During the second day of critical negotiations regarding the fight against climate change at the Bali conference the delegates from almost 190 nations have agreed to implement the climate change adaptation fund, which is one of the most important features of the Kyoto Protocol, a statement said on Tuesday.

This particular fund is aimed at helping developing nations to adjust to the devastating effects of climate change, including floods, draughts and crop failure.

The fund was set at the signing of the Kyoto Protocol in 2007 and since then accumulated around 67 million dollars as it has charged a two percent levy on transactions under the Clean Development Mechanism (CDM).

The CDM gives the rich countries carbon credits that they can offset against their emissions targets if they agree to invest in projects for clean energy in the less developed countries.

The German Economic Assistance Minister Heidemarie Wieczorek-Zeul said in Bali that even if the developed countries are affected by the global climate change, too, they are also the main polluters and largest emitters of greenhouse gasses, as they are the most industrialized countries. Thus, the rich countries have the moral obligation of supporting the less developed ones to

The adaptation of the fund will be administered by the Global Environment Facility (GEF) and the World Bank serving as its trustee, while a 16-member board will oversight the process. The board members will be elected from the five United Nations regions and will represent both rich and poor countries.