Bonn, March 25, 2010 – As a decisive step forward towards the implementation of its mandate, especially the ground breaking direct access modality, the Adaptation Fund Board decided to start financing concrete climate change adaptation projects and issued call to parties to submit project proposals at its 9th meeting on March 23-25 in Bonn, Germany.

The Adaptation Fund Board also decided to accredit first three agencies to manage grants from the Adaptation Fund. The group of first three accredited Implementing Entities includes Centre de Suivi Ecologique from Senegal which is a national organization that will be able to propose adaptation projects in Senegal directly to the Board, and to receive funds directly from it. This direct access modality is a new feature in international development finance, designed by the Board to provide to the countries a simplified and accelerated way to access and manage funds. The accreditation decision was supported by a stringent analysis of the fiduciary standards of the accredited organization, carried out by an expert panel.

Several other developing countries are expected to have their representative entities accredited during this year. In addition to the Senegalese entity, the United Nations Development Programme (UNDP) and the World Bank were accredited as Implementing Entities, and they provide an alternative path for developing countries to access finance from the Adaptation Fund.

The Adaptation Fund Board also made further progress in defining its approach to Results Based Management and evaluation which helps it ensure the coherence and quality of Adaptation Fund portfolio of projects in developing countries, and outlined a Memorandum of Understanding between the Board and the implementing entities.

The Fund also elected Mr. Farrukh Iqbal Khan (Pakistan – Non-Annex I) as its Chairman following the completion of term of Mr. Jan Cedergren (Sweden – Annex I). The Board also elected Mr. Hiroshi Ono (Japan – Annex I) as its Vice Chair.

The Adaptation Fund is a self-standing fund established under the Kyoto Protocol of the UN Climate Change Convention, which gets its funding from a two percent share of proceeds of all Certified Emission Reductions issued under the Protocol’s Clean Development Mechanism projects. The Fund is designed to finance concrete climate change adaptation projects and programs based on the needs, views and priorities of developing countries. The Global Environment Facility provides secretariat services to the Adaptation Fund and the World Bank serves as its trustee, both on an interim basis.