This document presents the 2025-2027 work programme of the Secretariat and the proposed 2025-2027 administrative budget of the Secretariat, the Board and the Trustee. For the first time, it sets out a three-year trajectory detailing how the Secretariat will progress its top priorities for action – enhancing country ownership and access, delivering impact and results, and focusing on people and institutional strengthening – as it works to deliver the GCF Strategic Plan for 2024-2027 and ready GCF for its third replenishment. This document includes:

(a) A draft decision for Board consideration;

(b) The Secretariat work programme, results framework and administrative budget;

(c) A framework for an output-based budget;

(d) A consolidated overview of the budget of the GCF that includes the budgets of the independent units, as requested by the Budget Committee; and

(e) A financial plan of the GCF commitment authority for the second replenishment period.