This document responds to Board decision B.32/04, which requested the Secretariat, under the guidance of the Co-Chairs, to present the review of the updated Strategic Plan for the GCF 2020–2023 and a zero draft of the updated Strategic Plan for the GCF 2024–2027 for Board consideration at the thirty-fourth meeting of the Board (B.34).

In line with decision B.32/04, the zero draft takes into account emerging recommendations from the second performance review of GCF, the findings of the overall review of GCF policy frameworks, the outcomes of the B.33 Board informal session on the review and update of the Strategic Plan held on 17 July 2022, submissions and inputs received, as well as the outcomes of consultations held with developing countries, accredited entities, accredited observers and private sector representatives through programming and private investment conferences held in September 2022. Parts of the zero draft have been populated with annotated options to allow for initial discussion by the Board at B.34, and will be refined into full text for a later version based on feedback received.

• This main document contains: (i) background information on the decision, consultation process and timeline, (ii) the review of the 2020-24 Updated Strategic Plan, (iii) context analysis for the update of the Strategic Plan for 2024–2027 and (iv) Annex I conducting an access analysis.
• Addendum I contains the zero draft of the updated Strategic Plan for the GCF 2024-2027.