The FINANCIAL -- The World Bank welcomes Kazakhstan’s joining the Partnership for Market Readiness (PMR) -- a grant-based global partnership for capacity building to scale up climate mitigation, and supports the PMR’s decision to admit Kazakhstan as a Technical Partner by providing a US$ 1 million grant to support implementation of the National Emission Trading Scheme, according to the World Bank Group.
At the 8th Partnership Assembly meeting held on March 3-5, 2014 in Mexico and attended by 100 participants from 30 countries, Kazakhstan was admitted as a Technical Partner of the PMR by successfully presenting its proposal for technical support to implement its National Emissions Trading Scheme. A Technical partnership implies financial assistance for targeted technical support to complement the country’s domestic actions in developing or implementing its emissions trading scheme, carbon tax or another market instrument which serves the objectives of the PMR.
Following approval of the Terms of Reference for specific activities within the country, the World Bank expects to begin supporting Kazakhstan’s domestic actions. The World Bank highlights that the PMR grant will be another area of support in strategic and key areas complementary to the large donor effort in strengthening Kazakhstan's Emissions Trading Scheme.
The Partnership for Market Readiness brings together developed and developing countries, provides a platform for sharing experience, fosters new and innovative market instruments, and builds market readiness capacity for countries. It is a country-led initiative that builds on individual countries’ mitigation priorities and their development of market instruments, according to the World Bank Group.