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illuminem summarises for you the essential news of the day. Read the full piece on Carbon Herald or enjoy below:
🗞️ Driving the news: Kazakhstan has joined the World Bank’s Partnership for Market Implementation (PMI) to enhance its carbon market and emissions trading system (ETS)
• The $4.8 million project, running through 2028, aims to modernise Kazakhstan’s ETS, support a domestic carbon credit market, and prepare the country for international carbon trading
• The initiative is led by the Ministry of Ecology and Zhasyl Damu JSC
🔭 The context: Kazakhstan was the first country in Central Asia to establish an ETS and is seen as a regional leader in carbon pricing
• The World Bank’s involvement reflects a broader push to align Kazakhstan’s carbon market with global standards
• At the project launch, stakeholders discussed improving benchmarks, auctioning quotas, and introducing complementary tools like carbon taxes
🌍 Why it matters for the planet: A stronger ETS will help Kazakhstan reduce emissions more effectively while attracting sustainable investment
• Improved carbon pricing mechanisms support the country’s path toward net-zero and enable it to participate in international carbon markets
• This contributes to global climate goals, especially in emerging economies
⏭️ What's next: The project will refine Kazakhstan’s ETS infrastructure, expand its coverage, and strengthen regulation tools over the next three years
• International collaboration, including with countries like Canada, is expected to follow
• Kazakhstan aims to mobilise more climate finance and technology by enhancing market credibility
💬 One quote: “Enhancing the ETS will help Kazakhstan efficiently mobilize resources to meet its climate commitments,” - Kirtan Sahoo, Senior Climate Change Specialist, World Bank
📈 One stat: The World Bank has allocated $4.8 million to support Kazakhstan’s ETS development through the PMI initiative
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