This report covers the work of the Supervisory Body for the mechanism established by Article 6, paragraph 4, of the Paris Agreement between 28 July and 22 September 2022, covering the first two meetings of the Supervisory Body. In this short reporting period, the Supervisory Body prioritized the work mandated by the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA) at its third session, working between meetings to advance its work with urgency. In this way the Supervisory Body was able to finalize its rules of procedure and appropriate levels for the share of proceeds for administrative expenses for consideration and adoption at CMA 4, as mandated by decision 3/CMA.3, paragraphs 6(a) and 6(b) respectively. The work of the Supervisory Body from 23 September to 5 November 2022, including the outcomes of the third meeting of the Supervisory Body, will be covered in an addendum to this report. The addendum will provide an update to CMA 4 on the work on removals and methodologies, as mandated by decision 3/CMA.3, paragraphs 6(c) and 6(d) respectively.