Japan and Sri Lanka signed a Memorandum of Cooperation on the Joint Crediting Mechanism (JCM) for Low Carbon Growth Partnership this afternoon (10) at the Presidential Secretariat.
The Memorandum of Cooperation on the JCM was signed by Dr. Anil Jasinghe, Secretary to the Ministry of Environment, and Mr. Misukoshi Hideki, Japanese Ambassador to Sri Lanka. Afterward, the Japanese Ambassador met with President Ranil Wickremesinghe and took part in an amicable discussion.
Following its removal from the Second Commitment Period of the Kyoto Protocol, Japan introduced the Joint Crediting Mechanism (JCM) in 2013 to donate to the worldwide effort of lowering greenhouse gas (GHG) emissions. This mechanism has been developed to lessen GHG emissions with developing countries and share the reduced greenhouse gas emissions as the percentage between Japan and the agreed party country. Japan presented this mechanism as decided at the 21st Conference of Parties to the United Nations Convention on Climate Change to take on the Paris Agreement to reach the commitments of the Nationally Determined Contributions.
Japan is presently executing projects under the JCM mechanism in 17 countries like Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Vietnam, Laos, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, Thailand, and Phillippines.
By applying the proposed projects under this mechanism the profits such as presenting new technologies and technical skills, capacity building, generation of green jobs, and new infrastructure growth could be attained.
The Government of Japan and its private sector will offer technical help and a portion of the capital investment to execute this mechanism in progressing countries. Under this mechanism, projects in energy, industry, transport, waste, forestry, and agriculture divisions for lessening GHG emissions are expected to be applied.
Furthermore, Sri Lanka confirmed the Paris Agreement on Climate Change on 21st September 2016. Sri Lanka also has presented its Nationally Determined Contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC). Thus, the execution of the Joint Crediting Mechanism in Sri Lanka will help achieve the GHG emission reduction targets under the Paris Agreement and donate to the worldwide effort of attaining the global temperature goal of the Paris Agreement.
Consent from the Ministry of Foreign Affairs and the Attorney General’s Department has been acquired to execute the Joint Carbon Crediting Mechanism between Japan and Sri Lanka. Additionally, Cabinet approval has been received on 05th September 2022 for the application of the mechanism in Sri Lanka.
When applying this mechanism in Sri Lanka, a Joint Committee co-chaired by the Governments of Japan and Sri Lanka and representatives of both countries will be set up to approve the projects.
Minister of Environment Naseer Ahmed, Senior Adviser to the President on National Security and Chief of Presidential Staff Sagala Ratnayake, Presidential Adviser on Climate Change Ruwan Wijewardana, and others attended the event.