Heros and Zeros: Adaptation Fund Facts & Figures

More and more countries seem to recognise the progress and achievements of the Adaptation Fund in recent years.  Progress so far was featured at a side event last Friday, held jointly by the Adaptation Fund Board.

First the good news.  Only two years after the first call for proposals, 25 concrete adaptation projects have been approved so far and USD 160 million has been allocated.  Direct access is now approved for 14 countries, and many more have expressed interest. 
 
The bad news is that the key funding source, the share of proceeds of CERs from the Clean Development Mechanism, has now almost totally dried up.  At the end of 2010, it was estimated that revenues would come in as much as USD 400 million by the end of 2012, but only USD 180 million can actually be realised with the current all-time low CER price. 
 
Some developed countries have made contributions to the AF to the tune of USD 120 million, and this is a very good thing. Spain and Sweden have been the heros in this, while UK and Germany have contributed only a tenth as much relative to their GDP than Spain or Sweden (roughly a tenth). 
 
But lots of other developed countries have closed their pocketbooks despite the benefits for vulnerable communities addressed by the AF projects. We still have time for pledges coming through from ministers in the next days in Doha, taking their cue from the many individuals who have, once again, reached into their pockets to help build up the Adaptation Fund.
 
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