At the twenty-sixth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, Parties urged the GCF Board “to explore diversifying its selection of financial instruments for addressing climate risk, including parametric insurance for climatic events” (decision 6/CP.26, para. 11). Through its decision B.32/08, the Board requested Secretariat to present by the thirty-fourth meeting of the Board (B.34) an information paper for the consideration of the Board for diversifying its selection of financial instruments for addressing climate risk, including parametric insurance for climatic events. This information paper outlines the strategic vision of GCF and the diversification of financial instruments for addressing climate risk; outlines experience with current financial instruments, including demand; the GCF approach to climate insurance, including parametric insurance; and reviews the application of financial instruments along climate risk management categories. It concludes on next steps for the Board and Secretariat.