This paper explores the following issues: (i) how different communities view climate finance effectiveness, (ii) the policies or institutional pre-conditions that facilitate effectiveness, and (iii) how effectiveness can be monitored and evaluated. The paper also discusses the conflicts and trade-offs encountered in assessing effectiveness and proposes a possible way forward that balances multiple views and priorities. These communities represent the perspectives of developed and developing countries, as well as both public and private sources of climate finance.