Over the past four years, in the face of COVID-19, political and economic crises, the need for urgent climate action has become ever clearer. The GCF-1 Progress Report, available in both web and pdf versions, highlights the extensive progress made by GCF in delivering high-impact climate finance during the 2020-2023 period (referred to as ‘GCF-1’), ahead of its replenishment for the next four years.

The GCF-1 Progress Report records the significant expansion of the Fund during this period, with a portfolio now standing at 216 projects, worth USD 12 billion, and with total assets under management, including co-financing, of over USD 45 billion. GCF has become the world’s largest dedicated climate fund, supporting adaptation and mitigation projects in 129 countries. GCF is also undertaking a change in leadership ahead of the next funding period. Yannick Glemarec who successfully led GCF in GCF- 1 completed his term in April 2023, and Mafalda Duarte who was appointed as the incoming Executive Director will officially start her term in July 2023.