The Japan News by The Yomiuri Shimbun

Japan-led CO2 plan to be launched at COP27

- The Yomiuri Shimbun

A Japan-led o set credit trading framework to reduce greenhouse gas emissions will be launched at the 27th Conference of the Parties to the U.N. Framework Convention on Climate Change (COP27) in Egypt next month.

More than 30 countries and internatio­nal organizati­ons are expected to participat­e in the framework.

e Japanese government hopes a framework it has been working on independen­tly will become an internatio­nal standard. It also hopes to capitalize on Japan’s decarboniz­ation technology overseas.

Under the framework, if a developed country provides a developing country with technology or nancial assistance that leads to a reduction in greenhouse gas emissions, a portion of the reduction can be credited to the developed country.

e mechanism was stipulated in Article 6 of the Paris Agreement adopted at COP21 in 2015. Implementa­tion guidelines for the article were agreed upon at COP26 last year.

Under the framework, developed countries will be able to reduce greenhouse gas emissions e ciently, and developing countries will be able to improve decarboniz­ation technology.

Once trading gets into full swing, an estimate indicates emissions will be reduced by up to 9 billion tons a year, about 30% of global emissions, by 2030.

Japan has pioneered e orts toward such a framework. Under the Joint Crediting Mechanism establishe­d in 2013, Japan has launched more than 200 projects in 22 countries mainly in Asia, Africa and Latin America, supporting the introducti­on of renewable energy power generation. Many Japanese companies have participat­ed in these projects.

In Bac Ninh Province, Vietnam, a large-scale waste-to-energy plant is being constructe­d by Japanese companies including JFE Engineerin­g Corp. Instead of burning fossil fuels, the power plant will incinerate 500 tons of waste per day and use the heat from the incinerati­on to generate electricit­y.

e project is expected to reduce carbon dioxide emissions by about 41,800 tons a year, part of which will be factored into Japan’s emissions reduction tally.

Ahead of the launch of the Japan-led framework, 19 nations including Britain, Germany and India, and 14 internatio­nal organizati­ons, including the World Bank and the U.N. Developmen­t Program, attended a meeting in Kanagawa Prefecture last month.

e Japanese government hopes more than 100 countries will adopt the new framework, which is aimed at helping partner countries by providing them with knowledge acquired through the Joint Crediting Mechanism, as well as positionin­g Japan as a leading player in global decarboniz­ation e orts. (Oct. 12)

 ?? Yomiuri Shimbun file photo ?? Officials speak at a COP26 meeting in Glasgow, Scotland, in 2021.
Yomiuri Shimbun file photo Officials speak at a COP26 meeting in Glasgow, Scotland, in 2021.

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