This report – a follow-up assessment to the 2017 A Tale of Four Funds report – reviews the governance frameworks of the Adaptation Fund, the Climate Investment Funds, the Global Environment Facility, the Green Climate Fund and the Central Africa Forest Initiative. Together, these five funds have US$40 billion in pledged commitments for climate action investment. It assessed them in four areas of governance – integrity, accountability, transparency and methods for assessing policy effectiveness – and examined the funds’ requirements for their implementing entities in these areas. The findings and recommendations in this report highlight the areas of governance where the funds are doing well and where they have room for improvement.
