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]