This document outlines three options for a policy for a two-stage approval process for GCF funding proposals. The policy aims at strengthening the design, screening and appraisal process for concept notes (defined as the initial or first stage), with a view to inform and support the second stage defined as the appraisal and approval of funding proposals. At the same time the policy intends to enhance the strategic role of the Board in guiding the Secretariat through the first stage while strengthening the operational functions of the divisions at the Secretariat.