This report provides an overview of the Green Climate Fund as at 31 December 2025. It is structured as follows:

1. Report reflecting Fund resources, accreditation, readiness, GCF portfolio and pipeline;
2. Annex I: Pipeline snapshots;
3. Annex II: List of funding proposals and Project Preparation Facility requests; and
4. Annex III: Funded activities with challenges that may require restructuring or cancellation.