Polycentric Governance in Climate Finance: Gaining Insights from the Green Climate Fund after the Paris Agreement

The Green Climate Fund (GCF) is the primary financial mechanism under the Paris Agreement, yet its governance architecture remains underexplored theoretically. This study examines how multiple decision centers and actors interact within the GCF’s governance structure and what coordination mechanisms are built into it, using a polycentric governance lens. By analyzing 43 official GCF documents (2015–2024) through qualitative content analysis and the polycentric orders framework, the study finds that the GCF’s governance structure exhibits formally institutionalized coordination mechanisms consistent with a strong polycentric order. These structural features are designed to support problem-solving and adaptive management, although their operational effectiveness requires further empirical investigation. Contributions include a replicable, document-based coding and network-analysis method for characterizing polycentric governance, along with evidence that formal decentralization in the GCF coexists with a concentration of documented coordination ties among a small core of actors.