Phl, Japan put up joint crediting mechanism for emissions

The Philippines and Japan have agreed to boost cooperation in the fields of energy, resources and the environment.

Japan’s Ministry of Economy, Trade and Industry ( METI) said both countries signed an agreement to establish a joint crediting mechanism (JCM).

“Under this mechanism, Japan will implement various projects that will reduce greenhouse gas emissions in the Philippines through the utilization of Japan’s outstanding low-carbon technology.

Through the mechanism, Japan will contribute not only to the Philippines’ environmental, energy and economic growth but also to international efforts to prevent climate change,” METI said.

The agreement with the Philippines is the 17th partnership entered into by Japan following the JCM establishment with 16 partner countries which include Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Viet Nam, Lao PDR, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, and Thailand.

METI said the mechanism offers a means of achieving Japan’s reduction targets by quantitatively evaluating Japan’s contribution to greenhouse gas emission reductions and removal through efforts to facilitate the spread of greenhouse gas emission reduction technologies, products, systems, services, and infrastructure to developing countries, as well as promoting associated measures. Both parties also agreed to mutually recognize that verified reductions or removals from the mitigation projects under the JCM could be used as a part of their own internationally pledged greenhouse gas mitigation efforts.