Since the GCF adopted its initial Strategic Plan in 2016, the operating context of the GCF has evolved significantly. The latest science has highlighted the urgency of climate action, the Paris Agreement has entered into effect and the GCF itself has moved to a more mature stage of operations and partnerships, with a substantial pipeline and successful first replenishment. In line with the Governing Instrument for the GCF, the Board will steer GCF operations, so they evolve with the increasing scale and maturity of the GCF and support its role as the main global fund for climate finance.

The updated Strategic Plan builds on the implementation of the initial Strategic Plan. It begins with the long-term Strategic Vision (section II) originally outlined by the Board in the initial Strategic Plan. This sets out the overall mission of the GCF, in line with the provisions outlined in its Governing Instrument. The Strategic Objectives (section III) are in the continuity of the initial Strategic Plan and articulate the specific goals the GCF strives towards as it seeks to deliver against its vision over the 2020-2023 programming period and replenishment cycle (GCF-1). In meeting these objectives, the GCF has identified several Strategic Priorities (section IV) which reflect the particular areas of attention that GCF will focus on in order to underpin the Strategic Objectives. Alongside this, the GCF aims to continue developing its Operational and Institutional Priorities (section V) and refining its operating modalities in or