Steward Redqueen advises world’s largest climate fund

At its 28th Board meeting the Green Climate Fund (GCF) is set to assess and approve USD 1.2 billion of climate investments. Meanwhile, the Biden administration is considering its renewed multi-billion dollar commitment to the Fund. There’s hardly a more important time to make sure the GCF is living up to its potential as the world’s largest climate finance mechanism.

One specific focus area is its support for adaptation, where currently just one third of its capital flows to. How can the GCF become more effective in supporting adaptation? To answer this question, Steward Redqueen cooperated with the GCF’s Independent Evaluation Unit (IEU) on an in-depth study on the GCF’s support for adaptation.

We argue that the GCF can be strategically more relevant in the adaptation than in the mitigation space. We analysed the characteristics, opportunities and challenges of supporting adaptation projects. And we provide tangible recommendations on how the GCF can strengthen its support and further leverage its convening and catalytic power, particularly in engaging with private sector actors.

Access the full report and summarising materials here: https://ieu.greenclimate.fund/evaluation/adapt2021