This note describes the latest developments in the design and operationalisation of the Green Climate Fund (GCF), and outlines key points of tension. In 2015 the GCF has reached a capitalisation of $10.2 billion and started approving its first projects. The extent to which it can succeed in supporting recipient countries to transform their economies in line with climate-compatible development remains to be seen.

Previous years' editions of the Climate Finance Fundamentals can be accessed here.​