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Monday, August 21, 2017

Kazakhstan joins Partnership for Market Readiness

The World Bank welcomed Kazakhstan on Monday to the Partnership for Market Readiness, a grant-based global partnership meant to build capacity for scaling up climate mitigation.

The bank supported the PMR's decision to admit Kazakhstan as a technical partner by providing a $1 million grant to support implementation of the national emission trading scheme.

Kazakhstan was officially admitted as a technical partner of the PMR at the 8th Partnership Assembly meeting on March 3-5 in Mexico. The meeting was attended by 100 participants from 30 countries.

A technical partnership implies financial assistance for targeted technical support to complement the country's domestic actions to reduce emissions. The partnership helps the country to develop or implement an emissions trading scheme, carbon tax or another market instrument that serves the objectives of the PMR.

The Partnership for Market Readiness brings together developed and developing countries to provide a platform for sharing experiences, building market readiness capacity and fostering new and innovative market instruments.