Source- This post on the Joint Crediting Mechanism (JCM) has been created based on the article “India plans to enter into carbon crediting mechanism with Japan” published on “The Hindu” on 20 July 2024.
Why in the news?
India and Japan plan to establish a Joint Crediting Mechanism (JCM) for carbon trading and carbon credit adjustment. The countries aim to sign a Memorandum of Cooperation to formalize the JCM.
About Joint Crediting Mechanism (JCM) Mechanism
1. The JCM will be formed under Article 6.2 of the Paris Agreement. The implementation will adhere to the relevant domestic laws and regulations of both countries.
2. The committee will develop rules and guidelines for the JCM, covering project cycle procedures, methodologies, project design documents, monitoring, and third-party entity designation.
3. The mechanism ensures mutual recognition of credits towards the NDCs of both countries, avoiding double counting. Each government can authorize part of the JCM credits for international mitigation purposes.
4. Carbon credits will be allocated through a structured process, and a registry will track these credits.
5. Credits will be allocated to the respective registries of India and Japan and used towards their NDCs to cut emissions and adapt to climate impacts.
6. Japan will facilitate the transfer of technology, finance, and capacity building for new technologies under the JCM.
Economic and Environmental Benefits
1. The mechanism is expected to boost job creation by attracting investments in low-carbon and clean technologies.
2. The JCM will facilitate the diffusion of leading decarbonizing technologies, equipment, machinery, products, systems, and infrastructure.
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