UK Government backs global carbon trading scheme

World Bank carbon trading scheme gets backing from UK Government

A World Bank carbon trading scheme has got a £7 million backing from the UK Government.

The Government’s contribution of £7 million to the World Bank’s Partnership for Market Readiness joins financial support from the European Commission, Germany, Norway, Australia and the US.

The funding aims to increase the number of experts in between 10 and 15 developing nations to design and implement the carbon trading schemes, to test and pilot new market schemes in at least five countries by 2015 and enable knowledge-sharing between countries.

Climate Change Secretary Chris Huhne said carbon trading was one of the most cost-effective ways for countries to cut greenhouse emissions.

“Carbon trading is one of the most cost-effective ways for countries to reduce emissions, so it’s vital that developing countries have the funds to invest and introduce their own schemes.

“Here in the UK, almost half of our emissions are managed through carbon trading, which contributes to energy security, supports jobs and encourages private finance.

“The UK is contributing £7 million 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.,” Huhne said.

International Development Secretary Andrew Mitchell said: “Establishing their own carbon trading mechanisms will allow developing countries to play their own role in reducing their carbon emissions.

“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,” Mitchell said.

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