The United Kingdom is contributing 7 million pounds ($11 million) to a World Bank-led global initiative that aims to help developing countries reduce their carbon emissions.
The U.K.’s contribution to the Partnership for Market Readiness, or PMR, also includes an offer of the country’s expertise in developing and running energy efficiency trading systems, according to the U.K. energy and climate change secretary, Chris Huhne.
PMR is designed to help up to 15 developing countries design and manage their own carbon trading systems and other market-based policies aimed at cutting carbon emissions. Aside from Britain, the European Commission, Germany, Australia, Norway and the United States are backing the initiative.
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