This study examines the allocation of climate finance within the Green Climate Fund (GCF) portfolio, with a focus on how approved financing varies across project characteristics. Using project-level data, the analysis combines descriptive statistics, visualization techniques, and regression modeling to explore differences in funding across sector, theme, and environmental and social risk classifications. The results indicate that financing levels vary significantly across risk categories and thematic areas, with lower-risk projects generally receiving smaller funding amounts and cross-cutting projects associated with higher financing levels. In contrast, sector classification does not show a statistically significant relationship with financing when controlling for other variables. The regression model explains a moderate portion of the variation in funding, suggesting that additional factors influence allocation decisions. This study contributes to the literature by providing a project-level perspective on climate finance distribution within a major multilateral fund and highlights the importance of project characteristics in shaping funding outcomes.

Keywords

Climate Finance, Sustainable Development, Project Portfolio Analysis, Funding Determinants, Environmental and Social Risk.