At the CMP3, third session of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (CMP), which was held in Bali, Indonesia from 3-14 December 2007, Parties decided to establish the Adaptation Fund Board (AFB) as the operating entity to supervise and manage the Adaptation Fund, under the authority and guidance of the CMP. The AFB is fully accountable to the CMP, which decides on the overall policies of the Adaptation Fund.
Upon invitation from Parties, the Global Environment Facility (GEF) provides secretariat services to the AFB and the World Bank serves as trustee of the Adaptation Fund on an interim basis.