The urgency and severity of the climate crisis call for a response of commensurate speed, scale, and impact. The Green Climate Fund (GCF) is responding to the call. It is transforming to become more fit for purpose and deliver impact at scale as efficiently as possible, in line with its 50 by 30 vision and 2024-2027 Strategic Plan. 

In 2024, GCF made significant strides towards greater efficiency and impact. It undertook major reform initiatives to strengthen its programming and operations, including an organisational redesign and a reconstituted senior leadership team. These measures will bring GCF’s work closer to the ground through a regionally focused model and widen access to finance.  

Amidst the reforms, GCF achieved several climate finance milestones. The Fund committed USD 2.5 billion to 44 new climate projects in developing countries, with its first single-country projects in underserved countries such as Iraq and Somalia. 

This report describes the progress made by GCF to accelerate climate action for and by developing countries.