11 October 2022 06:29 am
Sri Lanka and Japan entered into an agreement yesterday on the Joint Crediting Mechanism (JCM) for Low Carbon Growth Partnership.
The memorandum of cooperation was inked at the Presidential Secretariat.
The JCM was introduced by Japan in 2013, with the objective of contributing to the global effort of reducing greenhouse gas (GHG) emissions. This mechanism has been developed to reduce GHG emissions jointly with developing countries and share the GHG emissions reduced as the percentage between Japan and the agreed party country.
Introduced as agreed at the 21st Conference of Parties to the United Nations Convention on Climate Change to adopt the Paris Agreement to achieve the commitments of the Nationally Determined Contributions, Japan is currently implementing projects under the JCM mechanism in 17 countries, including Mongolia, Bangladesh, Vietnam and Saudi Arabia. Sri Lanka ratified the Paris Agreement on Climate Change on September 21, 2016. Sri Lanka also has submitted its Nationally Determined Contributions to the United Nations Framework Convention on Climate Change. ion of the JCM, Sri Lanka will support achieving the GHG emission reduction targets under the Paris Agreement and contribute to the global effort of reaching the global temperature goal of the Paris Agreement.
A statement from the President’s Media Division shared that the approval from the Foreign Affairs Ministry and Attorney General’s Department has been obtained for the implementation of the Joint Carbon Crediting Mechanism. During the implementation stage, a joint committee co-chaired by the governments of Japan and Sri Lanka and representatives of both countries will be established to approve the projects.