As new funds and climate agreements reshape global environmental finance, questions arise about GEF’s role and relevance.

This evaluation tests whether GEF continues to provide distinct value as a funding channel, secures sufficient resources, and manages its expanded partnership effectively. Conducted as part of OPS6 in 2016, it draws on document review, 87 stakeholder interviews, and a survey of 123 participants, combining quantitative and qualitative analysis to assess GEF’s comparative advantage, financing adequacy, and governance. The evaluation also assesses how GEF positions itself amid new entrants such as the Green Climate Fund and the Climate Investment Funds. 

The GEF occupies a unique space in the global financing architecture. It not only finances the United Nations Framework Convention on Climate Change, but also major multilateral environmental agreements and conventions.

Challenges include funding losses from foreign exchange volatility, overall resource constraints compared to global needs, and competition among 18 Agencies that complicates efficiency and accountability.

Strengths include GEF’s mandate to serve multiple conventions, its convening power, and its track record of leveraging high cofinancing ratios, with evidence that its willingness to take on risk enables innovation.

The report recommends improving financial stability, clarifying convention guidance for programming, and streamlining governance to balance efficiency, accountability, and representation.