Pact with Tokyo to advance low-carbon technology projects , Pg8

Key Highlights:

• India and Japan signed a Memorandum of Cooperation (MoC) to implement a Joint Crediting Mechanism (JCM).
• The JCM is a Japanese initiative where investments in low-carbon technologies in developing countries generate carbon credits for Japan.
• The MoC aims to reduce greenhouse gas emissions, promote sustainable development in India, and facilitate international trading of carbon credits.
• India's Nationally Determined Contribution (NDC) includes reducing emission intensity by 45% by 2030 from 2005 levels.
• The National Designated Authority has been established as the nodal agency to approve JCM projects and oversee the Indian carbon market.

Detailed Insights:

• The Joint Crediting Mechanism (JCM) allows Japan to invest in low-carbon projects in India and receive carbon credits for emissions reductions, helping Japan meet its emission targets.
• The MoC will encourage investment, technology transfer, and capacity building in India's low-carbon technology sector, fostering domestic partnerships and large-scale deployment.
• The agreement enables international trading of carbon credits under Article 6.2 of the Paris Agreement, without negatively impacting India's NDC commitments.
• India's NDC targets include achieving 50% cumulative electric power capacity from non-fossil fuel sources by 2030 and creating a carbon sink of 2.5-3 billion tonnes of CO2 equivalent through afforestation.
• The National Designated Authority will evaluate emission reductions from JCM projects and oversee the functioning of the Indian carbon market, ensuring alignment with national goals.

Key Concepts Involved:

• Joint Crediting Mechanism (JCM): A scheme where developed countries invest in emission reduction projects in developing countries and receive carbon credits.
• Nationally Determined Contribution (NDC): A country's self-defined national climate goals under the Paris Agreement.
• Carbon Credits: Permits that allow a company to emit a certain amount of carbon dioxide or other greenhouse gases.