This report presents the findings and recommendations of an independent evaluation of the GCF’s approach to the energy sector undertaken by the Independent Evaluation Unit (IEU). The IEU conducted this evaluation as part of its 2023 Work Plan, which was approved by the Board at its thirty-fourth meeting (B.34) in October 2022 (document GCF/B.34/16). This document includes an assessment of the relevance and effectiveness of GCF’s approach to the energy sector to inform future strategy, policy, or guidance. It provides an extensive analysis of the results achieved as well as scenarios for future strategies of the GCF.