Partnership for Market Readiness (PMR)

The Partnership for Market Readiness (PMR) provides funding and technical assistance to support the design and implementation of market-based mechanisms for GHG mitigation in developing and emerging countries. A key objective of the PMR is to pilot new mechanisms – such as domestic emissions trading schemes or other scaled-up crediting mechanisms – and to share the resulting lessons learned from these pilots with the international community.

While not all countries participating in the PMR will pilot a new mechanism, all will strengthen various “market readiness” components, such as setting baselines; creating or strengthening monitoring, reporting and verification (MRV) systems; improving data collection and management; and establishing regulatory institutions. Such market readiness capacity building – as well as market mechanisms piloting – can have cross-cutting benefits that are relevant to supporting domestic climate change policies, elaborating low emission development strategies, and implementing mitigation actions.

The PMR provides grant financing. The PMR currently supports 15 Implementing Country Participants, all of which are eligible to submit proposals to receive grant funding. Funding is provided in two phases:

1. Preparation Phase: With a preparation funding allocation of US$350,000, an Implementing Country Participant formulates a Market Readiness Proposal (MRP), which details the country’s road map for its proposed market-based mechanism and relevant market readiness components. The MRP includes a funding estimate and a timetable for implementation.
2. Implementation Phase: An Implementing Country Participant implements readiness components outlined in the MRP, including piloting a proposed market mechanisms where possible. Implementation is supported by funding between US$3 million and US$8 million.

Countries interested in participating in the PMR as an Implementing Country Participant complete an expression of interest form and submit it for consideration by the PMR Partnership Assembly. The current capitalization of the PMR supports funding for 15 Implementing Country Participants. Currently, the PMR has reached this capacity and is no longer accepting expressions of interest.

Countries interested in participating in the PMR as Contributing Participants (donors) can express this interest in an email to the pmrsecretariat@worldbank.org.