Decision B.34/02, “requests the Secretariat and the Trustee to prepare, for the Board’s consideration and approval, options for the sustainable and responsible investment of the funds held in the Green Climate Fund Trust Fund.” Currently all GCF assets at the World Bank are held in two portfolios with investment horizons of three months and one-year, prioritizing capital preservation and liquidity. The World Bank already applies a Sustainable and Responsible Investment Approach to provide a broad Environment, Social and Governance (ESG) overlay on every asset held at the World Bank, including those held in the above noted portfolios. Only one World Bank option/portfolio exists with more intentional ESG considerations - it is M8, which has a three-year investment horizon. Should GCF invest up to 30 per cent of its assets in Model Portfolio 8, the expected return of the new portfolio would remain about the same based on current markets, have a similar risk profile, and still prioritize capital preservation and liquidity. This document requests the Board to approve up to a 30 per cent allocation into investment portfolio M8.