GCF reform journey

The urgency and magnitude of the investments needed in developing countries to support human prosperity in the face of significantly higher climate risks requires GCF – as the largest multilateral climate finance mechanism – to deliver climate finance at a much larger scale and speed. That was the premise of the “50by30” vision presented in 2023, a vision built around five core tenets: enhancing efficiency; maximizing impact; reaching the most vulnerable communities; scaling private sector mobilization; and advancing strategic country-led programming. GCF needed to strengthen its operating model and improve the way it supports countries and partners, to build a fund that will be able to efficiently and impactfully manage a capitalization of USD 50 billion by 2030.

 

In response, a broad reform journey was undertaken, grounded in listening, learning and action. 

 

This report sets out how the Reformed GCF is becoming a benchmark country-led, efficient, and impactful institution.