a drop in the ocean of adaptation
Finally, parties have reached an agreement on the general administration of the adaptation fund. On an interim basis, the World Bank and GEF take on the role of trustee and secretariat respectively while a 16 member board will be charged with the overall management. Annex 1, Non Annex 1, Least Developed Countries, Small Island States and the UN bodies are all represented in this arrangement. Whether this calls for celebration or not is debatable. The World Bank estimates that between US$ 10-40 billion is needed per year to ‘climate proof’ development in low-income countries compared to the 2% levy on CDM transactions (source of the adaptation fund) which is expected to generate only US$ 100-500 million through to 2012. Hmmmm…?