India and Japan sign pact to advance low-carbon technology projects under JCM
India's Environment Ministry and Japan have signed a Memorandum of Cooperation (MoC) on a Joint Crediting Mechanism (JCM) to advance low-carbon technology projects. Under JCM, Japan invests in low-carbon technologies in developing countries like India, earning carbon credits for its national emission reduction targets. This initiative aims to boost investment, technology transfer, and localization of low-carbon technologies in India, fostering a domestic ecosystem. The MoC will also facilitate international trading of carbon credits under Article 6.2 of the Paris Agreement, aligning with India's Nationally Determined Contribution (NDC) commitments to reduce emission intensity and increase non-fossil fuel capacity by 2030.
Key Points
- India and Japan signed a Memorandum of Cooperation (MoC) on a Joint Crediting Mechanism (JCM).
- The JCM allows Japan to invest in low-carbon technologies in India and receive carbon credits for its emission reduction targets.
- The initiative aims to promote investment, technology transfer, and localization of low-carbon technologies in India.
- It will facilitate international trading of carbon credits under Article 6.2 of the Paris Agreement.
- The pact supports India's NDC commitments, including reducing emission intensity by 45% by 2030 and achieving 50% cumulative electric power capacity from non-fossil fuel sources.
Exam Facts
- India's Environment Ministry signed an MoC with Tokyo on a Joint Crediting Mechanism (JCM).
- The JCM is a Japanese initiative for carbon credit generation.
- The agreement facilitates international trading of carbon credits under Article 6.2 of the Paris Agreement.
- India's NDC commits to reducing emission intensity by 45% by 2030 from 2005 levels.
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