India and Japan Forge Carbon Credit Partnership Under Paris Agreement

India and Japan have taken a significant step in climate cooperation, signing an agreement to collaborate on carbon credit trading under the Paris Agreement. This agreement is expected to open pathways for India to secure funds and technology vital for its climate initiatives, while simultaneously fortifying ties between the two nations.

The Union Environment Ministry announced the signing of a Memorandum of Cooperation with Japan, focusing on the Joint Crediting Mechanism (JCM) under Article 6.2 of the Paris Agreement. Prime Minister Narendra Modi emphasized this development during his visit to Japan, underlining the theme of 'Green Energy Focus for a Better Future' as part of Indo-Japan cooperation.

Under the JCM, both countries will act as co-implementers of projects involving low-carbon technologies, differing from the obsolete Clean Development Mechanism. This collaboration aims to draw foreign investments, offer technology transfer, and provide capacity-building support, aiding India's commitment to reach net-zero emissions by 2070 without impinging on its Nationally Determined Contributions.

(With inputs from agencies.)