Adaptation Fund

The Adaptation Fund (AF) was established in 2001 at COP 7 in Marrakech. Its main function is to finance projects and programmes that help vulnerable countries and communities to adapt to climate change and to become more climate resilient. The AF was the first fund in the international climate finance arena which operationalised a direct access modality to funding. The AF is designed to be funded by a 2% levy on the share of proceeds from the Clean Development Mechanism, as well as by government and private donors. The fund is governed by the Adaptation Fund Board which is composed of 16 members and 16 alternates meeting at least twice a year, usually in Bonn, Germany.