This report examines the role of international financial institutions (IFIs) and the Green Climate Fund in financing energy efficiency initiatives in developing countries. The current role of climate finance for energy efficiency and the potential to channel more to energy efficiency projects in developing countries are investigated. The IFIs researched include the multilateral development banks, bi-lateral financial institutions, and carbon markets. The report finds that the majority of climate finance from IFIs currently funds a much lower proportion of energy efficiency projects than other types of climate investments such as renewable energy projects. The authors offer eight recommendations to ensure that energy efficiency projects are adequately included in climate finance initiatives, particularly the emerging Global Climate Fund.