It’s the Spring Edition! 

In this issue, we spotlight our key upcoming events: Innovate4Climate and the Global Knowledge Forum! You’ll also find updates on PMI programs, country engagements, and recent knowledge products that help shape the carbon pricing and market landscape. Dive in and stay informed on the latest insights and updates throughout the year.

The 2025 PMI Global Knowledge Forum will bring together policy makers from implementing and donor countries, and knowledge partners and experts, to foster insightful exchange on key advancements, address challenges with implementing carbon pricing instruments, and participate in carbon markets.

The forum will foster insightful exchange to advance global climate and development goals through collaborative dialogue and innovation Learn more.

Innovate4Climate 2025 will convene key players from government, international organizations, finance, business, and civil society around the theme: “Harnessing Carbon Markets and Carbon Pricing for Smarter Development and Stronger Economies”. The event will feature high-level panels, technical workshops, and showcase innovative initiatives. It also offers a chance to connect with public and private sector leaders and meet new partners, investors, and innovators. Learn more.

With a growing coalition of over 35 implementing countries, PMI has established itself as a key platform for helping countries design and operationalize carbon pricing and catalyze market instruments, build institutional capacity, and respond to evolving global demands. For more information on PMI's country programs and targeted support activities, check out our latest update below and visit our website.

Other countries are also making progress through PMI’s Just-in-Time support: Egypt is advancing a broad carbon pricing framework, Moldova is aligning climate policies with EU accession goals, South Africa is expanding its carbon tax and offset programs, and Thailand is developing an ETS implementation roadmap. Countries are increasingly turning to PMI, not only for ETS design, but also for carbon taxes and crediting mechanisms. This rising demand highlights PMI’s broad support and the growing role of carbon pricing in helping countries to mobilize resources for holistic economic development.

As part of the Türkiye Carbon Market Development Project under the PMI, a technical study tour to China took place from April 20 to 25, 2025. Led by Deputy Director of the Directorate of Climate Change at Türkiye’s Ministry of Environment, Urbanization and Climate Change—Orhan Solak, who is also the director of the PMI Türkiye Project Implementation Unit—the delegation engaged with Chinese institutions to draw lessons from the design, implementation, and scale up of China’s national ETS as well as the integration of a carbon crediting mechanism. The delegation explored China’s experience in balancing national priorities with regional pilot schemes and sequencing system development through phased implementation—insights that will directly inform Türkiye’s plans to develop their own ETS and crediting framework. This first official exchange marks an important step toward sustained technical collaboration between Türkiye and China. The visit also reinforced the value of South-South knowledge exchange between PMI countries, highlighting the power of peer leaning in advancing effective, country-driven carbon pricing strategies.

Guidance Notes

As countries shift from planning to implementation, demand for practical carbon pricing support is rising—especially in the Global South. PMI is meeting this need by serving as a global hub for knowledge and innovation, offering tools, data, and technical expertise co-developed with knowledge partners to help countries assess readiness and implement carbon pricing solutions.

Navigating Decisions on Carbon Markets

The World Bank collaborated with key capacity building partners to launch an important resource at COP29. This note, developed in response to persistent fragmentation in capacity building support for carbon markets, establishes a common foundation for harmonized approaches and aligned messaging to help guide host countries in navigating critical decisions and highlights access points to key tools and resources for engaging in carbon markets.

View Report.

Bhutan-Singapore Investor Roundtable: Implementation Agreement Signed 

The World Bank recently hosted an Investor Roundtable on the Bhutan Climate Fund (BCF). Nearly 30 stakeholders—including investors, carbon traders, and project developers—joined the session to explore investment opportunities and strategic partnerships around Bhutan’s growing carbon credit portfolio. The Government of Singapore and the Royal Government of Bhutan signed an Implementation Agreement under Article 6 of the Paris Agreement in February 2025, providing a basis for entities in Singapore to engage with carbon projects in Bhutan. The workshop produced rich insights on buyer priorities, desired credit characteristics, and key risks to be addressed. It also offered an avenue for Bhutan to showcase the substantial progress it has made in creating enabling conditions for carbon market participation, including in developing a clearer policy and regulatory environment.

Upcoming: Detailed Guidance on International Carbon Market Engagement

As a follow up to the Navigating Decisions note, the World Bank is launching “Detailed Guidance for Host Countries on International Carbon Market Engagement” in June 2025 with key capacity building partners, including Article 6 Implementation Partnership (A6IP), Global Green Growth Institute (GGGI), GIZ, Integrity Council for Voluntary Carbon Markets (ICVCM), United Nations Development Program (UNDP), United Nations Framework Convention for Climate Change (UNFCCC), and Voluntary Carbon Markets Integrity Initiative (VCMI). This detailed guidance will provide an inclusive, development-focused framework for national carbon market strategy development structured around 7 key questions.

A Roadmap for Safe, Efficient, and Interoperable Carbon Markets Infrastructure

This report outlines critical bottlenecks and priority action areas identified by the Carbon Market Infrastructure Working Group to achieve efficient, secure carbon market infrastructure that works seamlessly across systems and jurisdictions.

View Report.

Carbon Asset Registry Training: A Foundational Learning Journey 

This immersive, hands-on learning experience provides practical tools and peer learning opportunities to support countries in the early stages of registry development. The current cohort—comprising Belize, Nepal, and Bhutan—will conclude in August 2025, with the next cohort, which includes Tanzania and Mexico, is scheduled to begin in September 2025. 



The training is designed to equip participants with the technical and functional knowledge required to establish and operate National Carbon Registries. Tailored to both policy professionals and IT experts, this foundational training introduces core principles aligned with Article 6 of the Paris Agreement. Over about 3 months, the training combines weekly live sessions with self-paced testing guided by user scripts and real-world registry simulations. Participants gain exposure to key processes like project registration, credit issuance, transactions, and retirement using a platform tool. Training modules include: 

• Introduction: Preparatory Session 

• Module 1: Registry Foundation – Reporting requirements and project data input 

• Module 2: Transactions & Retirements – Practical use of the "Wallet" feature 

• Module 3: Tracking & Transparency – Auditability and system integrity 

• Module 4: Deployment Options – Customizing registry implementation 

The Compact with Africa—Green Business Fund (CwA-GBF) is a PMI-associated trust fund dedicated to supporting small and medium enterprises (SMEs) in boosting development with positive climate impacts along with country partners in the Compact with Africa G20 initiative. The fund achieves these objectives through policy dialogue, fostering an enabling environment, capacity building, technical assistance, and in designing and piloting innovative financial instruments.

Africa Green, Resilient and Inclusive Housing De-Risking (GRIHD) Facility Project

The World Bank Board approved the third CwA-GBF investment pilot with $95 million from the International Development Association (IDA) and a $5million CwA-GBF grant to the Eastern and Southern African Trade and Development Bank on April 1, 2025. This project aims to attract private investment into green housing in East Africa by offering financial de-risking products and mobilizing an estimated $440 million in private capital through partnerships with financial institutions. It also addresses business constraints and capacity gaps related to mass housing construction across the region. The CwA-GBF plays a crucial role in offering blended finance options to facilitate these efforts. 

The First Training Cohort: Launched on March 20, 2025, the tailored program delved into the fundamentals of sustainable finance for capital market participants, financial institutions, and SMEs across Africa. The training brought together 35 participants from both the public and private sectors in Francophone African countries and was received positively.  

The Second Training Cohort: Targeting professionals from Anglophone African countries, began on May 20, 2025. The program offers a valuable opportunity to build practical skills, integrate sustainability into business strategies, network with peers, and drive meaningful change. Between December 2024 and March 2025, the center also hosted a series of webinars focused on Sustainable Bond Issuance in Francophone Africa and broader topics in climate finance. The next session on “Creating a National Ecosystem for Green Bond Issuance: An Investor Perspective,” takes place on May 22, 2025. 

Beyond shaping the design of the Compact with Africa supported risk mitigation facility for the region, the findings also informed the redesign of an existing $67 million risk-sharing instrument that had previously shown limited effectiveness. Properly crafted risk-sharing mechanisms like these are essential for unlocking financing for SMEs in the off-grid solar sector across the region.

The Partnership for Market Implementation (PMI) is a platform for development that helps countries design and operationalize carbon pricing and catalyze market instruments, build institutional capacity, and respond to evolving global demands.

Launched in 2021, PMI currently provides technical assistance to over 35 countries to create an enabling environment that enhances country readiness for decision-making and carbon pricing policy implementation, while also building capacity to access carbon markets. PMI also serves as a trusted convener, facilitating alignment between recipient countries, donors, and technical partners across regions.

PMI is supported by 11 donors: Australia, Canada, the European Commission, Finland, Germany, Japan, Norway, Spain, Sweden, Switzerland, and the United Kingdom. PMI programs are implemented in collaboration with World Bank Group regions, country management units, and global practices to leverage expertise and support operational activities for global development. 

Partnership for Market Implementation (PMI), World Bank

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