The Global Environment Facility (GEF) Evaluation Policy (2019) requires GEF Agencies to evaluate GEF-financed projects at completion. A terminal evaluation provides a comprehensive and systematic account of project performance, factors that affect performance, implementation, and project monitoring and evaluation. Terminal evaluations are aimed at supporting learning, accountability, transparency, decision making, and knowledge sharing across the GEF partnership. The purpose of these guidelines, issued by the GEF Independent Evaluation Office (IEO), is to support GEF Agencies in conducting terminal evaluations of full-size GEF projects, and to facilitate consistency and completeness of reporting. These guidelines replace guidance issued in 2017 by the GEF IEO for the preparation of terminal evaluations for full-size projects. These guidelines are effective January 1, 2024.