2024 Annual
Progress Report
Raising ambition.
Empowering action.
Credit: GCF / Little Big Films
Transforming
for impact
The urgency and severity of the climate crisis call for a response of commensurate speed, scale, and impact. The Green Climate Fund (GCF) is responding to the call. It is transforming to become more fit for purpose and deliver impact at scale as efficiently as possible, in line with its 50 by 30 vision and 2024-2027 Strategic Plan.
In 2024, GCF made significant strides towards greater efficiency and impact. It undertook major reform initiatives to strengthen its programming and operations, including an organisational redesign and a reconstituted senior leadership team. These measures will bring GCF’s work closer to the ground through a regionally focused model and widen access to finance.
Amidst the reforms, GCF achieved several climate finance milestones. The Fund committed USD 2.5 billion to 44 new climate projects in developing countries, with its first single-country projects in underserved countries such as Iraq and Somalia.
Building on this progress, GCF will increase its impact by committing higher funding levels and making further progress in its reforms. During this critical time for climate action, developing countries deserve nothing less.
GCF Executive Director Mafalda Duarte in Phangyul, Bhutan, where she met smallholder farmers accessing water for the first time in years due to a new irrigation system backed by GCF. Credit: GCF / Little Big Films
Climate action today is unfolding in an ever-evolving global environment…but this makes the role of GCF more essential, certainly not less. We’re here to connect ambition with action, and to stand with countries doing the hardest work in very challenging circumstances.
Mafalda Duarte, GCF Executive Director
Read the letter from the ED
The year
in review
In 2024,
Committed USD 2.5 billion to 44 new climate projects in developing countries, including the first single-country projects in underserved countries such as Iraq and Somalia.
Expanded the private sector portfolio: USD 1.2 billion approved for 12 private-sector projects and increased the share of adaptation finance to 43 per cent.
Accredited 19 new organisations, of which 11 are Direct Access Entities, enabling climate finance access to entities for the first time.
Streamlined processes to deliver climate finance more quickly, with a commitment to reduce GCF appraisal time to nine months (concept note to project approval).
Critical reforms were enacted in 2024 to make GCF more fit for purpose. Notably, the Fund brought on board a revamped senior management team and organisational structure that introduces regional departments and bolsters programming leadership.
Anchored on a country-led, country-owned programming model and regional approach, the structure will increase access to investment and strengthen alignment with country needs, allowing GCF to better respond to country priorities. The structure will also enable GCF to focus on impact through new monitoring, evaluation and learning teams.
Efficient
GCF
Launched in late 2023, Efficient GCF is a Secretariat-wide initiative to increase the efficiency of GCF funding processes and systems. Developing countries have seen these as too long, ineffective, and unclear regarding requirements.
Multiple improvement measures were undertaken in 2024. They included reviewing the internal project screening and review processes to cut delivery times, be more responsive, and ensure projects are aligned with country climate objectives; and streamlining documentation for concept notes and funding proposals to make them simpler and shorter.
In 2024, GCF committed to reducing its appraisal time from concept note to project approval to 9 months.
Efficiency gains were seen. GCF’s first single-country project in Somalia was developed and approved within nine months. Upon its approval, the project was quickly processed for implementation, demonstrating that GCF can rapidly address a country’s needs through an accelerated programme of climate action investment.
GCF reached a milestone in project implementation, with disbursements totalling USD 1.2 billion in 2024, surpassing its annual target. GCF worked closely with Direct Access Entities (DAEs) to expedite project implementation. Projects in Burundi, Bhutan and Somalia progressed from Board approval to project agreement signing to first disbursement in one day, allowing climate action to be delivered more quickly to vulnerable communities in these countries.
At the end of 2024, GCF committed to reducing its appraisal time from concept note to project approval, an average of over two years, to nine months. Work will be undertaken in 2025 to realise this commitment.
Visit Access funding for more information on Efficient GCF.
Empowering
countries
GCF is prioritising stronger engagement with countries to scale up direct access programming, advance their NDC/NAP/LTS* investment planning, and originate quality projects for GCF funding.
To help achieve this, GCF’s Readiness and Preparatory Support Programme (Readiness Programme) was soft launched in 2024. The programme was recently transformed to be more accessible, results-focused and aligned with country needs.
*Nationally Determined Contributions / National Adaptation Plans / Long-term Strategies
The first climate health project in the Pacific and GCF’s first single-country project in the Cook Islands was developed by the Cook Islands government with Readiness support. Credit: GCF / Johnny Beasley
The revamped Readiness will move from a yearly grant cycle to a four-year programming cycle, introduce a placement scheme to bolster local capacities by embedding GCF experts within countries, provide more coordination support to countries when applying for and implementing Readiness grants, and provide more accessible guidance documents and templates.
The placement scheme was introduced in late 2024, receiving significant interest from countries with 65 expressions of interest. Monthly information sessions with external stakeholders, including National Designated Authorities (NDAs) and DAEs, were held to facilitate open dialogue and solicit direct feedback, laying the groundwork for stronger engagement and collaboration.
More Readiness changes will be rolled out in 2025. Visit Readiness and preparatory support for updates and information.
Success story: launching a climate investment platform in Brazil
In 2024, Brazil launched the Brazil Climate and Ecological Transformation Investment Platform (BIP), a groundbreaking initiative to mobilise USD 10.8 billion in foreign investments for climate and ecological projects. GCF Readiness support has been instrumental in setting up and operationalising the BIP Secretariat. By focusing on energy, industry, and nature-based solutions, the BIP is strategically positioned to drive Brazil’s climate agenda forward, fostering an investment-friendly environment and setting a precedent for effective climate governance and finance mobilisation.
Increasing
access
GCF advanced on several fronts to increase developing countries' access to climate finance. GCF’s shift to a regional model will further boost efforts to enhance access for countries.
GCF approved its first single-country projects in Angola, Iraq, and Somalia; the first locally led projects in Bhutan and the Cook Islands – also the first climate health project in the Pacific; and the first social protection project in Mozambique.
GCF approved its first project, developed under the pilot initiative, the Project-Specific Assessment Approach (PSAA). This approach provides a one-step route to GCF funding for new entities not in GCF’s partner network. This project will increase smallholder farmers' food security and climate resilience in Burundi.
GCF adopted a policy for REDD+ results-based payments to integrate them into GCF’s regular project funding cycle. This will incentivise developing countries to embark on REDD+ and reduce their deforestation and forest degradation emissions. The REDD+ results-based payments modality will be launched in 2025.
Demand for GCF’s Project Preparation Facility (PPF) was strong, particularly among DAEs. In 2024, USD 11.1 million of PPF support was committed to 16 new applications, and the GCF Board approved 10 funding proposals supported by PPF, seven of which were from DAEs. To date, PPF has committed USD 66.6 million to project preparation and supported 36 approved funding proposals.
GCF’s Simplified Approval Process (SAP) achieved a milestone with 14 SAP projects approved, surpassing previous years and its 2024 target. GCF piloted the GCF-CREWS Scaling Up Framework, which fast-tracks access to GCF funding through SAP for climate risk and early warning systems (CREWS) projects to be scaled up. The first project developed under this framework, a CREWS project in Togo and GCF’s first single-country project in Togo, was approved in early 2025.
In 2024, GCF accredited 19 new entities, among which 11 were Direct Access Entities (DAE). Seven countries, such as Tajikistan, Nigeria, and the Cook Islands, saw their first GCF Accredited Entities (AE), enabling them to access GCF financing.By the end of the year, GCF’s AE network totalled 139 entities, with DAEs making up 64 per cent of the network.
GCF made progress in improving accreditation. At the 40th meeting of the GCF Board, the Board agreed to revise GCF’s accreditation framework. This will pave the way for GCF to strengthen its partnership model, broaden its partner network, and speed up access to finance for developing countries. The Board will consider the revised accreditation framework proposal in 2025.
Mobilising
the private sector
In 2024, private sector engagement was robust, with USD 1.2 billion approved across 12 private sector projects. The share of private sector proposals (nominal) in the overall GCF portfolio rose to 37 per cent, compared with 36 per cent in 2023. Recognising the gap in private finance for adaptation, GCF has prioritised adaptation financing, and it increased the adaptation share to USD 509 million, or 43 per cent, of its private sector portfolio in 2024.
GCF’s risk appetite was embraced, with the approval of several novel projects. They include: investments in early and growth-stage climate tech companies, the first dedicated climate financing facility in Cambodia, private sector climate adaptation-focused investment funds for agribusiness and smallholder farmers, support for transitioning local financial institutions and service providers, and support for MSMEs through mitigation and adaptation investment loans and support
Nurturing micro, small and medium enterprises
The Financing Mitigation and Adaptation Projects (FMAP) facility, approved in 2024, will leverage innovative financial instruments to scale up climate finance for micro, small and medium enterprises (MSMEs) in India. The facility expects to create about 420,000 jobs in the related supply chains of 10,000 MSME beneficiaries.
PSF also convened investor forums in key global financial hubs for the first time, bringing together private sector experts, institutional investors, international commercial banks, asset owners and managers, and other private finance stakeholders.
Success story: Unlocking climate finance for developing countries through guarantees
The Green Guarantee Company (GGC), the world’s first climate-focused guarantee company, marked the launch of its operations with a Market Closing Ceremony at the London Stock Exchange (LSE) in February 2024. GGC will use guarantees to help borrowers in developing countries improve their credit ratings to access global capital markets such as the LSE. GCF is an investor in GGC, along with the United Kingdom’s Foreign Commonwealth & Development Office (FCDO) through its MOBILIST programme, the Nigeria Sovereign Investment Authority (NSIA), and Norfund.
Raising
climate ambition
As the world’s largest multilateral climate fund, GCF plays a pivotal role in the global climate agenda. Among COP29’s key outcomes was the New Collective Quantified Goal (NCQG) agreement, which aims to triple finance to developing countries to USD 300 billion annually by 2035 and set a goal of scaling up climate finance to USD 1.3 trillion. To deliver financial outflows to developing countries are expected to at least triple through the United Nations Framework Convention on Climate Change (UNFCCC) financing arms, with GCF recognised as a key player in channeling resources to developing countries.
The Fund welcomed the Swedish government’s pledge of SEK 8 billion (USD 763 million), announced at COP, for the Fund’s second replenishment (GCF-2). With Sweden’s commitment, USD 10.6 billion was pledged from 34 countries and one region to GCF for GCF-2.
Global climate ambition must keep rising, and it must be backed by finance that continues to grow in scale and quality. Developing countries are counting on it. Our shared future depends on it.
Mafalda Duarte, GCF Executive Director
Credit: Avijit Ghosh / Climate Visuals
GCF led cooperation among the Multilateral Climate Funds (MCF) to strengthen harmonisation, knowledge-sharing, and complementarity. At COP29, the four MCFs—GCF, Global Environment Facility (GEF), Adaptation Fund (AF), and Climate Investment Funds (CIF)—committed to aligning and enabling climate action from a broader range of financiers. They launched the Climate Project Explorer, an AI-powered search platform of climate projects developed by the four MCFs and powered by Climate Policy Radar.
The Fund continued to support operationalisation of the Fund for Responding to Loss and Damage (FRLD) by serving on the interim Secretariat and helping hold the fourth FRLD Board meeting in the FRLD Board’s host country for the first time.
Climate Project Explorer, developed by GCF and the MCFs, aims to enhance complementarity and coherence and strengthen access to finance within the climate finance architecture. https://climateprojectexplorer.org
GCF
in figures
GCF snapshot (in USD)
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Approved projects value by theme
(percentage in grant equivalent terms**)
Approved projects value by priority countries
19 New Accredited Entities
*Excludes REDD+ disbursements.
**Nominal values are used throughout unless it is indicated that figures are grant equivalent. The grant equivalent calculator tool, developed by the Office of Risk Management and Compliance of GCF, converts the value of different grant and non-grant instruments into a comparable grant equivalent value. The grant equivalents were estimated for each project using a uniform five per cent discount rate.
***Does not include three former Accredited Entities that did not seek re-accreditation to GCF.
New project spotlight
see All approved projects
As the 10-year-old Fund evolves and its portfolio matures, managing results and harnessing knowledge and learning have become more crucial.
In 2024, a new department, the Department of Monitoring, Evaluation, and Learning, was established as part of the organisational redesign. It will reinforce GCF’s commitment to improved impact reporting by enhancing results and impact data, insights and reporting, refining GCF’s impact assessment, and adding additional impact parameters.
Project impact stories from the frontlines
Antigua and Barbuda
GCF and the Government of Antigua and Barbuda are working together to fortify the island nation against hurricanes with climate-resilient upgrades for community buildings like churches. Credit: GCF / Little Big Films
Bosnia and Herzegovina
Schools, where children spend most of their week, are like second homes. GCF and UNDP are working with the authorities in Bosnia and Herzegovina to make schools and public buildings energy-efficient. https://g.cf/fp051 Credit: GCF / Little Big Films
Kenya
How do you create value from waste? Sistema.bio, a biodigester company supported by GCF's investment in the KawiSafi Ventures Fund, is helping farmers convert farm waste into clean energy. https://g.cf/fp005 Credit: GCF / Andy Ball
Progress to
date
GCF’s Strategic Plan 2024-2027 sets out GCF’s programming directions for GCF-2, capturing the ambition to deliver strengthened climate results and greater access for developing countries. This ambition is captured in a set of 11 programming targets (T1 to T11) to be achieved by 2025.
2024–2027 strategic programming targets: progress in 2024
Target 1
More than 100 developing countries directly supported by GCF to advance the implementation of their NDCs, NAPs or LTS through integrated climate investment planning and/or developing high quality climate project pipelines for GCF funding
Progress to target: 34 countries
Target 2
Doubling the number of DAEs with approved GCF funding proposals (FPs) through strengthened climate programming capacity and increasing the allocation of GCF resources through DAE
Progress to target: 5 DAEs*
Target 3
50 to 60 developing countries particularly vulnerable to the adverse effects of climate change protected by new or improved early warning systems
Progress to target: 18 countries
Target 4
Support for developing countries that results in 190 to 280 million beneficiaries adopting low-emission climate-resilient agricultural and fisheries practices, securing livelihoods while reconfiguring food systems
Progress to target: 102 beneficiaries**
Target 5
Ecosystems: Support for developing countries that results in 120 to 190 million hectares of terrestrial and marine areas conserved, restored or brought under sustainable management
Progress to target: 8 million hectares
Target 6
Infrastructure: 45 to 60 developing countries supported by GCF to develop or secure low-emission climate resilient infrastructure, through systemic and/or country-driven resilience planning, funding and/or de-risking of investments, including those that draw on nature-based solutions or ecosystem-based approaches
Progress to target: 40 countries
Target 7
Clean Energy: 20 to 30 developing countries supported to expand access to sustainable, affordable, resilient, reliable renewable energy, particularly for hardest to reach, and/or to increase renewable energy sources in the energy mix
Progress to target: 51 countries
Target 8
Transport, buildings, industry: 18 to 25 developing countries supported to shift toward clean and efficient energy end-use for transport, building and industry sectors, including through electrification, decreasing energy consumption and novel solutions and emerging technologies for hard-to-abate sectors
Progress to target: 38 countries
Target 9
40-70 approved proposals for adaptation projects, including for locally led adaptation action
Progress to target: 19 approved funding proposals
Target 10
Support for developing countries that results in 900 to 1500 local private sector early-stage ventures and MSMEs provided with broad-based seed and early-stage capital for innovative climate solutions, business models and technologies, with a focus on adaptation, energy access and transport sectors, and removing barriers for home-grown innovation
Progress to target: 215 early-stage ventures and MSMEs
Target 11
Support for developing countries that results in 90 to 180 national and regional financial institutions supported to access GCF resources, and other green finance, particularly for MSMEs
Progress to target: 117 institutions
*At the time of the target being defined, GCF had 29 DAEs with approved FPs. This number has increased by 5, bringing it to 34.
**Includes 20 million direct beneficiaries and 81 million indirect beneficiaries.
Portfolio learnings:
highlights
Financing
for SIDS
GCF mobilised USD 14.1 billion, with USD 3.9 billion provided by GCF and USD 10.2 billion from co-financing partners. This supports 68 projects across 38 countries, including 40 single-country projects and 28 multi-country projects. Adaptation financing is dominated by grants (USD 1 billion) while cross-cutting and mitigation efforts use a mix of grants, loans and equity. This highlights a balanced use of instruments to address the needs of SIDS.
Financing
for LDCs
GCF mobilised USD 27.8 billion, with USD 7.3 billion directly contributed by GCF and USD 20.5 billion from co-financing partners. This supports 122 activities across 44 countries, comprising 77 single-country projects and 45 multi-country projects. Adaptation financing relied on grants (USD 1.4 billion), equity, and guarantees. Cross-cutting initiatives received USD 1.2 billion in grants, while mitigation relied on guarantees, equity, and reimbursable grants. This underscores GCF’s role in mobilising and diversifying financing for LDCs while leveraging co-financing to amplify impact.
Locally Led
Climate Action
In 2024, GCF began cultivating its approach to Locally Led Climate Action (LLCA). Full operationalisation will occur in 2025, and GCF LLCA guidelines will be developed. LLCA practices and elements figured prominently in GCF projects in 2024, with the approval of nine new projects, totalling USD 257.8 million in GCF funding and expected to benefit 17 million people. Two projects in Bhutan and Angola support devolved financing and decision-making, while the other seven projects incorporate strong LLCA components.
Gender
Almost half of the portfolio's beneficiaries are female, and projects comply with mandatory gender assessments and action plans. However, the extent and quality of gender mainstreaming vary across project stages, and gaps are in the completion and quality of the gender action plans. GCF will undertake measures to fill the gender mainstreaming gaps.
Indigenous
Peoples
The Fund has over 100 projects relevant to Indigenous Peoples, however, tracking co-benefits and broader impacts on Indigenous Peoples is limited in design, approval, and monitoring. To address these issues, GCF strengthen its portfolio-level commitments and monitoring systems for Indigenous Peoples.
Impact
learnings
Nine projects have been completed after 10 years of GCF operations. While the Fund is in the process of conducting final evaluations, some useful lessons have emerged.
Indigenous groups' active engagement in land use contributed to the project’s goal of reducing deforestation through sustainable agricultural production and forest conservation in Ecuador. Credit: GCF/Formato Verde
Community engagement fosters ownership and sustainability
Involving local stakeholders from the design phase ensures alignment with community needs, as demonstrated in projects in Ecuador and Namibia. In Namibia, community-based organisations were trained to manage grant funds and governance structures. In Ecuador, Indigenous groups were actively engaged in developing land-use plans, incorporating their cultural priorities and climate goals. This approach builds trust, increases local commitment, and enhances the likelihood of long-term success and impact.
Gender inclusion strengthens development outcomes
Addressing gender disparities proactively through clear policies and capacity-building empowers women and improves project results, as seen in projects in Chile, the Maldives, and Namibia. In Chile, women were integrated into solar energy workforce initiatives, surpassing sectoral averages. Women’s roles in water sector governance were promoted in the Maldives, and women were included in leadership and monitoring systems in Namibia. Effective gender frameworks create equitable opportunities and foster broader societal benefits.
Policy, infrastructure and capacity integration drive transformation
Combining infrastructure investment with policy reform and capacity-building, as in projects in the Maldives and Ecuador, creates systemic change. The Maldives rolled out integrated water resource management systems powered by solar energy, while Ecuador implemented sustainable agricultural practices and deforestation-free certifications tied to financial incentives for local farmers. Such approaches align with national priorities, optimise resources, and enhance resilience to future challenges.
Our
contributors
Contributors at GCF’s pledging conference in Bonn, Germany in October 2023 to replenish GCF’s programming 2024-2027 cycle. Credit: GCF / Ute Grabowsky
GCF could not deliver climate action without the generous support of its contributors. In 2024, GCF welcomed the Swedish government’s pledge of SEK 8 billion (USD 763 million) for the Fund’s second replenishment (GCF-2). With Sweden’s commitment, USD 10.6 billion was pledged from 34 countries and one region to GCF for GCF-2. To see the current status of contributions and the list of contributors, please visit https://www.greenclimate.fund/about/resource-mobilisation/gcf-2
By the end of 2024, contributors’ funding enabled GCF to allocate a cumulative total of USD 15.9 billion for climate action in developing countries, allowing them to drive a transformational shift towards low-emission, climate-resilient development pathways.
Sweden plays a proactive role in international climate action…the Green Climate Fund is one of our most important partners…to prioritise innovation, green transition through investments in fossil-free energy, energy efficiency and climate-smart infrastructure, and…to strengthen climate resilience in developing countries.
Benjamin Dousa, Sweden’s Minister for International Development Cooperation and Foreign Trade
Operational
highlights
Administrative budget 2024
As of 31 December 2024
GCF’s administrative expenses cover the operations of the Secretariat (including staffing costs, contractual services, consultancies, and travel), Board activities, and Trustee activities. The Secretariat’s costs for the year amounted to USD 94.4 million. They were allocated according to the breakdown displayed above. GCF’s financial statements are audited annually by an independent auditor. These are usually available in the third quarter of the following year.
Staff profile
As of 31 December 2024
Secretariat only
Independent units
Gender distribution
As of 31 December 2024
Secretariat only
Independent units