This report presents the findings and recommendations of an independent evaluation of the GCF’s investment framework undertaken by the Independent Evaluation Unit (IEU). The IEU conducted this evaluation as part of its 2023 Work Plan, which was approved by the Board at its thirty-fourth meeting (B.34) in October 2022 (document GCF/B.34/16). This document includes an assessment of the relevance and effectiveness of GCF’s investment framework in fulfilling the GCF’s mandate and strategic goals. The evaluation considered all relevant policies, tools, frameworks, and processes that come into play to enable the GCF to identify high-quality climate change projects and make investment decisions.