This article addresses the legal aspects of the financing of adaptation to climate change, with special consideration given to one of the climate funds – the Adaptation Fund (AF). In the complex structure of climate finance, the AF attracts attention as it differs from other funds in several aspects. As an exception from other United Nations (UNs) climate funds, AF has not been recognised as an operating entity of the Financial Mechanism of the Convention. AF is also an unprecedented example under the Convention of a fund serving in parallel two decision-making bodies (CMP and CMA) under two agreements (Kyoto Protocol and Paris Agreement) ratified by non-overlapping sets of parties; with a Fund Board elected by both bodies collectively. AFs funding source is specific, it was designed to be financed from shares of the proceeds of sales of certified emission reduction units (CERs) generated by Clean Development Mechanism (CDM) projects but since 2012 there is a limited possibility of offsetting the emissions with CERs under the EU emissions trading system (ETS). For several years Parties were unable to agree the operating principles and procedures of a new mechanism established in article 6(4) of the Paris Agreement, which will resemble CDM, and would constitute a source of funding for the AF. Once this source of funding is available, the AF would cease to serve the Kyoto Protocol. Despite the above problems, AF was seen as a good example of how future climate funding can be designed. We examine the evolution of the above legal problems, including the most recent decisions and conclusions adopted during Conference of Parties (COP)25 in Madrid.

本文讨论了适应气候变化融资的法律方面，特别考虑了气候基金之一——适应基金 ( AF )。在气候融资结构复杂的情况下，AF与其他基金在几个方面有所不同，备受关注。作为其他联合国 ( UN ) 气候基金的一个例外，AF未被承认为公约资金机制的运营实体。AF也是公约下一个前所未有的例子，该基金同时服务于两个决策机构（CMP和CMA）) 根据非重叠缔约方批准的两项协定（京都议定书和巴黎协定）；由两个机构共同选举产生一个基金委员会。AF的资金来源是特定的，它旨在通过清洁发展机制 ( CDM ) 项目产生的经认证的减排单位 ( CER )销售收益的份额提供资金，但自 2012 年以来抵消排放的可能性有限与CER欧盟排放交易体系（项下的ETS）。多年来，缔约方未能就《巴黎协定》第 6 条第 4 款中建立的类似于CDM的新机制的运作原则和程序达成一致，并将构成AF的资金来源。一旦获得该资金来源，AF将停止为《京都议定书》服务。尽管存在上述问题，但AF被视为如何设计未来气候资金的一个很好的例子。我们研究了上述法律问题的演变，包括在马德里举行的缔约方会议 ( COP )25期间通过的最新决定和结论。