This document presents for the Board’s consideration a proposed process for the second replenishment of GCF (GCF-2), including an indicative timeline, structure and format, matters relating to governance and participation, inputs and strategic direction-setting, and financial components, among others. It includes in annex I a draft decision; in annex II a proposed process for GCF-2; and in annex III a proposed budget for conducting arrangements for GCF-2.