UK Joins Global Initiative Supporting Carbon Trading in Developing Countries

Smoke stacks against a gray sky. The U.K. is contributing 7 million pounds to a World Bank-led initiative aimed at helping developing countries reduce their carbon emissions. Photo by: Ian Britton / CC BY-NC

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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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.