At COP25, the World Bank Announces Global Partnership for Implementing Carbon Markets | WPN World People News

The Partnership for Market Implementation was unveiled on 10th of Dec., the sidelines of COP25, by the World Bank and country partners including Canada, Chile, Germany, Japan, Norway, Spain, and the United Kingdom. The Partnership will provide technical assistance to countries to design, pilot and implement carbon pricing and market instruments. It will support the direct implementation of carbon pricing in at least 10 developing countries and help a further 20 countries get ready to do so.

“Well-designed carbon pricing instruments can be a transformative part of the climate action toolkit. Over half of countries worldwide are thinking about how carbon pricing can help them meet their climate targets”, said Laura Tuck, Vice President of Sustainable Development, World Bank. “This Partnership can help countries wanting to encourage climate action through strong carbon markets to get this right, building on what we know works, sharing experiences and best practices, and helping them ensure their citizens are on board with new policies.”

The Partnership is a response to increased demand for carbon pricing implementation support and knowledge exchange. It builds on the success of the World Bank’s long-standing program, the Partnership for Market Readiness, that has provided targeted technical assistance on carbon pricing to over 20 emerging economies and developing countries, collectively accounting for over 40 percent of global greenhouse gas emissions. The Partnership is expected to begin operations in July 2020 when it anticipates having reached US$100 million in capitalization and, over its 10-year program, will have a total capitalization target of US$250 million.

Germany’s Minister for the Environment, Svenja Schulze said, “The PMI is well-positioned to step-up the climate action agenda to the next level of ambition for reaching the goals of the Paris Agreement. Thus, I am pleased to announce for Germany a pledge of 10 million Euros [US$11 million] to the program.”

The Partnership aims to:
. Support countries and jurisdictions in the development and implementation of carbon pricing instruments;
. Assist countries to cooperate with each other, via the operationalization of Article 6 of the Paris Agreement;
. Help countries identify and implement best practices and, where relevant, achieve compatibility with other countries’ carbon pricing and markets;
. Inform national and international policy discussions on carbon pricing, including by providing a platform for collective innovation on instruments; and
. Develop a comprehensive knowledge base and facilitate information exchange on carbon pricing instruments and proven market mechanisms.

Source: World Bank