News

Third Meeting of the Adaptation Fund Board

24 September 2008: The Adaptation Fund Board (AFB) held its

third meeting from 15-18 September 2008, at the UN Campus in Bonn, Germany. The

Board discussed several issues pending from its first and second meetings. Work

was concluded on draft Rules of Procedure of the AFB, draft Roles and

Responsibilities of the Board, and draft Strategic Priorities, Policies and

Guidelines.

The Board also adopted draft legal arrangements for the AF Trustee

and agreed to continue its deliberations on the role and responsibilities of

the AF Trustee at its fourth meeting. It was also decided to postpone work on

establishing Board committees. On Legal Issues Pertaining to the

Operationalization of the AF, the Board agreed, in principle, that endowing the

Fund with legal status of some kind deserved further consideration and decided

to commission a feasibility study in that regard. In the meantime, the Board

also considered an alternative approach that would provide fiduciary risk

management oversight through a legal entity established and/or existing at the

national level to enable direct access to resources.

On Monetization of

Certified Emission Reductions, the AFB decided that the monetization programme

should commence as early as practicable and requested the Trustee to prepare

draft monetization programme guidelines for the fourth meeting of AFB. The

Board also requested the Trustee to plan a significantly-sized inaugural

transaction and develop a communications strategy for the inaugural

transaction. The Board will hold its fourth meeting from 15-17 December 2008 in

Bonn, back-to-back with the fourth Conference of the Parties serving as the meeting

of the Parties to the Kyoto Protocol. [Meeting documents]

[Report

of the Third meeting of the AFB, including decisions taken by the Board]