Image: X@/byadavbjp
NEW DELHI: Pitching for expanding a unique model where bilateral cooperation can reinforce multilateral objectives, India has called an existing ‘joint crediting mechanism’ a key tool for global climate action, and urged countries to join this cooperative approach to collectively reduce their carbon footprints.The benefit of the mechanism was flagged by Union environment minister Bhupender Yadav on the sidelines of the ongoing 30th session of the UN climate conference (COP30) in Belem, Brazil on Wednesday.India is one of the 31 partner countries of the Joint Crediting Mechanism (JCM), spearheaded by Japan, which provides a clear framework for both governments and the private sector to jointly develop mitigation projects, mobilise finance, deploy advanced technologies, and transparently allocate the resulting emission reductions credit among themselves. It’s a bilateral mechanism which is being implemented in accordance with Article 6 of the Paris Agreement that facilitates the creation and functioning of carbon markets as an emission reduction tool. India had joined the mechanism with Japan in August as part of the country’s first bilateral cooperation under the Paris Agreement. JCM is expected to serve as a model for achieving rapid economic growth while simultaneously addressing environmental challenges. Participating in the 11th JCM partner countries’ meeting, chaired by Japan’s environment minister Hirotaka Ishihara, Yadav highlighted the importance of cooperative mechanisms at a time when the world seeks scalable, equitable and technology-driven climate solutions. He underlined that the mechanism represents “a significant approach in strengthening efforts for climate action while supporting national priorities, particularly for developing countries”.Noting that the JCM would contribute directly to India’s Nationally Determined Contributions (NDCs) and long-term low emission development strategy, Yadav said the move would help develop a domestic ecosystem and localise high-technology interventions, while also contributing to the country’s sustainable development goals.
