This paper has been developed in response to the Board’s request, under decision B.21/18, for the Secretariat to prepare for consideration by the Board and the replenishment process a strategic programming document outlining scenarios for the first replenishment of the GCF guided by ambitious mitigation and adaptation scenarios based on the GCF’s implementation potential, taking into account the needs of developing countries.

This Version 3 incorporates input from Board members and alternate members provided through an initial round of consultations and discussion at the Board’s twenty-second meeting, views provided during the first consultation meeting of the GCF replenishment process in Oslo, Norway in April 2019, submissions from participants in the replenishment process, and consultations by the Co-Chairs in the lead up to the Board’s twenty-third meeting. Based on this input, the Secretariat has refined the paper to present a recommended ‘Pursuit of Impact’ scenario and accompanying set of programming directions for the GCF’s first replenishment, underpinned by a Fund-level theory of change.

GCF figures are based on data as at 31 May 2019.