Issuance of credits from the Joint Crediting Mechanism between Mongolia and Japan

On February 8, the Joint Committee of the Joint Crediting Mechanism (JCM) between Mongolia and Japan decided to notify each side of the quantities of credits to be issued for the project below. The project is supported by the Financing Programme for JCM Model Projects by the Ministry of the Environment, Japan (MOEJ). Based on the contribution to the project, the Government of Japan (GoJ) will acquire 21,251 tons of credits.

About the Joint Crediting Mechanism:

• Japan will establish and implement the Joint Crediting Mechanism (JCM) in order to quantitatively evaluate contributions of Japan to greenhouse gas emission reductions and removals which are achieved through the diffusion of, among others, leading decarbonizing technologies, products, systems, services, and infrastructures as well as through the implementation of measures in developing countries and others, and in order to use such contributions to achieve Japan's NDC. By doing so, through public-private collaborations, Japan aims to secure accumulated emission reductions and removals at the level of approximately 100 million t-CO2 by fiscal year 2030. Japan will appropriately count the acquired credits to achieve its NDC.

• Currently, there are 17 partner countries including Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Viet Nam, Lao PDR, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, Thailand and Philippines.

Implementation of Article 6 following COP26 - Ministry of the Environment, Japan

• At COP26, the Rulebook for Article 6 (market mechanisms) of the Paris Agreement was concluded, paving the way for utilizing market mechanisms to reduce global emissions.

• Leading Article 6 negotiations and being a frontrunner with the experience of the JCM, Japan will take the following three actions to contribute to global decarbonization.

1. Expand JCM partner countries and strengthen project development and implementation in collaboration with international organizations;

2. Scale up the JCM by mobilizing further private finance; and

3. Contribute to the global operationalization of market mechanisms.

Find out more about the JCM:

https://www.carbon-markets.go.jp/eng/jcm/

Japan's Nationally Determined Contribution (NDC):

https://www4.unfccc.int/sites/ndcstaging/PublishedDocuments/Japan%20First/JAPAN_FIRST%20NDC%20(UPDATED%20SUBMISSION).pdf

Contact information:

UGA Maiko

Office of Market Mechanisms,

Climate Change Policy Division,

Global Environmental Bureau

Ministry of the Environment, Japan

Phone: +81-3-5521-8246

E-mail: JCM@env.go.jp

For Japanese