Welcome to our PMI newsletter!

Dear friends and partners,

I’m pleased to share with you a new edition of our PMI newsletter. Since its launch in 2021, the PMI has become a key global initiative, providing technical assistance to countries to develop and deploy their own carbon pricing instruments. Our goal is to scale up Paris-aligned carbon markets at the country level and to disseminate knowledge on carbon pricing and carbon markets on the global stage.

Looking ahead, PMI will focus on delivering in-country capacity building and supporting the global carbon market architecture, as per the Carbon Markets Engagement Roadmap launched by the World Bank at COP28. A key priority moving forward is to deepen partnerships with players in the carbon markets ecosystem—to unlock bottlenecks and shape a sound, well-functioning, and trusted global carbon market—and with stakeholders in the carbon pricing space to share knowledge and experiences.

In response to the growing momentum around carbon markets and the increased interest from countries in carbon pricing, the PMI has expanded its operational model. PMI now provides just-in-time support for strategic and ad hoc requests related to carbon market strategies, institutional strengthening, policy design and infrastructure development (such as monitoring, reporting and verification systems and registries). Additionally, PMI is extending its support at the regional level to foster cooperation on market infrastructure development, promote harmonized policies and procedures and facilitate country-to-country exchanges.

Hosted by the PMI with the support of the International Carbon Action Partnership, the one-week workshop introduced participants to the key elements of emissions trading. Drawing on examples and experiences from existing systems, the workshop addressed the main design choices for setting up an ETS and conveyed solutions for their implementation. 

The workshop included government participants from Bangladesh, China, India, Indonesia, Malaysia, Pakistan, the Philippines, Thailand and Vietnam. The lessons built on the Emissions Trading in Practice: A Handbook on Design and Implementation (2nd Edition). In addition, given regional interest in the use of carbon crediting, the course explored the basics of crediting mechanisms, including both domestic and international crediting issues. 

Regional Climate Weeks

Four Regional Climate Weeks (RCWs) were held in 2023 to build momentum ahead of COP28 in Dubai and the conclusion of the first Global Stocktake. More than 70 sessions with World Bank participation were delivered from September through November (Africa in September, MENA and LAC in October, Asia-Pacific in November), including speaking opportunities, and sessions organized and co-organized by the World Bank. More than 70 World Bank Speakers joined 42 RCW sessions across four RCWs. These events brought together over 185 speakers from client countries, donors, development partners, and others.

The PMI contributed with impactful sessions at RCWs. At Africa Climate Week, an affiliated event led by the Compact with Africa Green Business Fund highlighted innovative financial instruments to de-risk climate investments in Africa.

During the LAC Climate Week, a PMI-led side event focused on carbon pricing across Latin America and showcased lessons learned. Finally, at Asia-Pacific Climate Week, a side event organized by the PMI showcased instruments and approaches to accelerate carbon pricing in the Asia Pacific region.  

Upcoming Events

PMI Global Knowledge Forum

Cartagena, June 24 -25, 2024

PMIF Partnership Council Meeting

Cartagena, June 26, 2024

With a target of covering over 30 countries by 2025, the PMI is poised to be an important contributor on carbon pricing and markets over the next decade, as countries move to enhance their climate ambition and accelerate climate action. 

Learn more about our country engagement program.

Regional Program

Africa Regional Program - Southern Africa

• The carbon pricing support program for the Southern Africa Power Pool (SAPP) and the Southern African Development Community (SADC) started this fiscal year.
• Completed an Inception Report for the training program before the initial meeting with representatives from the SAPP and the SADC.
• Finished a Needs Assessment Report to identify and define training needs.
• Held the first virtual workshop on February 27th to explain carbon pricing, including carbon markets, with case studies.
• In-person and final virtual workshops are planned for April/May.

The PMI technical work program is exploring opportunities to help governments and businesses understand alignment across various reporting standards and to help organizations better respond to an increasing requirement for international reporting, including the EU CBAM.

As a first step, the PMI will take stock of the international MRV reporting standards and requirements and investigate and assess MRV systems in select countries. To help support this effort, the PMI will establish a working group of experts on national MRV systems and international compatibility, to help guide this project and review key deliverables and also initiated discussions with other organizations, including OECD and IEA.

We are pleased to welcome five new PMI knowledge partners:

National Climate Change Secretariat of Singapore, Ministry of the Environment of the Fight Against Climate Change of Québec, International Energy Agency, International Carbon Action Partnership (ICAP), and International Emissions Trading Association (IETA).

Our partners will help us to leverage and maximize the impact of the PMI as a frontier knowledge-sharing platform, and to assist PMI countries by bringing technical expertise and knowledge generated by countries, subnational jurisdictions and agencies/organizations. 

PMI is currently working on three upcoming publications in 2024: 

COP28 Launch of Data Dashboard of Climate Action Data Trust   

The Climate Action Data Trust (CAD Trust), a Singapore-based non-profit initiative founded by the World Bank, the International Emissions Trading Association (IETA), and the Government of Singapore, launched its Public Data Dashboard at COP28.  

The Data Dashboard, as a public interface of the metadata layer, now incorporates datasets from four carbon market registries (Verra, Global Carbon Council, EcoRegistry, BioCarbon Registry), along with Clean Development Mechanism (CDM) data from the United Nations Framework Convention on Climate Change (UNFCCC) and Bhutan's national carbon registry.

Users can now access, scrutinize, compare, and utilize carbon markets data through a free, open-source platform, where blockchain technology guarantees the security and traceability of the data. The aggregated and harmonized data available on CAD Trust is fostering more transparent carbon markets, paving the way for enhanced integrity checks.

COP28 Launch of Bhutan's National Carbon Registry and Bhutan Climate Fund 

The Royal Government of Bhutan and the World Bank co-hosted two events at COP28, offering valuable insights and shared lessons on Bhutan’s carbon market policy, its national carbon registry, and its national climate fund. Furthermore, these events underscored Bhutan's dedication to participating in carbon markets, underpinned by a commitment to enhanced trust and transparency.

The World Bank’s Climate Warehouse program collaborates with global and local partners to build an end-to-end digital ecosystem that underpins the development of post-2020 carbon markets under the Paris Agreement. To enable a transparent and high integrity global carbon market, the Climate Warehouse is supporting countries through capacity-building programs on how to implement market infrastructure required for climate mitigation and the implementation of NDCs.  

The initiative includes the prototyping and testing of modular components required to digitize the generation, reporting, and trading of carbon assets in partnership with the Digital for Climate (D4C) Working Group, which includes UNFCCC, UNDP, EBRD, ESA, IETA, and the World Bank.  

Event Highlights 2023/24 

Digital for Climate at COP 28 

Session: Building an End-to-End Digital Ecosystem for Carbon Market

This session showcased a series of in-depth technical presentations, offering insightful contributions and findings from ongoing pilot projects and practical use cases by the D4C Working Group.  

Key components of Digital for Climate (D4C) Working Group include the digitization of methodologies, digital monitoring, reporting and verification (dMRV) systems, national carbon registries, and the issuance and trading of digital carbon assets. All these elements are tracked and anchored in the Climate Action Data Trust (CAD Trust) and coordinated through an IMO project preparation workflow platform. Watch recording

Digital for Climate at I4C 2023 

Workshop: Digital 4 Climate: Building an End-to-End Digital Ecosystem for Carbon Markets

The workshop aimed to provide an overview of the D4C activities related to building and piloting modular components of the ecosystem required to digitize the generation, reporting, and transfer of carbon assets. It encompassed presentations on components of the digital ecosystem for carbon markets, followed by a discussion offering insights from the perspectives of independent standards and country registries. Watch recording

Compact with Africa – Green Business Fund (CwA-GBF) is an associated trust fund dedicated to supporting financial institutions and SMEs on climate action. The fund is designed to achieve this objective via three pillars: (1) policy dialogue and enabling environment, (2) capacity building and technical assistance, and (3) access to innovative financial instruments.

The workshops received an overwhelming response, with 58 participants from 25 financial institutions. The training focused on equipping attendees with the necessary knowledge to support SMEs in their transition to climate-resilient business practices.

Improving access to financing for SMEs is a critical challenge that requires collaboration among financial institutions and development partners. In line with its goal to facilitate access to climate finance for African SMEs and boost the private sector, the CwA-GBF actively participated in a round-table discussion on SME financing in Togo in January 2024. During the event, the CwA-GBF shared insights on the opportunities available in climate finance and carbon markets for private sector participants, drawing on the World Bank's successful experiences in this field.

This event included two parts: one on high-level discussions about financing for climate actions and another on a technical panel that shared experiences and advice on using financial tools to reduce risks and support projects, especially for small and medium enterprises (SMEs) focusing on climate change solutions in Africa. It was a valuable opportunity for various experts and organizations to exchange ideas on financing methods that can help Africa move towards a more sustainable and resilient future.

Back for its eight edition, Innovate4Climate (I4C) 2024 will take place from September 10 – 12 in Berlin, Germany. Organized in collaboration with the governments of Germany and Spain, I4C 2024 will bring together the public and private sectors to turn up the volume on innovative climate solutions.

PMI is a global, multi-donor trust fund launched in 2021 to help accelerate global decarbonization efforts. It aims to (i) be a leading initiative for client countries looking to design and deploy carbon pricing policies/programs in line with their domestic contexts and sustainable development priorities, and (ii) catalyze the development of the next generation of international carbon markets.

The PMI comprises the anchor program, the Compact with Africa – Green Business Fund (CwA-GBF) associate trust fund, as well as the various other programs and initiatives - Carbon Pricing Leadership Coalition (CPLC), Climate Warehouse and Networked Carbon Markets (NCM), Innovate4Climate (I4C), and Regional Climate Weeks. 



PMI is supported by 11 global donors: Australia, Canada, the European Commission, Finland, Germany, Japan, Norway, Spain, Sweden, Switzerland, and the United Kingdom.

The PMI is implemented in collaboration with World Bank Group regions, country management units, and global practices to leverage and support operations.

Partnership for Market Implementation (PMI), World Bank

For contributions to our newsletter, please reach out to us at:

pmiclimate@worldbank.org.