B.BM-2021/11: Decision of the Board on launching the Second Performance Review of the Green Climate Fund

The Board, having considered document GCF/BM-2021/12 titled “Launching the Second Performance Review of the Green Climate Fund”:

1. Recalls paragraph 59 of the Governing Instrument for the GCF, which states that “there will be periodic independent evaluations of the performance of the Fund in order to provide an objective assessment of the results of the Fund, including its funded activities and its effectiveness and efficiency”;
2. Also recalls decision B.24/04 of the Board, endorsing the Board’s four-year workplan and policy cycle, noting the need to utilize the Fund’s periodic performance review as the starting point for a holistic overall policy review process in the third year of the replenishment (2023);
3. Further recalls decision B.27/06, paragraph (p), and the role of the reports from the Independent Evaluation Unit for the update of the Strategic Plan in the next replenishment;
4. Decides to initiate the second performance review of the performance of GCF for the GCF-1 programming period, in a manner appropriate to the current stage of GCF operations, while recognizing that GCF will be a continuously learning institution guided by processes of monitoring and evaluation;
5. Agrees that the scope of the second performance review will be to assess:
   1. Progress made by GCF in delivering on its mandate as set out in the Governing Instrument as well as in terms of its strategic and operational priorities and actions as outlined in the Updated Strategic Plan for 2020–2023, in particular the extent to which GCF has: responded to the needs of developing countries and the level of country ownership; the ability of GCF to catalyse public and private climate finance, including the use of financial instruments; and supported the building of institutional capacity in developing countries and accredited entities;
   2. Performance of GCF in promoting the paradigm shift towards low-emission and climate-resilient development pathways, including the effectiveness of the funded activities and its effectiveness and efficiency;
6. Takes note of the schedule of the second performance review as contained in document GCF/BM-2021/12; and
7. Approves a budget of USD 1,315,000 for the second performance review as contained in document GCF/BM-2021/12.