At its thirty-sixth meeting the Board approved the updated Strategic Plan for the GCF 2024–2027 (USP-2) and requested the Secretariat, under the guidance of the Co-Chairs, to update the allocation parameters and portfolio targets under the GCF initial investment framework to reflect the allocation parameters and portfolio targets for the second replenishment period set out in the USP-2. This document has been prepared in fulfilment of that request.