This chapter analyzes the performance of completed GEF projects, drawing on evidence from a portfolio of 2,475 completed projects with terminal evaluations independently validated through June 2025 (table 3.1). Together, these projects represent $10.7 billion in GEF funding and $73.9 billion in reported materialized cofinancing. The chapter assesses portfolio performance in terms of project outcomes, sustainability, quality of implementation and execution, and monitoring and evaluation (M&E) (see box 3.1 for definitions of performance-related terminology). It also looks at performance at the regional/country level, including findings from strategic country cluster evaluations focusing on GEF interventions in drylands, the Lower Mekong River Basin, and small island developing states (SIDS) in the Pacific and Caribbean (the latter findings are from an independent portfolio review). The chapter then takes an in-depth look at enhancing the sustainability of project outcomes by GEF support to three critical areas: broader adoption, environmentally coherent national policies, and shifts in stakeholder behavior from environmentally harmful to environmentally friendly practices. This analysis provides a real-time review of how GEF-8 projects are designed to drive transformational change. The chapter concludes with an assessment of administrative and operational efficiency.
| GEF Period | CEO endorsed/approved (no.) | Closed | Closed with terminal evaluation submitted to GEF Portal | Closed with validated ratings available | |||
|---|---|---|---|---|---|---|---|
| No. | % of approved projects | No. | % of closed projects | No. | % of closed projects | ||
| Through GEF-4 | 1,872 | 1,813 | 97 | 1,749 | 96 | 1,668 | 92 |
| GEF-5 | 839 | 718 | 86 | 656 | 91 | 613 | 85 |
| GEF-6 | 601 | 286 | 48 | 222 | 78 | 182 | 64 |
| GEF-7 | 671 | 22 | 3 | 15 | 68 | 12 | 55 |
| Total | 3,983 | 2,839 | 71 | 2,642 | 93 | 2,475 | 87 |
Sources: GEF Portal and GEF IEO Annual Performance Report (APR) 2026 data set, which includes completed projects for which terminal evaluations were independently validated through June 2025.
Note: Data exclude parent projects, projects with less than $0.5 million of GEF financing, enabling activities with less than $2 million of GEF financing, and projects from the Small Grants Programme. Closed projects refer to all projects closed as of June 30, 2025. The GEF IEO accepts validated ratings from some Agencies; however, their validation cycles may not align with the GEF IEO’s reporting cycle, which can lead to some projects with available terminal evaluations lacking validated ratings within the same reporting period; thus, validated ratings here are from the APR data set only.
Outcome. An intended or achieved short- or medium-term effect of a project or program’s outputs. A project’s outcome performance is evaluated using the criteria of relevance, coherence, effectiveness, and efficiency at the time of project completion.
Impact. The positive and negative, primary and secondary long-term effects produced by a project or program, directly or indirectly, intended or unintended.
Sustainability. The continuation/likely continuation of positive effects from the project or program after it has come to an end, and its potential for scale-up and/or replication. Projects and programs need to be environmentally as well as institutionally, financially, politically, culturally and socially sustainable.
Broader adoption. The adoption of GEF-supported interventions by governments and other stakeholders beyond the original scope and funding of a GEF-supported intervention. This may take place through sustaining, replication, mainstreaming, and scaling-up.
Transformational change. Deep, systemic, and sustainable change with large-scale impact in an area of major environmental concern. It is defined by four criteria: relevance, depth of change, scale of change, and sustainability.