This document presents an analysis of options for financial management of the commitment authority of GCF for the remainder of the initial resource mobilization period, 2019 and 2020. It incorporates a forward-looking analysis of the implications of the options for pipeline management to guide the GCF replenishment process. It also includes information on the Secretariat’s experience in applying decision B.20/07 in managing the pipeline for the twenty-first meeting of the Board. A draft decision is presented for the Board’s consideration in annex I and a detailed analysis of options in annex II.