Japan and Mongolia has signed a bilateral agreement to offset emissions using Joint Crediting Mechanism (JCM). The agreement will promote investment and deployment of low carbon technologies, products, systems, services and infrastructure to achieve low carbon development in Mongolia, according to the press release by the Japan’s Ministry of Environment.
The Joint Crediting Mechanism is a program in which Japan’s contribution to reduction and absorption of greenhouse gas emissions in partner countries through transferring Japan’s low-carbon technology and products is calculated and evaluated as credits for contribution. This Japan-Mongolia partnership is the first partnership signed by Japan for this purpose.
The bilateral agreement was signed by Takenori Shimizu, Ambassador Extraordinary and Plenipotentiary of Japan to Mongolia and Ms. Sanjaasuren Oyun, Minister for Environment and Green Development of Mongolia, in Ulaanbaatar earlier this month. Both countries will establish a joint committee to operate the JMC. Japan will contribute to international efforts to prevent global warming by facilitating the reduction of greenhouse gas emissions in Mongolia through the mechanism.
After the signing ceremony, attended by Minister S.Oyun and other government officials from Mongolia, a seminar discussing the benefits of JCM was organized. Officials from the Ministry of Economy, Trade and Industry (METI), the Ministry of Foreign Affairs (MOFA), and the Ministry of the Environment (MOE) described the details of the mechanism to the participants and government representatives. The event also discussed about the feasibility study for a project for enhancing power grid and coal-fired power plant efficiency, which is now being conducted by a private sector party, commissioned by METI.