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Implementing Projects

The first step in project implementation is an agreement between GCF and the implementing Accredited Entity on the necessary legal arrangements to get the funds flowing, called a Funded Activity Agreement (FAA).
GCF then begins transferring financial assistance to the Accredited Entity in the form of a loan, grant, equity, or guarantee - depending on the nature of the approved project. Typically, GCF completes a series of financial disbursements during the life of the project.
This allows GCF to assess the impacts of the climate finance initiatives it supports and monitor its efficient and effective delivery. GCF assessments are designed to make sure the projects are effective in dealing with climate change, and do not cause negative effects where the initiatives are targeted.
In implementing projects, Accredited Entities should comply with grant conditions and covenants, while also observing the implementation schedule of the project. This will help to ensure timely implementation by the Accredited Entities and enable additional disbursements by GCF.
GCF maintains an overview of project progress through its requirement for Accredited Entities to produce independent evaluation reports at regular intervals. These include one at the mid-point of the project, and a final evaluation after the project has closed. More details on the steps of project implementation follow.

Rolling out the project and GCF monitoring Rolling out the project and GCF monitoring

Step by step:
Rolling out the project and GCF monitoring

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    Frequently asked questions

    1. 1. Who is responsible for monitoring approved projects?
      Accredited Entities are responsible for monitoring and evaluating the projects they implement, as well as reporting their activities to GCF.

      GCF will continue to assess how Accredited Entities do this through the life of the project, and after its completion. This is done through regular reporting, which will measure the performance of project implementation against GCF’s investment criteria. All GCF assessments follow the Fund’s Monitoring and Accountability Framework (MAF) and its Performance and Management Framework (PMF) for adaptation and mitigation.
    2. 2. What should Accredited Entities do if the project doesn’t progress according to original expectations?
      Accredited Entities should indicate any deviation from the approved funded activity and unexpected developments in the implementation of projects in their Annual Performance Reports. Corrective action and possible restructuring can be proposed in these reports or in mid-term evaluation reports.
    3. 3. Is there help available for Accredited Entities to carry out monitoring and reporting during project implementation?
      No. All Accredited Entities receive agency fees to provide monitoring and reporting on projects. As is the case with all Accredited Entities, direct access Accredited Entities are accredited on the basis that, among other requirements, they have established monitoring and reporting systems. Prospective direct access Accredited Entities can apply for assistance through GCF’s Readiness and Preparatory Support Programme (Readiness Programme) to develop capacities for accreditation.

      It is important to note this assistance is provided before GCF grants accreditation to the organisation. As with all funding assistance in this programme, direct access Accredited Entities will need to work with a relevant National Designated Authority or focal point.
    4. 4. Can GCF monitor the implementation of projects beyond the regular reporting cycle?
      Yes. GCF staff can decide to undertake additional ad hoc checks to follow up on reports on compliance and performance submitted by Accredited Entities. This may include site visits, arranged in coordination with the Accredited Entity, National Designated Authority, and/or focal point.
    5. 5. Is it necessary for Accredited Entities to consult with local stakeholders where the project is being implemented?
      Yes. At the project level, the Accredited Entity should include participatory monitoring, as required by GCF’s Governing Instrument, which guides all of the Fund’s activities. This requires involving communities and local stakeholders, including civil society organisations, at all stages of the project cycle.

      For participatory monitoring of the overall portfolio of GCF-funded projects and programmes in each country, the National Designated Authority or focal point is encouraged to organise an annual participatory review for local stakeholders, especially project-affected people and communities, including women and civil society organisations. The participatory review should consider the following:
      • risks related to the project itself and
      • risks related to the overall performance of the Accredited Entity.
    6. 6. What is the difference between evaluations carried out by GCF and the Independent Evaluation Unit (IEU)?
      The Independent Evaluation Unit (IEU) operates independently of the GCF Secretariat and reports directly to the GCF Board. It is responsible for learning and evaluation. The IEU conducts evaluations as part of its annual work plan approved by the GCF Board. It is more likely to focus on GCF Board-mandated thematic and institutional evaluations.
      The GCF Secretariat, through its Portfolio Management Unit, reviews evaluations submitted by Accredited Entities and delivery partners. Evaluations should assess the achievement of project – related impacts, outcomes and outputs.
    7. 7. Who can I contact to find out more about implementing GCF projects?
      Sohail Malik is the head of GCF’s Portfolio Management Unit. You can contact him and other members of his team at .