The three UNEP Planetary Funds – the UNEP Climate Fund, UNEP Nature Fund and UNEP Pollution Fund – were launched in 2022 at UNEP’s 50th anniversary. As a flexible alternative to earmarked funds open to a wide range of funding partners, these funds allow UNEP to overcome time-bound restrictions and innovate with tomorrow fully in mind. This first biennial report includes a sampling of a few of the efforts each thematic fund has supported so far. The results demonstrate the Planetary Funds’ ability to turn a collection of investments into a comprehensive approach to addressing the world’s most pressing environmental challenges.