Overview

• India’s Environment Ministry confirmed the memorandum was signed earlier this month and highlighted it during Prime Minister Narendra Modi’s visit to Japan.
• The Joint Crediting Mechanism will channel investment, technology transfer and capacity building to deploy approved low-carbon technologies in India.
• Credits from qualifying projects will be tradable internationally under Paris Agreement Article 6.2 without adversely impacting India’s NDC commitments.
• The Environment Ministry has constituted a National Designated Authority to approve projects, evaluate emission reductions and oversee the Indian carbon market.
• The Union Cabinet authorized the ministry to finalize Rules of Implementation and to pursue similar Article 6.2 agreements with other countries; Japan already runs JCMs with about 30 nations.