This report presents the findings and recommendations of Second Performance Review (SPR) of the Green Climate Fund undertaken by the Independent Evaluation Unit (IEU). The SPR was launched by the Board in decision B.BM-2021/11, and the IEU conducted this evaluation as part of its 2021-2023 Work Plans. This document includes a review of the performance of the GCF for the GCF-1 programming period, including progress made in delivering its mandate and in promoting a paradigm shift towards low-emission and climate-resilient development pathways.