This document presents updates under Phase I of the remediation activities to address the monitoring and evaluation (M&E) gaps in the current portfolio for measurement. The remediation exercise will improve the quality of results measurement in the GCF portfolio and enable GCF to credibly report results from its investments in the initial resource mobilization period. The update is in response to the request of the Board through decision B.28/02 to present to the Board for consideration a detailed action plan and funding envelope for remedial action no later than the thirtieth meeting of the Board (B.30) or through between Board meetings. Due to the changes in the Board schedule and delays in the budget approval and procurement process, these updates are presented in the thirty-third meeting of the Board (B.33). This document presents the outcome of the negotiations with accredited entities (AEs) implementing projects/programmes with M&E gaps rated as moderate, elevated or high risk. It also contains a summary of the remedial actions that the AEs accepted to reduce the identified M&E gaps risks to low or slight risk, and the proposed arrangements for implementing these actions under Phase 2. The activities under Phase 1 served as a platform for joint learning allowing the Secretariat to explain the GCF M&E-related requirements including linking with the integrated results management framework, and the AEs to share the practical challenges of using the logical framework as designed. Such interactions, focused on co-learning to improve current results measurement practice, paved the way for a fruitful engagement on the action plan and budget, and consequently, for the Secretariat to achieve reduced risk levels for the measurement gaps in its portfolio.