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Independent Evaluation of the GCF's Approach to the Private Sector
Overview
The GCF is mandated to take a leading role in promoting private sector support for climate finance in developing countries. This evaluation assessed the relevance and effectiveness of the GCF’s approach to the private sector. Its findings sought to contribute to the GCF’s work on developing a private sector engagement strategy. The evaluation’s key recommendations to the GCF included: 1. Clarify that the GCF is a high-risk fund that aims to catalyse investment in transformative adaptation and mitigation projects, rather than only a high leverage fund that aims to maximize the quantity of co-investment. 2. Enhance the speed and transparency of GCF operations to align with private sector needs for efficiency and predictability. Streamline the accreditation and project approval processes; use an online tracking system, and clarify the objectives of PSAA. 3. Take measures to ensure that private sector projects are country owned. Access to the GCF should be informed by a country-driven approach, directed and prioritized by the NDC gap analysis. 4. Create institutional and organizational structures within the GCF Secretariat that operationalize direct and indirect finance for private sector activities, e.g. by clearly articulating which division is responsible for providing technical support and funding for the enabling environment for private sector adaptation and mitigation activities. 5. Set out as a strategic priority for the GCF to channel finance to MSMEs, exploring access modalities and appropriate instruments, and providing targeted readiness support. 6. Expand the focus on financial instruments and GCF support specifically to enable private sector investment in adaptation, particularly in the SIDS and LDCs.Report Details
| Year Published | |
| Type | |
| Theme/s | |
| Joint | No |
| Partner/s | N/A |
| SDG/s | |
| Agency Focal Point | Andreas Reumann |
| Focal Point Email | areumann@gcfund.org |
| Managed by Independent Evaluation Office | Yes |
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Independent Evaluation of the GCF's Approach to the Private Sector
