resources. Despite facing threats from the proposed Puerto de Tribugá deep-water port, illegal logging, and armed conflict involving the ELN and AGC, the community maintains a strong conservationist vocation driven by spiritual identity and food security. While the community is open to the OECM framework to increase international visibility and funding, they emphasize that such recognition must be a collective decision and respect their autonomy.

The Sapara Nation in Ecuador manages 322,029 hectares of high-biodiversity rainforest through a spiritual cosmovision and traditional governance. While the community of Llanchamacocha has established strict conservation zones like Kamunguishi and sustainable ecotourism via the Naku project, they face significant threats from oil exploration (specifically blocks 79 and 83), illegal logging, and internal fragmentation. State-led incentive programs like Socio Bosque (PSB) have provided financial support but also triggered internal conflicts over benefit distribution. The document argues that long-term conservation requires full legal land titling, respect for Free, Prior and Informed Consent (FPIC), and financing mechanisms that align with indigenous spiritual values and autonomy.

The Mancomunidad del Chocó Andino (MCA) in Ecuador manages a 124,000-hectare mosaic of conservation areas, including private reserves and biosphere components, to protect high biodiversity against extractive threats. While the MCA employs a participatory governance model involving local governments and community networks, it faces significant challenges from state-led mining concessions, land tenure insecurity, and fragmented financing. The document argues that the OECM framework could strengthen the MCA by providing legal recognition of local control and facilitating access to sustainable funding, provided it avoids top-down administrative burdens.

The document examines ACOMAD, an association of 15 members managing 16 forest concessions (approximately 171,424 hectares) in the Manu-Tambopata corridor of Madre de Dios, Peru. It highlights the contrast between the highly resourced Los Amigos conservation concession—the first recognized OECM in Peru—and other members who rely on limited self-funding or sporadic international aid. Key challenges include illegal mining, illicit crops, land trafficking, and a lack of consistent state supervision by OSINFOR. The report argues for stronger public institutional support, official recognition of Technical Forestry and Wildlife Administrations (ATFFS) as Regional Authorities (ARFFS), and the development of sustainable economic models such as ecotourism and non-timber forest products (e.g., Brazil nuts and aguaje) to ensure long-term conservation viability.