This report presents the findings and recommendations of an independent evaluation of Green Climate Fund’s energy sector portfolio and approach undertaken by the Independent Evaluation Unit (IEU). The IEU conducted this evaluation as part of its 2023 Work Plan, which was approved by the Board at its thirty-fourth meeting (B.34) in October 2022 (decision B.34/06 Annex II). This document includes an assessment of the relevance and effectiveness of GCF’s energy sector portfolio and approach to inform future strategy, policy, or guidance.