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 is 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.