Since approving its first projects in 2015, GCF has grown and delivered. In these first four and a half years of operation, GCF has become the world’s largest dedicated climate fund, equally committed to supporting countries in adapting to climate change and to driving the transformation to low-emission economies. This report covers the results of the work of the GCF and its partners, showing how our resources are already transforming lives and driving a paradigm shift. With this solid track record, the Fund is ready to step up the pace and achieve even more in the years to come. Having now allocated over USD 5.2 billion of the USD 7 billion the Fund has received during its initial resource mobilization period, we are raising our sights towards the first replenishment. As countries prepare to rachet up their nationally determined contributions under the Paris Agreement. in 2020, GCF will play an increasingly important role in channelling adequate and predictable climate finance to match developing countries’ capacity for action.