World Bank Auctions Adaptation Fund CERs
20 May 2011: The World Bank, as Trustee for the Adaptation Fund, has completed an auction of 200,000 tons of certified emission reductions (CER) at Euro 12.52 per ton.
This is the first auction of CERs on behalf of the Adaptation Fund and was heavily oversubscribed, reflecting strong interest. The Adaptation Fund's primary source of funding is the 2% share of proceeds of CERs that are issued under the Clean Development Mechanism (CDM).
The World Bank regularly sells CERs on behalf of the Adaptation Fund on exchanges and through over-the counter transactions. Through these mechanisms, it has sold approximately $160 million worth of CERs. The auction approach thus expands the approaches that have been tested by the World Bank to conduct CERs sales for the Adaptation Fund. [Adaptation Fund Press Release]