Adaptation Fund Board Discusses Operational Guidelines

© Adaptation Fund6 July 2009: The Adaptation Fund (AF) Secretariat has posted a summary of the proceedings of the sixth AF Board meeting, which convened in Bonn, Germany, from 15-17 June 2009, and discussed elements related to the AF's Operational Guidelines.

The Guidelines are to be adopted at the next meeting, and will enable the Fund to initiate accreditation processes and to call for project proposals. The Board heard presentations from the two countries that have put forward offers to confer legal capacity and to host the Adaptation Fund Board: Germany and Barbados. A decision on this issue is expected to be taken at the next Board meeting, for endorsement by the Kyoto Protocol Parties in Copenhagen. The Board established two Committees, the Ethics and Finance Committee and the Project and Program Review Committee, and the Committees' members elected their respective Chairs and Vice-chairs and adopted their terms of reference and general guidelines. The Board also decided on a logo.

The next Board meeting will convene in Bonn from 14-16 September 2009.

The Board was also informed of the first sales of certified emission reductions (CERs) on behalf of the Fund. The AF is to be funded primarily through a two percent share of proceeds of all CERs issued under the Clean Development Mechanism (CDM). The inaugural sales of CERs took place during the third week of May 2009, and consisted of 600,000 tons, sold at an average price of €12.17 per ton. The second sale of CERs took place during the second week of June 2009, during which 500,000 tons were sold at an average price of €11.46 per ton. [AF press release]