Annual progress report 2025

2025 was a year of milestones and momentum for the Green Climate Fund, marking a decade of climate action while laying the foundations for the Fund's next chapter.

Ten years after approving its first projects, the Fund celebrated this milestone through GCF.10, reflecting on a decade of partnership, innovation, and impact across developing countries. The anniversary underscored GCF's evolution into a trusted global climate finance partner, helping countries translate climate ambitions into tangible results.

The year also marked an important step in GCF's institutional transformation. Through reforms aimed at becoming more efficient, impactful, and country-focused, GCF strengthened its ability to deliver for developing countries. A major milestone was the advancement of regionalisation, with host countries selected for GCF's first regional offices in Africa, Latin America and the Caribbean, Eastern Europe, Central Asia and the Middle East, and the Pacific, bringing the Fund closer to the countries and communities it serves.

Alongside these reforms, GCF delivered record programming and continued to expand its impact across mitigation, adaptation, and cross-cutting investments. As it prepares for its next programming period, GCF is building on a decade of experience to accelerate climate action, broaden access to finance, and deliver lasting benefits for people and the planet.

By the end of 2025, the portfolio reached USD 19.3 billion of GCF financing for 336 approved projects across 134 countries. Including co‑financing, the Fund’s total portfolio was USD 78.7 billion, reflecting an overall mobilisation ratio of 3.1-to-1 – the highest level achieved in five years.  This momentum was driven by a record programming year, during which GCF approved 50 projects amounting to USD 3.3 billion, expanding access to climate finance in underserved countries.

In addition to regionalisation, GCF progressed in other areas to make the Fund more responsive to countries. Several regional and subregional dialogues were convened across Africa, Asia-Pacific, Latin America and the Caribbean, and the Middle East to deepen engagement with countries and delivery partners.

In early 2026, private sector programming was integrated into the regional teams, strengthening alignment between country priorities and private capital mobilisation. This will enable GCF to originate and structure investments aligned with national climate priorities, responsive to local market conditions, and capable of mobilising private capital at scale.

In 2025, 12 new private sector projects were approved, totaling nearly USD 1 billion in GCF financing and mobilising USD 8.3 billion in co-financing. The private sector accounted for 36 per cent of the overall portfolio, with a co-financing ratio of 4.5 to 1. These investments supported clean energy, financial innovation, nature-based solutions, and climate-resilient infrastructure, demonstrating the catalytic role of GCF’s risk-tolerant capital.

GCF held the 7th Private Investment for Climate Conference (GPIC) in Abu Dhabi, bringing together 300 institutional investors, financial institutions, businesses, and governments, and highlighting how GCF’s risk-tolerant and flexible capital can unlock private investment while delivering climate impact.

As part of its transformation to be more efficient, effective, and country-driven, GCF continued to strengthen access to climate finance and enhance country ownership. Nineteen new entities were accredited in 2025, including eight Direct Access Entities (DAEs), while eight developing countries gained their first Accredited Entities. By year-end, DAEs represented 67 per cent of GCF's network, spanning 63 countries, reinforcing the Fund's commitment to enabling national and regional institutions to lead climate action.

GCF expanded support for countries to develop and implement their climate investment priorities. The revamped Readiness and Preparatory Support Programme continued to simplify access and respond more effectively to country needs, reaching a cumulative total of USD 749 million committed through 880 grants across 142 countries by the end of 2025. New measures introduced under the programme, including the Direct Access Entity (DAE) support window, expert deployment mechanisms, and multi-year funding allocations, helped strengthen national capacity and accelerate access to GCF resources.

GCF broadened its partnership model through the Project-Specific Assessment Approach (PSAA), providing a more flexible pathway for institutions to access GCF financing without undergoing institutional accreditation. By the end of 2025, six projects had been approved under PSAA, representing USD 334.9 million in GCF financing and USD 1.3 billion in total project value. Growing demand from organisations demonstrated the potential of streamlined access approaches to expand country-led climate investments and accelerate on-the-ground delivery.
 

Efficient GCF, a core reform initiative, is streamlining processes, shortening timelines, and strengthening portfolio oversight through simplification, digitalisation, and improved coordination across the project cycle. In 2025, GCF digitised key processes, including concept notes and Annual Performance Reports, improving consistency, transparency, and ease of reporting.
 
Reforms are accelerating delivery. In 2025, 70 per cent of approved projects signed Funded Activity Agreements within six months, while concept note screening times fell to under two months, supporting GCF's goal of reducing appraisal timelines from more than two years to nine months.
 
GCF advanced accreditation reforms to enhance efficiency, transparency, and accountability while expanding access for developing countries, particularly by supporting Direct Access Entities. Implementation of the Revised Accreditation Framework (RAF) and Monitoring and Accountability Framework (MAF)began in 2025.

2025 marked a growing emphasis on results, learning and impact. As GCF reached the midpoint of the GCF‑2 programming period, the majority of its Strategic Plan 2024 -2027 targets surpassed the 50 per cent achievement mark, with several already met or exceeded.
 
The Fund strengthened its analysis of portfolio‑level results and published its GCF.10 Impact Report, taking stock of lessons learned and the transformative potential of its investments over the past ten years.

COP30 was a pivotal platform that reinforced GCF’s role at the centre of the global climate finance architecture and advanced collective action on climate.

GCF-supported country platforms continued to gain momentum as a key mechanism for aligning climate finance with national priorities and strengthening coordination among partners. Seventeen GCF-supported country and regional platforms were announced in 2025, including 15 unveiled during COP30. GCF also supported the Country Platforms Hub to foster South–South cooperation and strengthen the development and implementation of country platforms.

GCF launched a dedicated framework and guidance for Locally Led Climate Action, and the GCF.10 Impact Report, which marked a decade of GCF operations. With the Adaptation Fund, the Climate Investment Funds, and the Global Environment Facility, GCF released the Multilateral Climate Funds (MCF) joint results report, the first to provide a unified picture of the collective impact of the MCFs.

Country platforms are country-led coordination mechanisms that help governments align climate and nature finance with national priorities, bringing together public and private partners around a shared vision for climate action. By helping countries identify investment opportunities, build pipelines of bankable projects, and coordinate financing more effectively, they can accelerate the delivery of climate policies and investments.

Through its Readiness Programme, GCF is supporting the development of new country and regional platforms, building on its existing support for the Brazil Country Platform and the Caribbean Regional Platform, and helping countries translate climate ambitions into tangible, investable action.

Visit the GCF website to see the full list of projects.

GCF’s Strategic Plan 2024–2027 sets out GCF’s major programming directions for GCF-2, which focuses on delivering strengthened climate results and greater access for developing countries. This ambition is captured in 11 programming targets to be achieved by 2027. At the end of 2025, most of the targeted results passed the 50 per cent achievement mark, with four targets met, four exceeded, and a further three in progress.

GCF measures impact through the Integrated Results Management Framework (IRMF), which tracks emissions reductions, beneficiaries reached, resilient assets, and natural resources under improved management. As the portfolio matures, cumulative emissions reductions increased from 33 MtCO₂eq in 2019 to 96 MtCO₂eq in 2024, while beneficiaries reached grew from 28 million to 249 million. GCF is also strengthening monitoring and reporting to better track outcomes for Indigenous Peoples, gender, and youth.

The GCF.10 Impact Report, A decade of global climate action: Building resilience, transforming lives, highlights results and lessons from more than 300 projects across regions and sectors. Through ten case studies, it showcases how GCF is helping countries build resilience, reduce emissions, strengthen institutions, and scale climate finance.

To see all ten case studies, visit the GCF.10 Impact Report.

Climate risk: Recurring landslides, floods, and soil erosion in the country’s mountainous northern regions.

Project: Strengthening Climate Resilience of Rural Communities in Northern Rwanda (Green Gicumbi) implemented by the Ministry of Environment of Rwanda

GCF investment: USD 32.8 million

What was done:

• Combined green construction with integrated land management by:
• Building climate-resilient settlements for 100 households
• Restoring 17,200 hectares of degraded land
• Embedding sustainable forestry and watershed management

Who benefited: Over 150,000 people across vulnerable rural communities.

Results and impact:

• 214,600 tCO₂e emissions reduced
• Improved livelihoods and disaster risk reduction
• Adoption of interlocking stabilised soil blocks, rainwater harvesting, and digital savings systems

Why it matters: Offers a replicable, low-carbon model that links housing, land restoration, and social inclusion — now being scaled to other high-risk districts.

Climate risk: Severe water scarcity, compounded by drought, saltwater intrusion, and intensified hurricanes.

Project: Water Sector Resilience Nexus for Sustainability (WRSN-S) implemented by Caribbean Community Climate Change Centre (CCCCC)

GCF investment: USD 26.7 million

What was done:

• Catalysed nationwide water sector reform through:
• Rainwater harvesting systems in schools and homes
• A 2 MW solar photovoltaic system powering the national water utility
• A Revolving Adaptation Fund Facility for vulnerable households

Who benefited: 365,000 people nationwide.

Results and impact:

• Reduced water system emissions and operating costs
• Energy savings reinvested into grants and micro-loans
• Circular financing model replicated across the Caribbean

Why it matters: Demonstrates how water investments can drive system-wide transformation, embedding resilience into national policy in small island developing states.

Climate risk: One of the world’s most flood-exposed countries, with low-lying terrain and extensive river systems.

Project: Extended Community Climate Change Project – Flood (ECCCP-Flood) implemented by Palli Karma-Sahayak Foundation (PKSF) 

GCF investment: USD 9.68 million

What was done:

• Delivered locally led adaptation across five high-risk districts by integrating:
• Flood-resilient housing
• Adaptive and climate-smart agriculture
• Digital financial services for vulnerable households

Who benefited: 173,705 people, with over 50 per cent of community adaptation groups led by women

Results and impact:

• Household incomes tripled
• Flood-related losses reduced by 75 per cent
• Strengthened women’s leadership and local governance

Why it matters: Demonstrates how equitable, community-driven models can simultaneously reduce climate risk and lift communities out of climate-exacerbated poverty.

GCF could not deliver climate action without the generous support of its contributors.

By the end of 2025, their funding enabled GCF to commit a cumulative total of USD 19.3 billion for over 300 approved projects across 134 developing countries.   
 
To see the current status of contributions and the list of contributors, please visit the GCF2 page.