2023 was a pivotal year for the Green Climate Fund (GCF), which saw several milestones: the culmination of its 2020-2023 programming period with a maturing portfolio of USD 13.5 billion invested in 243 projects across 129 developing countries; a record-breaking replenishment of USD 12.8 billion for its next programming period; and new leadership ushering in a new chapter for the Fund.  

2023 was a pivotal year for the planet, the hottest on record, with heatwaves, floods, droughts, and tropical cyclones putting 3.3 billion people at risk. If urgent action is not taken, there is a more than 50% chance of exceeding the Paris Agreement target of 1.5°C by the end of the century. Yet global crises such as geopolitical tensions, armed conflicts, high inflation, and energy shortages threaten to delay climate action.

With its unique mandate, resources, global partner network, financing tools, and country-focused approach, GCF's role is more crucial than ever. Guided by its “50by30” vision and 2024-‘27 strategic plan, GCF aims to deliver impactful climate investments at scale to those most in need.  The 2023 Annual Report describes the progress made by GCF to accelerate climate action for developing countries.