Clear performance measures are essential for demonstrating whether climate investments achieve lasting change.

This 1999–2000 working paper reviews how the portfolio is monitored and evaluated. Since 1991, the GEF and its agencies (UNDP, UNEP, the World Bank, and IFC) have supported 72 projects in 45 countries with over US$700 million, promoting energy efficiency and renewable energy by removing barriers, strengthening capacity, and encouraging replication.

The review finds that while most projects include performance indicators, these often emphasize activities and outputs rather than outcomes or long-term market transformation, and many are not measurable or well-documented.

Evidence drawn from project reviews, interviews with GEF leadership, and consultations with stakeholders including the UNFCCC Secretariat highlights the need for indicators at the program level that capture market change, capacity building, and broader impacts beyond individual projects.

The report recommends adopting seven core performance indicators, enhancing monitoring practices, and improving documentation to provide more credible evidence of market transformation, policy influence, and sustainable development benefits across the climate change portfolio.