The Partnership for Market Readiness (PMR) was launched at the climate talks in Cancún in 2010. The World Bank initiative promotes the establishment of a global carbon market and supports proactive countries in preparing and implementing innovative carbon market instruments. The PMR provides financial and technical support: It serves as a dialogue forum to share experience between industrialised countries having market-based instruments already in place and developing countries currently implementing such instruments. The PMR now boasts more than 30 countries, among them some of the world’s largest emitters. The PMR was opened to sub-national participants in 2014, thus further broadening its reach.
The work performed by the PMR is based on a two-tier process. In the first phase, the participating countries prepare market readiness proposals (MRPs) in which they list specific deficits of and measures for targeted development and implementation of carbon pricing instruments. The MRPs are presented and approved at a plenary meeting of the PMR. In the second phase, the countries receive technical and financial support to enable them to develop and implement the planned instruments. The vast majority of countries involved are now at the implementation phase.
In addition to these concrete support measures, the PMR also promotes the transfer of knowledge between participating countries by offering workshops, training seminars and regular meetings at which participants can exchange knowledge and experience. The PMR takes a strong participative approach, enabling participants to engage in exchange far removed from sharing experience with politically controversial technical matters. The approach also ensures that the knowledge and experience shared flows into the official UN process.
These two prongs of the PMR approach are flanked by the publication of reports and background studies on selected topics involving price-based climate action. The publications made available via the PMR website are developed in cooperation with renowned experts in the field. They contain available knowledge and experience gained with carbon pricing to date, and also serve to promote good practice in implementation.