Perspectives and the University of Zurich have done the first detailed study on the “hidden universe” of climate change-related financial vehicles at the multilateral development banks, on behalf of GIZ. These so-called “trust funds” have proliferated over recent years. While it took significant efforts to get a – still incomplete – dataset on trust fund operations from the banks, over 40 interviews allowed to provide a set of policy recommendations for trust fund reform. We propose to consolidate funds working on the same topics, or at least coordinate them through “umbrellas”.