Building a market-based mechanism for tackling greenhouse gas emissions in Jordan
Ricardo has started work on preparing a World Bank Market Readiness Proposal for the Hashemite Kingdom of Jordan, as part of the Bank’s Partnership for Market Readiness (PMR) programme – the project will pave the way for a multimillion dollar investment from the World Bank in order to design and implement a market-based mechanism for tackling greenhouse gas emissions in Jordan
Ricardo’s leading climate finance experts travelled to Jordan to kick-off meetings with government officials, including from the Ministry of Energy, Ministry of Water and Irrigation and the Ministry of Environment. These meetings mark the start of the process of examining the country’s climate change policy context and landscape.
The company will then start work exploring different market-based instruments that are appropriate in the Jordanian context. This will be achieved by carrying out stakeholder engagement at the highest government levels, with industry, NGOs and community groups. An implementation framework for a market-based mechanism that accounts for Jordan’s unique circumstances and previous experience can then be developed.
The contract to prepare Jordan’s Market Readiness Proposal was awarded to Ricardo by the World Bank, following successful assignments for the PMR programme in Chile, Ukraine and Turkey.
The final Market Readiness Proposal will be submitted to the PMR Partnership Assembly in the latter part of 2015, who will assess it with a view to providing a multimillion dollar grant to develop the proposal’s findings and recommendations.
Mahmoud Abu-ebid, business area manager at Ricardo Energy & Environment, said: “Our team is very much looking forward to supporting Jordan in the development of its Market Readiness Proposal. We will prepare a comprehensive and robust proposal for Jordan that will account for its individual needs and context, and also provide confidence to the World Bank. Our work will help Jordan unlock substantial funding so that Jordan can to continue to develop while mitigating greenhouse gas emissions arising from the energy, water and urban development sectors.”