Cities in the global South are increasingly tasked to meet the challenges of the climate crisis. Particularly since the 2015 adoption of the Sustainable Development Goals (SDGs), International Financial Institutions (IFIs) have participated in this task. In linking ecological sustainability with agendas of financialization and financial market expansion, IFIs and other international agencies have put forth a number of initiatives that support municipalities in fundamental governance reform that aims not only to build an investment-friendly policy regime but also to enhance a city’s own financial performance. Our new research project investigates these processes of urbanizing GCF and the power shifts these processes entail. It asks how GCF shapes global geographies and modalities of green investment and how it advances municipal reform.