Adaptation Fund Board Signs MoU with Germany
7 December 2010: The Adaptation Fund Board signed a memorandum of understanding (MoU) with the Government of Germany to host and confer legal capacity on the Board.
The agreement gives the Board the legal capacity to enter into funding agreements to assist developing countries with adaptation to climate change. The legal capacity will help the Board reduce operational costs and facilitate the operationalization of the Direct Access modality. The Adaptation Fund is financed by a 2% levy on the proceeds from the Clean Development Mechanism (CDM). The Adaptation Fund Board is comprised of 16 members from developed and developing countries. [Adaptation Fund Press Release] [Adaptation Fund Website]