As part of the COP29 Conference in Azerbaijan, Japan hosted the 10th High-Level Meeting of Joint Crediting Mechanism (JCM) Partner Countries, with participation from its partner nations.

Delegates attending the 10th high-level meeting of Joint Crediting Mechanism (JCM) partner countries

The meeting aimed to share the latest progress and challenges in implementing the JCM, strengthen partnerships to advance its deployment, and contribute to achieving greenhouse gas (GHG) emission reduction goals.

Proposed by the Japanese government in 2013, the JCM has steadily contributed to global GHG emissions reduction and removal through over 250 decarbonization projects in collaboration with partner countries. The meeting also welcomed Ukraine, which joined the JCM after COP28.

Mr. Asao Keiichiro, Minister of the Environment of Japan, chaired the meeting and highlighted that the JCM represents one of the most proactive collaborative approaches in line with Article 6 of the Paris Agreement. He emphasized that sharing knowledge and experiences among partner countries will guide them toward a prosperous and sustainable future. Japan, he said, will make every effort to implement this mechanism and looks forward to maintaining strong partnerships, which are critical to the JCM’s successful implementation.

Mr. Pham Van Tan, Deputy Director General of the Department of Climate Change (Ministry of Natural Resources and Environment) and Deputy Head of Vietnam’s Negotiation Delegation at COP29, speaking at the meeting

Speaking at the meeting, Mr. Pham Van Tan, Deputy Director General of the Department of Climate Change (Ministry of Natural Resources and Environment) and Deputy Head of Vietnam’s Negotiation Delegation at COP29, noted that both Vietnam and Japan recognize the significant potential for expanding the JCM. Both nations have introduced numerous policy and technical measures to enhance its effectiveness and scale, achieving greater GHG emission reductions while bringing benefits to businesses and communities involved in JCM projects.

Mr. Pham Van Tan proposed three key points:

1. Commitment to GHG reduction goals: Japan and Vietnam must implement the JCM with genuine determination to achieve their pledged GHG emission reduction targets by 2030.
2. Resource mobilization: Both countries must ensure sufficient resources, not only in technology but also in capacities and societal factors, to guarantee fairness and transparency in the implementation of JCM projects.
3. Strengthening financial cooperation: Greater collaboration between the financial sectors of both nations is necessary to support GHG emission reduction efforts. The swift and effective allocation of financial resources for JCM projects should be backed by supportive policies, clear criteria, and mutual agreement. Active participation from commercial banks, financial institutions, and corporations in both countries will be pivotal in realizing the potential of the JCM and advancing the climate goals of Japan and Vietnam.

Ngoc Huyen (NRE Newspaper)