Four years ago in Cancun, the parties to the UNFCCC gathered around for two major decisions. To support developing countries in responding to climate change, the parties agreed to scale up climate finance to 100 billion dollars per year by 2020, and to establish a dedicated fund for climate actions. This Fund, now known as the Green Climate Fund, is anticipated to play a crucial role in delivering increased resources for climate mitigation and adaptation. Since the GCF pursues country ownership as its core principle, effective and transparent delivery mechanism as well as capacity for developing countries is considered as extremely important. Therefore, the initial work of the GCF is likely to focus on developing recipient countries’ capacity. This paper reviews the features of the Green Climate Fund in the context of country ownership and effective delivery. In consideration of these features, the paper emphasizes the importance of capacity and capacity building as a priority area of the GCF.