Countries are exploring innovative and cost-effective ways to scale up reductions in greenhouse gas emissions and foster financial flows, including through carbon market instruments.
To support, facilitate and build "readiness" for such instruments, the World Bank established the Partnership for Market Readiness (PMR), a grant-based, global partnership of developed and developing countries that provides funding and technical assistance for piloting market-based instruments to reduce greenhouse gas emissions.
The PMR will have its eighth meeting of the Partnership Assembly in Mexico City, Mexico from March 3 to 5, 2014. Check back to find the latest updates from the event.
Some 30 countries -- representing about 80% of global greenhouse gas emissions -- met in Mexico to discuss domestic approaches to greenhouse gas mitigation, including initiatives that put a price on carbon such as domestic emissions trading schemes and carbon taxes. Read More
Xueman Wang, a senior carbon specialist at the World Bank, writes, "today, 70 percent of global emissions are regulated, and of that, about one-third is regulated through an explicit pricing mechanism. An estimated 40 countries and 20 subnational jurisdictions are considering or implementing explicit carbon pricing tools. These countries account for about 21 percent of global emissions." Read More
The PMR is a platform for developing and developed countries to exchange best practices in their road towards a more sustainable development. Its goal is to help countries move towards a low carbon economy through market mechanisms. Read More
Q & A
Cesar Arreola, a World Bank expert on carbon markets, explores the current state of the markets, Mexico’s new tax on fossil fuels, and what role the Partnership for Market Readiness plays in slowing global greenhouse gas emissions. Read More