Catalysing finance for climate solutions

Established in 2010 under the Cancún Agreements as a dedicated financing vehicle for developing countries, The Green Climate Fund (GCF) serves the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement. From 2015 to 2019, during its initial resource mobilisation (IRM) period, GCF rapidly grew, building a portfolio and establishing the Secretariat at its headquarters in the Republic of Korea.

This report provides an overview on progress made in the first replenishment period (GCF-1) with a focus on 2022. GCF-1 saw significant growth in the GCF portfolio with more than 200 projects and over USD 12 billion in GCF resources at the time of publication. It also saw the continued growth and maturation of GCF with increased operational and institutional capacity.

More importantly, GCF-1 saw the evolution of GCF from a funding channeler to a climate finance catalyser. Recognising the barriers developing countries face in obtaining climate finance, GCF is using its funds to accelerate green market creation and unlock the financial flows needed by developing countries to achieve their climate ambitions. With its 200+ strong global network of public- and private- sector partners, GCF has become the hub of the climate finance architecture, building unprecedented coalitions and investments for global climate action.

Now in its last year of GCF-1, GCF is ramping up its ambitions for the second replenishment period (GCF-2). Looking ahead, GCF will help drive systemic transitions in critical areas of global concern – energy, sustainable food systems, climate-resilient infrastructure and biodiversity protection.GCF is in a stronger position than ever to support developing countries in the transition to a low-emission climate-resilient world.

This report focuses on the progress of the GCF-1 period (2020-2023) until 31 December 2022. For information on previous years, please see the GCF Annual Results Report 2020 and GCF Annual Results Report 2021. For information on GCF’s initial resource mobilisation (IRM) period, please see the GCF Initial Resource Mobilisation Progress Report (2015-2019).

GCF has come a long way. We are the hub of the climate finance architecture, delivering transformative projects for developing countries. I am delighted the Board has selected Mafalda Duarte, a proven climate leader, as my successor.

Yannick Glemarec
GCF Executive Director