UK pledge £7m to reducing global emissions

The UKpledged £7 milliontoward a global scheme to reduce global emissions. The figure is the largest amount put forward by any of the countries involved. The UK’s financial contributions joins […]

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By Tom Gibson

The UKpledged £7 milliontoward a global scheme to reduce global emissions. The figure is the largest amount put forward by any of the countries involved.

The UK’s financial contributions joins the European Commission, Germany, Norway, Australia and the United States in helping up to 15 developing countries to set up market-based policies.

The World Bank’s Partnership for Market Readiness aims to help developing countries set up their own carbon trading systems to cut emissions and allow more investment in green technologies around the world and help stimulate private sector investment opportunities.

Chris Huhne, Energy and Climate Change Secretary, said: “The UK is contributing £7m to the World Bank, on top of that we will be offering developing countries our expertise in designing and running trading systems, such as our current collaboration with the Government of India on the design and implementation of their new energy efficiency trading system.”

The key aims of the partnership are:

-Increase the number of experts in 10-15 developing countries to design and implement market-based schemes;

-Test and pilot new market schemes in a minimum of five developing countries by 2015;

-Create a forum to enable experts from different countries and organisations to share experience and knowledge.

Andrew Mitchell, the Secretary of State for International Development said: “This funding will kick start innovative carbon programmes that will help poor communities cope with climate change challenges. By better harnessing the innovation of the private sector, developing countries will have the tools to create jobs and develop local solutions that will increase access to clean energy and improve the lives of the world’s poorest people.”