India–Japan Joint Crediting Mechanism (JCM)-Operational Manual
Why in News?
The Operational Manual for the India–Japan Joint Crediting Mechanism (JCM) was officially launched in New Delhi. It was jointly released by the Ambassador of Japan to India, Keiichi Ono, and the Secretary of India's Ministry of Environment, Forest and Climate Change (MoEFCC), Tanmay Kumar.
Purpose and Objective
- Tech Deployment: It aims to promote and diffuse advanced low-carbon and decarbonising technologies, products, and infrastructure in India.
- Climate Finance: The framework seeks to mobilise international climate finance and investments from Japanese entities into green projects in India.
- Carbon Credits: It quantitatively evaluates Japan's contributions to greenhouse gas (GHG) emission reductions or removals in India. The resulting carbon credits are shared between both countries to fulfill their respective climate targets.
Project Lifecycle and Framework
- The Manual's Scope: The newly launched Operational Manual outlines a clear, transparent, and comprehensive procedural framework for the entire project cycle.
- Step-by-Step Procedures: It covers everything from the initial submission of a Project Idea Note to the final issuance and authorisation of JCM credits.
- Avoidance of Double Counting: To maintain high integrity, national registries will track credit issuance and transfers using "corresponding adjustments" to guarantee that the same emission reductions are not double-counted by both nations.
Administrative and Regulatory Timeline
- August 7, 2025: India and Japan signed the initial Memorandum of Cooperation (MoC), establishing India as the 31st partner country in Japan's JCM network.
- June 8, 2026: Both nations formally adopted the Rules of Implementation (RoI) under Article 6.2 of the Paris Agreement.
- October 2026: The launch of this Operational Manual concludes the administrative setup, establishing a rollout framework for developers.
International Alignment
- Paris Agreement Article 6.2: The mechanism operates strictly under Article 6.2 of the Paris Agreement, which governs voluntary bilateral "cooperative approaches" using Internationally Transferred Mitigation Outcomes (ITMOs).
- NDC Support: It directly helps both nations achieve their Nationally Determined Contributions (NDCs) for global emissions reduction.
- Access to Capital & Tech: It allows Indian industries to adopt cutting-edge Japanese green technologies (like renewable energy, energy efficiency, and waste management) that might otherwise be cost-prohibitive.
- Market Robustness: The project strengthens India’s domestic carbon market ecosystem and upgrades local capacity for Measurement, Reporting, and Verification (MRV) systems.
