Washington, DC, June 15, 2009 – The World Bank as Trustee for the Adaptation Fund sold certified emission reductions (CERs) during the second week of June, 2009. This was the second set of transactions carried out as part of the World Bank’s program to monetize CERs for the Adaptation Fund.
The World Bank (International Bank for Reconstruction and Development) serves as Trustee for the Adaptation Fund, and the World Bank Treasury conducts CER sales for the Fund.
The World Bank Treasury arranged the sale of 500,000 tons of CERs. The CERs were sold at an average price of €11.46 per ton. Bank of America Merrill Lynch ("Merrill Lynch Commodities Europe Ltd") was appointed as the dealer for the sales. The end buyers of the CERs were widely diversified across sectors and regions and included corporate carbon off-setters as well as entities complying with the European Union Emissions Trading Scheme (EU ETS).
Angela Furtado, Washington, D.C., Tel. +1 202-473-1909, firstname.lastname@example.org
About the Adaptation Fund:
The Adaptation Fund has been established by the Parties to the Kyoto Protocol of the UN Framework Convention on Climate Change to finance concrete adaptation projects and programs in developing countries that are Parties to the Kyoto Protocol. The Fund will be financed with 2% of the Certified Emission Reduction (CERs) issued for projects of the Clean Development Mechanism (CDM) and with funds from other sources.