The purpose of these agreements is to support low -carbon projects, reduce emissions and advance in the climate area under the Paris Agreement. For India, these shops promise access to pure technology and climate financing while strengthening economic and strategic ties.
First negotiations with Japan
India signed its first such agreement entitled Joining the Common Toring Mechanism (JCM), with Japan on 7 August on the basis of the Paris Agreement, which allows countries to cooperate on the voluntary carbon markets, which oversees the climate framework of the UN.
The initiative means switching from pilot projects to formalized partnerships to alleviate climate change, and the government aims to build India as an active player in carbon cross -border trading.
“In August this year, we signed JCM with Japan and are several countries such as Singapore, Sweden and South Korea for similar bilateral agreements,” the first official said.
How does JCM work
JCM works on the basis of Article 6.2 of the Paris Agreement and enables bilateral trading with carbon credits at mutually agreed prices between governments.
“The advantage is that the baseline, standards and methodologies for reducing emissions can be mutually agreed between the two governments, unlike Article 6.4 of the Paris Agreement, where the standards of business units, methodologies and accounting procedures are stricter and oversee UNFCCCC,” said RR Rashmi.
According to Rashmi, India can benefit from investing in announced industries such as steel, biogas, hydrogen, energy and CCU (sources of carbon capture and use) where Japan might be interested in buying credits.
Benefits for India
As regards possible profits from similar trades in other countries, Rashmi noted: “India would most likely be at this stage selling carbon credits. Therefore, any country is willing to buy credits from India and pay the Indian industry for technological improvements.”
He pointed to the advantage of Swedish advanced steel production technology and great advantages in Singapore. Singapore is home to large and developed carbon trading platforms that allow the demand for Indian units to rise. India must be ready to deduct such credits from its national inventory to prevent the double counting of traded units, Rashmi added.
“Within the JCM, the country is carried out and invested in low -carbon technologies in developing countries and the resulting savings are credited to the account of the partner country as carbon credits that can be used to meet their national emissions,” the second official said.
E -mail inquiry to the Ministry of the Environment, Forest and Climate Changes (MOEFCC) in interviews with Singapore, Sweden and South Korea remained unanswered until the press.
Climatic obligations
According to the Ministry of the Environment, JCM will help direct investment and technological assistance, including the transfer, building capacities and development of domestic ecosystems for low -carbon projects. It is also expected to locate high-technological interventions in equipment, systems and infrastructure, allowing extensive deployment.
“It will also allow international carbon credits generated from these projects under Article 6.2 of the Paris Agreement with Japan and other countries,” added the second official.
Development assumes importance because Indian national contributions (NDCS) have committed to reducing the intensity of its GDP by 45% by 2030 from 2005 levels, reaching 50% cumulative electric energy capacity from non -fossil fuel resources by 2030.
On March 5, the Minister of the Environment of the Union Bhupender Yadav emphasized progress in India, including a 36% reduction in emissions intensity in 2005 and 2020, compared to 45% for 2030. He also pointed to energy safety safety, clean energy and domestic green production.
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