New Delhi (India), June 16: India and Japan have adopted the Rules of Implementation for the Joint Crediting Mechanism (JCM) under Article 6.2 of the Paris Agreement, for enhancing cooperation on climate action, greenhouse gas emission reduction and sustainable development initiatives.
The Joint Crediting Mechanism (JCM) is a bilateral system initiated by Japan to facilitate the diffusion of advanced decarbonizing technologies in partner countries. Under the Paris Agreement, it is recognized as a "Cooperative Approach" under Article 6.2.
Essentially, it allows Japan to invest in green projects abroad and count a portion of the resulting carbon credits toward its own national climate targets (NDCs), while the partner country benefits from technology transfer and sustainable development.
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According to the Ministry of Environment, Forest and Climate Change, the Rules of Implementation were adopted on 8th June this year following the Memorandum of Cooperation signed between the two countries last year for the Joint Crediting Mechanism.
The mechanism provides a framework for collaboration on mitigation projects that reduce or remove greenhouse gas emissions while supporting sustainable development in India.
It will also contribute to the achievement of the Nationally Determined Contributions (NDCs) of both India and Japan under the Paris Agreement, the Ministry of Ministry of Environment, Forest and Climate Change said in a release.
The Rules of Implementation lay down governance arrangements for the mechanism, including the establishment of a Joint Committee comprising representatives of both governments, transparent project approval procedures, third-party validation and verification processes, sustainable development safeguards and national registries for tracking the issuance and transfer of carbon credits.
The Ministry said the Joint Crediting Mechanism reflects India’s commitment to climate action and is expected to promote investment, technology transfer and capacity-building for projects involving low-carbon technologies in the country.
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The initiative is aimed at supporting climate change mitigation efforts while advancing sustainable development goals.
(With inputs from PIB)
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