The Adaptation Fund was set up to finance concrete climate change adaptation projects and programmes in developing countries that are parties to the Kyoto Protocol. The World Bank serves as the fund's trustee and conducts CER sales on behalf of the fund. The fund is monetised by a 2% share of proceeds of all CERs issued under the Clean Development Mechanism (CDM).
The transaction involved the World Bank Treasury organising the sale of 600,000 tonnes of CERs at an average price of €12.17 ($17.20)
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