India and Japan has signed an Memorandum of Cooperation (MoC) on Joint Crediting Mechanism (JCM) under Article 6.2 of the Paris Agreement of the United Nations Framework Convention on Climate Change (UNFCCC). The Joint Crediting Mechanism (JCM) to encourage Investment Flow, Technology Transfer and Capacity Building support for Projects involving Low Carbon Technologies, besides enabling International Trading of Carbon Credits thus generated. The current MoC aims to bolster the partnership between India and Japan on Climate Change Mitigation.
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| India and Japan sign MoC on Joint Crediting Mechanism (JCM) |
India Sign MoC with Japan on Joint Crediting Mechanism (JCM)
The Ministry of Environment, Forest and Climate Change (MoEFCC), Government of India, has signed an Memorandum of Cooperation (MoC) with Government of Japan on Joint Crediting Mechanism (JCM) under Article 6.2 of the Paris Agreement of the United Nations Framework Convention on Climate Change (UNFCCC).
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The development demonstrates India’s firm commitment to Climate Action and marks yet another milestone in the implementation of the Paris Agreement.
The MoC, signed earlier this month, is part of an important area of Indo-Japan Cooperation - ‘Green Energy Focus for a Better Future’ - that was highlighted by Prime Minister Narendra Modi during his ongoing visit to Japan.
The India and Japan Memorandum of Cooperation on Joint Crediting Mechanism would further facilitate the implementation of projects contributing to greenhouse gas (GHG) reduction or removal and sustainable development in India. It will also enable the international trading of carbon credits generated from such projects under Article 6.2 of the Paris Agreement with Japan and other countries on similar lines, without adversely impacting India’s NDC commitments.
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The Ministry of Environment, Forest and Climate Change (MoEFCC) has also received authorisation from the Union Cabinet to finalize the Rules of Implementation (RoI) and for signing agreements with other countries on similar lines under Article 6.2 of Paris Agreement, in consultation with the concerned Ministries of Government of India and Ministry of External Affairs (MEA).
Aims of India-Japan MoC on Joint Crediting Mechanism
The current MoC on Joint Crediting Mechanism (JCM) aims to bolster the partnership between India and Japan on Climate Change Mitigation. The low-carbon technologies approved by the National Designated Agency for Implementation of Article 6 of Paris Agreement (NDAIAPA), under Article 6.2, form an important component of India’s long-term low carbon development strategy to achieve Net Zero by 2070.
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The Joint Crediting Mechanism (JCM) signed between India and Japan will encourage the flow of investment, technology assistance, including technology transfer and capacity building support for the implementation of projects involving these low carbon technologies. It will also develop domestic ecosystems and partnerships to localise low carbon technologies and associated high technology interventions related to equipment, machinery, products, systems and infrastructure, paving the way for their large-scale deployment.
Static Current Affairs related to Japan for upcoming exams
- Capital city: Tokyo
- Largest city: Tokyo
- Official languages: Japanese
- Prime Minister: Shigeru Ishiba
- Total Population February 1, 2025 estimate: 123,540,000 (11th)
- Currency: Japanese yen (¥)
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