- December 7, 2019
- Posted by: INSIGHTS
- Category: INSIGHTS
Conservation, environmental pollution and degradation, environmental impact assessment.
What to study?
For Prelims and mains: Key features and significance of the fund.
Context: The latest data show that since 2010, the Adaptation Fund has directed $532 million to 80 concrete adaptation projects in the most vulnerable communities of developing countries, serving 5.8 million direct beneficiaries.
What is Adaptation fund?
Established under the Kyoto Protocol of the UN Framework Convention on Climate Change.
- It finances projects and programmes that help vulnerable communities in developing countries adapt to climate change.
- Initiatives are based on country needs, views and priorities.
The Fund is financed in part by government and private donors, and also from a two percent share of proceeds of Certified Emission Reductions (CERs) issued under the Protocol’s Clean Development Mechanism projects.
The Fund is supervised and managed by the Adaptation Fund Board (AFB). The AFB is composed of 16 members and 16 alternates and meets at least twice a year.
The World Bank serves as trustee of the Adaptation Fund on an interim basis.
The Adaptation Fund, despite its limited size, is one of the few consistent avenues for finance sourced from developed countries, over which developing countries have significant control.
The challenge now is to keep raising money from developed countries, while retaining control in the representatives of those who are most vulnerable to the climate crisis.
Sources: down to earth.