This document presents an assessment of the portfolio monitoring and evaluation (M&E) gaps by the Secretariat as requested by the Board (decision B.22/13, paragraph (c)) in response to document GCF/B.22/07/Add.01 titled “Results management framework: Independent Evaluation Unit recommendations to improve the Initial Results Management Framework – Addendum I: Secretariat management response”. This document presents an approach to remediate M&E gaps as they relate to measurement and improving the capacity of the GCF to credibly report results from its investments in the initial resource mobilization period. Recommendations are informed by the independent review conducted by the Independent Evaluation Unit and a risks-based Secretariat assessment of the portfolio to determine the criticality and feasibility for remediation of the identified M&E gaps. Upon the willingness and agreement of accredited entities to amend ongoing project agreements, the Secretariat proposes to make best efforts to remediate all “moderate”, “elevated” and “high” risk gaps, so as to increase the proportion of the portfolio assessed to be “low” or “slight” risk. Additionally, this exercise has enabled the Secretariat to identify and extract lessons learned on challenges in implementation, which can inform further approaches to funded activities under the first replenishment period of the GCF.