The global climate finance landscape has changed significantly since the establishment of the Climate Investment Funds (CIF) in 2008. New institutions have come to the fore, countries’ economic circumstances and investment needs have evolved, and climate-related risks have become clearer. Given this evolved landscape, and in light of the request put forward by the CIF governing body, this study examines the role of the CIF in the changed context in which it now operates and in relation to other providers of concessional climate finance. This is a particularly timely and important task because a “sunset clause” conceived at CIF’s establishment requires the fund to conclude its operations once a new financial architecture – now embodied by the Green Climate Fund (GCF) – is effective. This study’s primary aim is to identify if and where the CIF business model adds value in the landscape of climate finance and whether the CIF holds a comparative advantage in supporting climate-relevant investment needs compared to other multilateral climate funds. This report also examines the role of concessional climate finance, characterizes its main providers, and discusses where and how concessional resources are most needed to address climate investment gaps in priority sectors. It concludes with recommendations for the CIF going forward.