This document outlines the proposal by the Secretariat on the investment criteria indicators. It builds on a two-phase process led by the Investment Committee to produce indicative minimum benchmarks with support from the Secretariat and an external consultancy firm. The document has been updated in the light of the discussions during the nineteenth meeting of the Board on document GCF/B.19/04/Rev.01 titled “Indicative Minimum Benchmarks” and the written comments submitted to the Secretariat following the Board meeting. The document also discusses the application of the indicators to the GCF portfolio.