Building on earlier reviews, the 2014 APR highlights the need to strengthen evaluation guidelines, improve M&E and financial reporting, and refine accountability mechanisms.

The 2014 Annual Performance Report (APR)—completed in May 2015 and presented to the GEF Council in June 2015—reviews the performance of 918 completed projects, including 156 submitted between January 2013 and December 2014, representing $4.07 billion in GEF funding and $19.13 billion in realized cofinancing. Drawing primarily on validated terminal evaluations from partner Agencies, the analysis covers outcomes, sustainability, implementation and execution quality, cofinancing trends, M&E systems, terminal evaluation coverage and quality, and the Management Action Record.

Results show 79 percent of projects (81 percent of funding) achieved outcomes in the satisfactory range; 63 percent reached moderately likely or above for sustainability, with lower performance in Africa, small island developing states, and jointly implemented projects.

Quality of implementation and execution remains strong at about 80 percent satisfactory, while cofinancing ratios continue to rise, though shortfalls appear more often in climate change and African portfolios.  M&E design and implementation have improved over time, yet roughly 30 percent of GEF-4 projects still fall below satisfactory standards, indicating that further progress is needed to strengthen evaluability and financial/M&E reporting. To enhance comparability and learning, the report recommends updating terminal evaluation guidelines following the revised M&E Policy, developing datasets less sensitive to Agency rating practices, establishing consistent reporting for programmatic approaches, and streamlining the Management Action Record to improve tracking and accountability.