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.
Thereafter, the Japanese Ambassador met with President Ranil Wickremesinghe and engaged in a cordial discussion.
After its withdrawal from the Second Commitment Period of the Kyoto Protocol, Japan introduced the Joint Crediting Mechanism (JCM) in 2013 to contribute to the global effort of reducing greenhouse gas (GHG) emissions. This mechanism has been developed to reduce GHG emissions jointly with developing countries and share the greenhouse gas emissions reduced as the percentage between Japan and the agreed party country. Japan introduced this mechanism as agreed at the 21st Conference of Parties to the United Nations Convention on Climate Change to adopt the Paris Agreement to achieve the commitments of the Nationally Determined Contributions.
Japan is currently implementing projects under the JCM mechanism in 17 countries such as Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Vietnam, Laos, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, Thailand and Philippines.
Through implementing the proposed projects under this mechanism the benefits such as introducing new technologies and technical expertise, capacity building, generation of green jobs and new infrastructure development could be achieved.
The Government of Japan and its private sector will provide technical assistance and part of the capital investment to implement this mechanism in developing countries. Under this mechanism, projects in energy, industry, transport, waste, forestry and agriculture sectors for reducing GHG emissions are expected to be implemented.
Moreover, Sri Lanka ratified the Paris Agreement on Climate Change on 21st September 2016. Sri Lanka also has submitted its Nationally Determined Contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC). Therefore, the implementation of the Joint Crediting Mechanism in Sri Lanka will support achieving the GHG emission reduction targets under the Paris Agreement and contribute to the global effort of reaching the global temperature goal of the Paris Agreement.
Approval from the Ministry of Foreign Affairs and the Attorney General's Department has been obtained for the implementation of the Joint Carbon Crediting Mechanism between Japan and Sri Lanka. Further, Cabinet approval has been received on 05 September 2022 for the implementation of the mechanism in Sri Lanka.
When implementing 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 established 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.
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