The Green Climate Fund is at a crossroads where it must choose between the traditional centralized or a novel devolved decision making model. The next meeting of the GCF in February will be key as it will for the first time be explicitly discussing enhanced direct access through (national) funding entities which has devolution of decision making as its corner stone. This Discussion Note by Benito Müller takes stock of the deliberations on direct access and the correlated issue of country ownership, and considers how these issues should be taken forward at the February meeting.