Daily Current Affairs : 22-July-2024
India and Japan are planning to set up a Joint Crediting Mechanism (JCM) to boost their efforts in lowering greenhouse gas emissions. This mechanism is designed to assist each country in achieving their climate goals under the Paris Agreement. The partnership will focus on carbon trading and credit adjustments, creating a system that benefits both nations while addressing the challenges of climate change.
What is the Joint Crediting Mechanism (JCM)?
The JCM is a system that allows India and Japan to collaborate in reducing carbon emissions. Under this arrangement, carbon credits will be created through a structured process. These credits can then be tracked using a registry, ensuring transparency and accountability. The credits earned will contribute to each country’s Nationally Determined Contributions (NDCs), which are their commitments to reduce greenhouse gas emissions in line with the Paris Agreement.
Key Features of the JCM
- Carbon Credit Allocation:
The mechanism will allocate carbon credits through a transparent process, helping both countries track their progress in emission reductions. - Contribution to NDCs:
The credits generated under the JCM will directly contribute to the Nationally Determined Contributions of India and Japan, supporting their climate targets. - Investment in Low-Carbon Technologies:
The JCM aims to attract investments in clean energy and low-carbon technologies, which will help reduce emissions. This will also foster job creation and technological development in both countries. - Governance and Regulations:
The mechanism will be governed by the domestic laws and regulations of both nations. A joint committee will be responsible for creating the rules and guidelines for how the JCM will operate.
Benefits of the Joint Crediting Mechanism
- Avoiding Double Counting:
The JCM ensures that carbon credits are accurately tracked, preventing double counting of emissions reductions. This ensures the integrity of the carbon trading system. - Collaboration for Climate Action:
This partnership between India and Japan highlights the importance of international cooperation in combating climate change. By sharing expertise and resources, both countries can work together to meet their climate commitments.
Important Points:
India and Japan’s Joint Crediting Mechanism (JCM):
- A partnership between India and Japan to reduce greenhouse gas emissions.
- Focuses on carbon trading and credit adjustments, helping both countries meet climate goals under the Paris Agreement.
What the JCM Involves:
- Carbon credits are created and tracked using a structured registry system.
- Credits contribute to each country’s Nationally Determined Contributions (NDCs) for reducing emissions.
Key Features of the JCM:
- Carbon Credit Allocation: Transparent allocation process to track emission reductions.
- Contribution to NDCs: Credits directly contribute to India and Japan’s climate targets.
- Investment in Low-Carbon Technologies: Aims to attract investments in clean energy, reducing emissions, and creating jobs.
- Governance and Regulations: Governed by domestic laws; a joint committee will set the rules and guidelines.
Benefits of the JCM:
- Avoiding Double Counting: Ensures accurate tracking of carbon credits to maintain the system’s integrity.
- Collaboration for Climate Action: Demonstrates the importance of international cooperation in tackling climate change.
Why In News
India and Japan are planning to establish a Joint Crediting Mechanism (JCM) for carbon trading and credit adjustment, formalized through a Memorandum of Cooperation, which aims to strengthen bilateral collaboration in tackling climate change and support both countries in achieving their climate commitments under the Paris Agreement.
MCQs about India and Japan’s Joint Crediting Mechanism
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What is the main objective of the Joint Crediting Mechanism (JCM) between India and Japan?
A. To increase global trade between India and Japan
B. To reduce greenhouse gas emissions through carbon credit allocation
C. To create new energy sources
D. To develop agricultural policies
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How will the carbon credits generated under the JCM be tracked?
A. Through an informal tracking system
B. By each country’s own independent registry
C. Using a structured registry system
D. Through manual tracking by government officials
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What is one of the key benefits of the Joint Crediting Mechanism?
A. It ensures that both countries will double their emissions
B. It prevents double counting of carbon credits
C. It limits investments in clean energy
D. It creates a monopoly for carbon credit trading
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What role will the joint committee play in the JCM?
A. It will create new carbon credit policies for other countries
B. It will govern the pricing of carbon credits
C. It will develop the rules and guidelines for the mechanism’s operation
D. It will manage the investment funds for clean energy
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