METI: Japan and Sri Lanka Sign a Memorandum of Cooperation Establishing a Joint Crediting Mechanism

On October 10, 2022, Japan and Sri Lanka agreed to establish the Joint Crediting Mechanism (JCM), and Mr. MIZUKOSHI Hideaki (Ambassador of Japan to Sri Lanka) and Dr. Anil Jasinghe (Secretary, Ministry of Environment) signed the Memorandum of Cooperation (MoC) on this agreement. Sri Lanka is now the 23rd JCM partner country.
Moving forward, Japan and Sri Lanka will bolster their cooperation on the environment and energy through this JCM.

On October 10, 2022, Mr. MIZUKOSHI Hideaki, Ambassador of Japan to Sri Lanka, and Dr. Anil Jasinghe, Secretary, Ministry of Environment, signed the MoC to establish the JCM.

The JCM contributes to developing countries’ sustainable development through diffusion of leading decarbonization technologies and implementation of mitigation actions within them. They also appropriately evaluate contributions from Japan to greenhouse gas emission reductions or removals in a quantitative manner, and use them to achieve its NDC (nationally determined contribution). Japan is accelerating consultations with relevant countries, aiming to increase the JCM partner countries up to around 30 by 2025. Thanks to this MoC, there are now 23 JCM partner countries.*
*The prior 22 JCM partner countries: Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Vietnam, Laos, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, Thailand, the Philippines, Senegal, Tunisia, Azerbaijan, Moldova and Georgia. Sri Lanka is the 23rd.

Through this JCM with Sri Lanka, Japan will start projects to reduce greenhouse gas emissions within Sri Lanka and contribute to both countries achieving their NDCs. The JCM is implemented as a market mechanism—detailed in Article 6 of the Paris Agreement—and contributes to worldwide decarbonization efforts by encouraging countries around the world to reduce and remove greenhouse gas emissions and develop sustainably.