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Independent Evaluation of the Adaptation Portfolio and Approach of the Green Climate Fund

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Independent Evaluation of the Adaptation Portfolio and Approach of the Green Climate Fund Meeting of the Board 16 – 19 March 2021 GCF/B.28/17 Virtual meeting Provisional agenda item 19 15 March 2021 Independent Evaluation of the Adaptation Portfolio and Approach of the Green Climate Fund Summary This report presents the findings and recommendations of the Independent Evaluation of the Adaptation Portfolio and Approach of the Green Climate Fund. The Independent Evaluation Unit of the GCF conducted this evaluation as part of its 2020 Work Plan, which was approved by the GCF Board at its twenty-fourth meeting (B.24) in October 2019 (document GCF/B.24/12/Rev.01). GCF/B.28/17 Page 1 I. Introduction 1. At its twenty-fourth meeting in November 2019, the Board of the Green Climate Fund (GCF) approved the 2020 Work Plan of the Independent Evaluation Unit of the GCF (document GCF/B.24/12/Rev.01). A key element of this plan was to conduct an independent evaluation of the adaptation portfolio and approach of the GCF. 2. This document presents the final report of the “Independent Evaluation of the Adaptation Portfolio and Approach of the Green Climate Fund”, including annexes to the final report, below. OF THE GREEN CLIMATE FUND CLIMATE GREEN THE OF APPROACH AND PORTFOLIO ADAPTATION THE OF INDEPENDENT EVALUATION TRUSTED EVIDENCE. INFORMED POLICIES. HIGH IMPACT. February 2021 INDEPENDENT EVALUATION OF THE ADAPTATION PORTFOLIO AND APPROACH OF THE GREEN CLIMATE FUND Final Report February 2021 GREEN CLIMATE FUND INDEPENDENT EVALUATION UNIT Independent evaluation of the adaptation portfolio and approach of the Green Climate Fund FINAL REPORT 02/2021 ©IEU | i © 2021 Green Climate Fund Independent Evaluation Unit 175, Art center-daero Yeonsu-gu, Incheon 22004 Republic of Korea Tel. (+82) 032-458-6450 Email: [email protected] https://ieu.greenclimate.fund All rights reserved. First Print Edition This evaluation is a product of the Independent Evaluation Unit at the Green Climate Fund (IEU/GCF). It is part of a larger effort to provide open access to its research and work and to make a contribution to climate change discussions around the world. While the IEU has undertaken every effort to ensure the data in this Report is accurate, it is the reader’s responsibility to determine if any and all information provided by the IEU is correct and verified. Neither the author(s) of this document nor anyone connected with the IEU or the GCF can be held responsible for how the information herein is used. Rights and Permissions The material in this work is copyrighted. Copying or transmitting portions all or part of this Report without permission may be a violation of applicable law. The IEU encourages dissemination of its work and will normally grant permission promptly. The IEU reserves the right to edit text for brevity and clarity in subsequent reprints. Citation The suggested citation for this evaluation is: Binet, Silvia, Matthijs De Bruijn, Daisuke Horikoshi, Rene Kim, Byungsuk Lee, Max Markrich, Peter Mwandri, Kulthoum Omari-Motsumi, Martin Prowse and Galyna Uvarova (2021). Independent evaluation of the adaptation portfolio and approach of the Green Climate Fund. Evaluation Report No. 9, February 2021. Independent Evaluation Unit, Green Climate Fund. Songdo, South Korea. Credits Head of the GCF Independent Evaluation Unit a.i.: Andreas Reumann Task manager: Martin Prowse, Evaluation Specialist, Independent Evaluation Unit Editing: Beverley Mitchell, Greg Clough, Toby Pearce Layout and design: Giang Pham Cover photo: A mangrove forest in Gambia, ©Curioso.Photography/ShutterStock A FREE PUBLICATION Printed on eco-friendly paper ii | ©IEU CONTENTS FOREWORD ....................................................................................................................... IX ACKNOWLEDGEMENTS ............................................................................................................ X LIST OF AUTHORS .................................................................................................................... XI GUIDE FOR BUSY READERS..................................................................................................... XII ABBREVIATIONS ................................................................................................................... XIII EXECUTIVE SUMMARY ............................................................................................. XVII A. Mandate & objective .................................................................................................................. xix B. Adaptation context ..................................................................................................................... xix C. Scope and methodology ............................................................................................................. xix D. Report structure ........................................................................................................................... xx E. Key findings ................................................................................................................................ xx F. Key recommendations .............................................................................................................. xxiii MAIN REPORT ............................................................................................................... 1 CHAPTER I. INTRODUCTION AND OBJECTIVES ...................................................................... 3 A. Rationale ....................................................................................................................................... 3 B. Scope, methods and limitations..................................................................................................... 3 CHAPTER II. OVERVIEW OF CLIMATE CHANGE ADAPTATION ................................................. 7 A. Overview ....................................................................................................................................... 9 B. Conceptualizing and operationalizing adaptation ......................................................................... 9 C. Country adaptation needs post-COVID ...................................................................................... 18 CHAPTER III. GCF’S ROLE IN CLIMATE ADAPTATION ........................................................... 21 A. Overview ..................................................................................................................................... 23 B. Climate finance needs and flows................................................................................................. 23 C. Positioning of the GCF................................................................................................................ 28 D. Unique role of the GCF beyond financing projects .................................................................... 34 CHAPTER IV. GCF’S READINESS SUPPORT FOR ADAPTATION PLANNING .............................. 37 A. Overview ..................................................................................................................................... 39 B. Readiness support for adaptation planning ................................................................................. 39 C. Implementation and results ......................................................................................................... 46 CHAPTER V. GCF’S ADAPTATION PORTFOLIO ..................................................................... 51 A. Overview ..................................................................................................................................... 53 B. Adaptation portfolio .................................................................................................................... 53 C. Project cycle ................................................................................................................................ 54 D. Co-finance ................................................................................................................................... 68 CHAPTER VI. GCF PRIVATE SECTOR ENGAGEMENT IN ADAPTATION .................................... 71 A. Overview ..................................................................................................................................... 73 ©IEU | iii B. The importance of private sector finance in adaptation .............................................................. 73 C. GCF engagement with the private sector in adaptation .............................................................. 75 D. Challenges in GCF engagement with the private sector in adaptation ....................................... 84 CHAPTER VII. GCF’S BUSINESS MODEL ................................................................................. 91 A. Overview ..................................................................................................................................... 93 B. Working with the GCF as an accredited entity ........................................................................... 93 C. Instruments used in the adaptation portfolio ............................................................................... 95 D. The need for programmatic approaches ...................................................................................... 97 E. Policy areas to support the adaptation portfolio .......................................................................... 99 F. NDAs in the adaptation portfolio .............................................................................................
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