This document summarizes the key elements of the work plan and budget of the Independent Evaluation Unit (IEU) for 2021. It contains: (i) an overview of the IEU's achievements during 2020 while referring to the IEU’s activity report (document GCF/B.27/Inf.09); (ii) key elements of the IEU’s annual (2021) work plan and budget; and (iii) an update of the IEU’s rolling three-year work plan. The Board is requested to consider and approve a core budget of USD 5.91 million for FY2021. A draft decision for the Board’s consideration is presented in annex I.