This report presents the findings and recommendations of an independent evaluation of the relevance and effectiveness of GCF’s investments in the Latin American and Caribbean (LAC) States undertaken by the Independent Evaluation Unit (IEU). The IEU conducted this evaluation as part of its 2024 Work Plan, which was approved by the Board at its thirtyseventh meeting (B.37) in October 2023 (Decision B.37/09 Annex VI).