This study seeks to identify potentialsources of co-financing to meet the additional costs ofenergy efficiency (EE) and climate mitigation benefitsassociated with the hydrochlorofluorocarbons (HCFC)phase-out supported by the Multilateral fund of the montrealprotocol (MLF). As it stands, the policy of the multilateralfund is to support only the eligible incremental costsrelated to the phase-out of ozone depleting substances, andnot to support the additional costs of additional EE relatedimprovements of the equipment. Currently therefore, whilethe multilateral fund encourages exploring co-financingopportunities for improving energy efficiency, the fund doesnot directly support the uptake of the most energy efficienttechnology. HCFC phase-out management plans (HPMPs) approvedby the MLF seek to facilitate the conversion ofrefrigeration - air conditioning (Ref-AC) manufacturing andfoam manufacturing away from the use of HCFCs to non - ozonedepleting substance (ODS) alternatives. This study explorespathways that may encourage the uptake of ozone- and climatefriendly technologies through synergies between the MP,policies to promote EE, and climate finance instruments;thereby leading also to cost-effectiveness of publicfinancing and economic efficiency where synergies exist andcan be exploited. The study underscores, based on practicalexamples, that opportunities can be strategically engineeredto encourage harmonization between the phase-out of theHCFCs and HCFC-using technologies with efforts to promoteenergy efficiency and reduce greenhouse gas emissions (GHG).