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Review note prepared for the 9th Meeting of the Green Climate Fund held in Songdo, South Korea on 24-26 March 2015.

The purpose of the Investment Framework (IF) is to translate the Fund’s overarching objectives into clear
guidelines for investment decisions1. A number of decisions have already been taken by the Board to clarify
the types of projects and programmes that the Green Climate Fund (GCF) is willing to invest in. However,
the Board still needs to decide on the activity–specific criteria that will be used to make funding allocation
decisions, and will essentially operationalize the investment policies and strategies along activity-based
lines, and will guide the Board’s day-to-day funding decisions. Following the last Board meeting the
Investment Committee has sought input from a range of stakeholders to help craft the sub-criteria, and
choose an appropriate assessment methodology.