In response to guidance from the UNFCCC Conference of the Parties on the issue of complementarity and recognizing similar mandates in the climate finance space, since 2018 the Global Environment Facility has been collaborating with the Green Climate Fund (GCF) on a Pilot Coordinated Engagement Initiative, to strengthen collaboration and maximize synergies between the operating entities of the financial mechanism of the Convention. Building on such efforts and to further define modalities for shared engagements, the GEF and the GCF defined a Long-Term Vision on Complementarity, Coherence, and Collaboration (LTV) which was submitted to and welcomed by the GEF Council and the GCF Board in June 2021.

As elaborated in this LTV document the GEF Secretariat has commissioned, on behalf of the two funds, an independent in-depth comparative analysis of the GEF and the GCF’s internal processes and policies to identify opportunities to increase complementarity and coherence between the two operating entities of the UNFCCC financial mechanism and assist developing countries and partners in generating long-lasting results in climate change adaptation and mitigation.

This report is the fruit of this analysis. The findings and conclusions of the report aim to help the secretariats support their governing bodies in making informed decisions on how to continue and further fulfill the respective mandates of the two funds to enhance complementarity and coherence across the climate finance landscape, based on their existing mandates and frameworks. 

The report is accompanied by a separate summary of conclusions and recommendations to the management of the funds, especially the LTV Steering Committee, and as information for the governing bodies, which presents a set of proposed, actionable recommendations for further consideration of the funds to support complementarity and coherence to assist developing countries and partners in simplifying and streamlining the process of accessing funding from the two funds. The recommendations and conclusions presented in this report do not necessarily reflect the views of the GEF and the GCF, nor do they imply that they are endorsed and accepted by the GEF and the GCF.