Adaptation Fund Board Sets $100 Million Fundraising Target
20 March 2012: In light of the fall in the prices of Certified Emission Reductions (CERs), which provide the main source of funding for the Adaptation Fund, the Adaptation Fund Board discussed funding priorities during its 17th meeting.
At the meeting, which took place from 16-18 March 2012, in Bonn, Germany, the Board welcomed its new chair, Luis Santos (Uruguay), who replaces outgoing chair Ana Fornells de Frutos (Spain).
The Board established a fundraising target of $100 million by the end of 2013 to help contribute to the demand of over $300 million for adaptation projects. The Board also adopted decisions to accredit National Implementing Entities (NIEs) from Mexico, Argentina and Kenya. It discussed the outcomes of workshops held on the accreditation process for NIEs: in Manila, Philippines, from 19-21 March 2012, for the Asian and Eastern European regions; and in Apia, Samoa, from 23-25 April 2012, for the Pacific Region.
Grants were approved for a project in Papua New Guinea to address coastal flooding, and for the National Environment Fund of Benin for the formulation of a project concept for the Cotonou Lagoon. To date, the Adaptation Fund has approved 18 projects with funding amounting to over $115.7 million. [Adaptation Fund Board Press Release]