News

World Bank PMR Assembly Discusses Domestic Climate Action and Carbon Pricing Instruments

pmr7 March 2014: Participants from 30 countries, representing approximately 80% of global emissions, discussed domestic actions taken in pursuit of low-emissions development at the Eighth Partnership Assembly of the World Bank's Partnership for Market Readiness (PMR). Participants also discussed mitigation approaches and carbon pricing initiatives, such as emissions trading schemes and carbon taxes. 

The Assembly included presentations on domestic strategies on climate action and carbon pricing plans. With PMR support, 18 countries are developing carbon pricing plans, a critical step in slowing climate change and ending global poverty, according to the World Bank. Mexico announced it is exploring an emissions-trading scheme within the energy sector. South Africa said it plans to introduce a delayed carbon tax in early 2016. China reported on progress made in seven emissions trading schemes in cities and provinces covering 250 million people and one-third of China's economy. Colombia said it is exploring a performance standard for its public transportation system.

Thailand, Morocco and Colombia presented Market Readiness Proposals on energy efficiency, large-scale sectoral crediting mechanisms and urban transport, respectively.

At the meeting, the PMR announced support for analytical work to help countries integrate carbon-pricing measures into post-2020 mitigation scenarios at the assembly. Tunisia and Kazakhstan became PMR members.

The PMR's Eighth Partnership Assembly took place from 3-5 March, in Mexico City, Mexico. The World Bank established the PMR in 2011 to support, facilitate and build readiness for carbon market instruments. It is a grant-based global partnership of developed and developing countries that offers a platform for countries to share information on low-emissions development efforts and provides support for technical and institutional capacity development and piloting market-based instruments to scale up mitigation efforts. [8th Meeting of the PMR Partnership Assembly Meeting Website] [World Bank Press Release] [World Bank Blog] [World Bank Story]