This policy package has been prepared for agenda item 8(a) on policy consultations, in line with the B.31 decision by which the Board agreed and confirmed the dates and venue of B.32, noting that the first two days will be sessions for policy consultations. This document responds to decision B.18/06 and B.25/08 that mandated the Secretariat to further develop the SAP. This document submits for the consideration of the Board a set of options to update the SAP. The document takes into account comments from Board members received on versions of the Update of the SAP that were formally presented to the Board at B.28 and B.30. It takes into account the comments that the Board made during those meetings, as well as the comments received in three formal rounds of Board consultations, comments received in three technical sessions held for all Board members, alternate Board members and advisors, and 20 consultation sessions held with individual Board members or groups of Board members. It also takes into consideration the results of the Secretariat-commissioned review of the SAP, the assessment of the SAP by the IEU and Board comments thereon, and the SAP-related mandates included in the GCF’s updated Strategic Plan. This draft differs from the version considered at B.30 by, among other things, (a) proposing to increase the level of GCF funding that can be provided for SAP projects/programmes to USD 25 million, while maintaining a discussion of the range of options submitted at B.30 for increasing that level of GCF funding; (b) including a provision noting as a baseline existing key performance indicators for certain SAP-related actions and calling for their annual review, and when feasible, appropriate increases in their ambition; (c) including a discussion on establishing a principle for the presumed existence of climate rationale for SAP adaptation proposals; (d) including as an addendum, a table which compares the SAP versus PAP review processes in terms of the Secretariat/independent TAP review workflow and includes steps relating to post-approval processes; and (e) including an option for removing the reference to a SAP-specific capacity-building programme with the understanding that capacity-building for SAP, PAP and other issues would be dealt within the context of the Readiness Programme.