The Adaptation Fund was established under the Kyoto Protocol of the UNFCCC and launched at COP-7 in Marrakech, in 2001. Its aim was to finance concrete adaptation projects and programmes in vulnerable developing countries. The Board of the Adaptation Fund was then established in 2008. The Fund is expected to become operational before the climate change conference in Copenhagen at the end of this year. The Adaptation Fund has a unique mechanism for financing, which is not dependent on contributions from specific countries. Instead, it is financed by a market-based source of funding—a 2 per cent. levy on the proceeds of the Clean Development Mechanism (CDM), which was also established under the Kyoto Protocol. Nevertheless, the UK has been supporting the design and implementation of the Adaptation Fund both as a board member and through provision of £0.5 million start-up funding.