Joint Crediting Mechanism Latest News
Recently, the Union Minister for Environment, Forest and Climate Change participated in the 11th Joint Crediting Mechanism (JCM) Partner Countries’ Meeting.
About Joint Crediting Mechanism
- It was first proposed by the Government of Japan and was officially launched in 2013.
- Aim: It is a Japanese initiative that aims to facilitate diffusion of leading decarbonizing technologies and infrastructure through investment by Japanese entities and contributes to sustainable development of partner countries.
- It’s a bilateral mechanism which is being implemented in accordance with Article 6 of the Paris Agreement.
- The JCM contributes to the achievement of both countries’ NDC (Nationally Determined Contribution) by evaluating Japan’s contributions in a quantitative manner and acquiring the part of credit.
- It operates under the United Nations Framework Convention on Climate Change (UNFCCC).
- It complements other existing mechanisms, such as the Clean Development Mechanism (CDM) and Joint Implementation (JI).
- India is one of the 31 partner countries of the Joint Crediting Mechanism.
- Focus Area of Joint Crediting Mechanism
- This mechanism focuses on priority sectors which includes renewable energy with storage, sustainable aviation fuel, compressed biogas, green hydrogen and green ammonia, and in hard-to-abate sectors.
Source: PIB
Joint Crediting Mechanism FAQs
Q1: What is the primary purpose of Joint Crediting Mechanism (JCM)?
Ans: To promote sustainable development through cooperation.
Q2: What is the primary objective of the UNFCCC?
Ans: To stabilize atmospheric concentrations of greenhouse gases
