THE PHILIPPINES and Japan have set up a joint crediting mechanism (JCM) aimed at enabling local agencies and industries to access advanced low-carbon technologies to reduce their carbon footprint.
According to Japan’s Ministry of Economy, Trade and Industry (METI), the exchange occurred on the sidelines of the 21st Conference of the Parties (COP 21) in Paris, between Tamayo Marukawa, Minister of the Environment of Japan, and Philippine Environment Secretary Ramon Jesus P. Paje.
Based on the aide memoire, both Japan and the Philippines have agreed to advance the necessary procedures to sign the bilateral document to operate the JCM.
Once the bilateral document is signed, the Philippines will become the 17th JCM signatory country, enabling it to boost its cooperation with Japan regarding environment- and energy-related issues.
“Both countries recognize that the verified emission reductions or removals of greenhouse gases that result from the mitigation projects under the framework of the JCM can be used to quantify their own efforts of reducing greenhouse gases on an international basis,” the memorandum read.
“Both countries will work in close collaboration in order to facilitate both financial and technical support in line with its respective capabilities in order to create the necessary requirements for the implementation of the JCM which will start as a non-tradable credit type mechanism,” it added.
METI explained that upon the signing of the JCM, the two countries will establish a joint committee, through which Japan will be able to implement various projects using advanced low-carbon technologies to reduce greenhouse gas emissions in the Philippines.
Leveraging this mechanism, Japan will contribute not only to the resolution of environment- and energy-related issues that affect Philippine economic growth, but also to international action to prevent global warming.
Currently, Japan’s METI, Ministry of Foreign Affairs (MOFA), and the Ministry of the Environment (MOE) are jointly proceeding with bilateral consultations with nations that are interested in the mechanism.
Japan has already signed similar partnerships with Mongolia, Bangladesh, Ethiopia, Kenya, the Maldives, Vietnam, the Lao People’s Democratic Republic, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar and Thailand.