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This analysis draws from research on the decision-making and approval process in the GCF to explore how institutional arrangements and funding guidance shape the funding process and outcomes for the L&D facility. Insights are based on an analysis of GCF board meeting deliberations between 2016 and 2021 during which the board discussed 181 proposals, survey responses from 27 Accredited Entities and National Designated Authorities, and data on the GCF portfolio and pipeline. Based on principles of climate justice, we make the following recommendations: 1) funding should be timely, 2) finance should be widely accessible and target the most vulnerable, 3) guidance on funding criteria needs to be clear, 4) financial instruments need to be appropriate, 5) power dynamics and politics require careful management.