Reflections on the Updated Strategic Plan

At its 27th meeting in November 2020, the Green Climate Fund (GCF) Board adopted the Updated Strategic Plan (USP). It sets out the overall mission, strategic objectives, strategic priorities as well as operational and institutional priorities for the 2020-2023 period (GCF-1). The USP builds on the initial Strategic Plan of 2016. Since then, the context in which the GCF operates has evolved significantly. The Paris Agreement has entered into force and the GCF itself has matured: it has a substantial pipeline of projects and programmes, a large number of Accredited Entities (AEs) and a successful first replenishment has ensured the continued development of its activities. This GCF Monitor selects four aspects of the USP for further analysis based on their innovation and strategic relevance for successfully implementing the USP: 1. diversifying financial instruments; 2. prioritising the accreditation of entities; 3. making finance flows consistent with low-carbon and climate-resilient development; 4. loss and damage. The recommendations section provides suggestions on how the Board could address these topics as it updates the Workplan for 2020-2023 during its upcoming Board Meeting in March 2021