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.

This second USP progress report, coming at the midpoint of the GCF-1 programming period, captures the significant progress that has been made by the GCF in just one year since the adoption of the USP. It highlights key advancements and results related to programming, policy, operations and institutional capacity, as well as pinpointing action areas and challenges for the remainder of the first replenishment programming period. The annexes include a results tracking tool. Reported figures are as at 31 December 2021.