About the PMR
Partnering on "Readiness" and Innovation
As the world seeks to enhance global greenhouse gas (GHG) mitigation efforts, countries are exploring innovative and cost-effective ways to scale up emissions reductions 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 the collective innovation and piloting of market-based instruments for GHG emissions reduction. In addition, the PMR also provides a platform for technical discussions of such instruments to spur innovation and support implementation.
The PMR is country-led and builds on countries’ own mitigation priorities. Focus is placed on improving a country's technical and institutional capacity for using market instruments to scale up mitigation efforts. Market instruments, such as domestic emissions trading and scaled-up crediting mechanisms, will be targeted for pilot efforts. Ensuring the essential readiness components for any of these instruments—such as data management, MRV systems and the creation of policy and regulatory framework—are a crucial part of the work of the PMR.
The PMR supports four core objectives:
- Provide grant funding for building market readiness components such as GHG registries; Monitoring, Reporting and Verification (MRV) systems, data collection and management tools, and regulatory frameworks
- Pilot and test innovative market instruments (e.g., domestic emissions trading schemes (ETS) or new crediting mechanisms)
- Provide a platform for technical discussions and knowledge creation, South-South and North-South exchanges, and collective innovation on new market instruments
- Share lessons learned & best practices