Through decision B.27/06, the Board endorsed the Updated Strategic Plan for the Green Climate Fund: 2020–2023 (USP) to guide it in addressing policy gaps and programming GCF resources for the first replenishment period. The Board also requested the Secretariat to report on progress on the USP at the first Board meeting of each year from 2021.

In view of the short time that has passed since endorsement of the USP, this first report focuses on outlining the initial steps taken by GCF to implement the USP, including: (i) updating the workplan of the Board 2020–2023; (ii) analysis of implications for programming; (iii) analysis of implications for institutional capacity and resourcing; and (iv) alignment of ongoing work programmes. Future reports will examine progress towards results in more detail. Reported figures are as at 31 December 2020.