In a significant step towards combating climate change, India and Japan are set to establish a joint carbon crediting mechanism. This collaboration aims to facilitate the transfer of low-carbon technologies and investments, while also contributing to both countries’ climate goals.
Under the proposed mechanism, India and Japan will jointly undertake projects that reduce greenhouse gas emissions.The carbon credits generated from these projects will be shared between the two countries, which can then be utilized to meet their respective Nationally Determined Contributions (NDCs) under the Paris Agreement.
A Joint Crediting Mechanism (JCM) is expected to be established under Article 6.2 of the Paris Agreement. This framework will outline the rules, procedures, and monitoring systems for the crediting and transfer of carbon reductions.
The collaboration is anticipated to boost job creation in India and attract investments in low-carbon technologies. Japan,on the other hand, can leverage its technological expertise to support India’s clean energy transition.Both countries have been actively working towards achieving their climate goals. India has set an ambitious target of achieving net-zero emissions by 2070, while Japan aims to reduce greenhouse gas emissions by 46% compared to 2013 levels by 2030.
This joint initiative is seen as a crucial step in strengthening the India-Japan strategic partnership and demonstrating global leadership in the fight against climate change.
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