Having considered the comments and recommendations of the Ethics and Finance Committee, the Adaptation Fund Board decided to:

(a) Endorse the approach outlined in the document AFB/EFC.9/.9/Rev.2, with the addition that only CERs derived from industrial gas projects be available for sale to governments and that such sales only be executed at a premium price; and

(b) Approve the Amended and Restated CER Monetization Guidelines contained in Annex VII of the present report;

(c) Request the trustee to include in its regular reporting to the Board the experience with CER sales to governments;

(d) Request the trustee to present to the next meeting of the EFC a strategy to optimize the benefits from sales of all types of CERs, using the three different sales channels; and

(e) Review the outcome of the amendments to the CER Monetization Guidelines at its 21st meeting.