Decision B.35/12(e) requests the Secretariat to prepare a proposal to explore options for further enhancing coherence and complementarity with other relevant bilateral, regional, and global funding mechanisms and institutions. This paper outlines collaboration between the Multilateral Climate Funds (the Adaptation Fund, the Climate Investment Funds, the Global Environment Facility, and the Green Climate Fund) to jointly develop an action plan on complementarity and coherence. Further to mandates from their governing bodies, the four climate funds have outlined a series of measures, with the aims of enhancing access to climate finance, increasing the impact of their work, working together as an MCF system, and playing an enabling role within the international climate finance architecture. A consultation draft of the action plan developed is annexed, and the Board’s guidance is sought regarding the further development of measures to enhance complementarity and coherence. The draft document was circulated to the Board for written consultation from 14 to 21 June 2024. No comments were received.