“We very much welcome the report by Transparency International. Civil society performs an important function as a guardian of accountability. The oversight and scrutiny that you provide help us to further shape and refine our processes,” remarks Ibrahim Pam, Head of the Independent Integrity Unit, during the virtual launch of the report, “Corruption-free Climate Finance: Strengthening Multilateral Funds,” on 05 May.

GCF received a ‘generally satisfactory’ assessment and was ranked as ‘relatively strong’ but with room for improvement in transparency and methods for identifying policy effectiveness.

The report reviewed the governance frameworks of the Adaptation Fund (AF), the Climate Investment Funds (CIF), the Global Environment Facility (GEF), the Central Africa Forest Initiative (CAFI), and the Green Climate Fund (GCF). The five funds were assessed in four areas of governance: integrity, accountability, transparency, and methods for assessing policy effectiveness.

DOCUMENT LINK: Corruption-free Climate Finance: Strengthening Multilateral Funds

In his intervention during the event, Pam outlined three main components in safeguarding a climate finance institution: establishing prevention safeguards, detailed integrity and fiduciary framework, and a comprehensive risk management approach.

The IIU is currently working on an assessment to serve as an opportunity to learn from the outcomes and recommendations of the report.