This document provides information on the execution of the GCF 2022 administrative budget for the period from 1 January to 31 December 2022 and the budget approved for the second performance review of GCF for the period from 10 June 2021 to 31 December 2022. Administrative expenditure relates to costs for Board activities, the independent units, the Secretariat and the Trustee. The figures in this document are unaudited.

As of 31 December 2022, total expenditure was USD 82.5 million against the annual budget of USD 99.1 million (83 per cent of the approved budget) and USD 0.6 million against the multi-year budget of USD 1.3 million for the second performance review (49 per cent of the approved budget).

The unutilized budget of USD 17.5 million comprises USD 1.2 million for the Board, USD 1.6 million for the independent units, USD 14 million for the Secretariat, and USD 0.7 million for the second performance review.

The Trustee utilized USD 0.2 million more than the budget allocated to them for 2022 since the actual average annual cash balance was higher than the estimated average cash balance at the time the budget was prepared in 2021. The Trustee applies an investment management fees of 45 basis points to the average annual cash balance.