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The Adaptation Fund was created under the Kyoto Protocol to support adaptation measures on the ground, particularly in very vulnerable countries. It is unique both in the way it is financed and in the potential scale of money generated. As such, we believe it will be best served with a ‘stand-alone’ operating entity and a decision-making format that genuinely guarantees the authority of the Protocol’s Meeting of Parties over the Fund. This may mean a delay in setting up and running the Fund – but given the importance of getting its governance and management right, we feel this is an acceptable risk.