PNG and Japan sign Memorandum of Cooperation on Joint Crediting Mechanism to reduce carbon emissions
SHARM EL-SHEIKH, EGYPT: Papua New Guinea (PNG) and Japan today signed a Memorandum of Cooperation on a Joint Crediting Mechanism (JCM) at the margins of the United Nations 27th Climate Conference (COP 27) in Egypt. The Joint Crediting Mechanism is an emerging project-based bilateral offset crediting mechanism initiated by the Government of Japan to facilitate implementation of advanced low-carbon technologies for mitigating greenhouse gas (GHG) emissions in host countries. The signing signaled the start of the two countries’ collaborative efforts to meet their respective National Determined Contributions (NDCs) commitment under the Paris Agreement in addressing the impacts of climate change. NDCs are efforts by each country to reduce national carbon emissions and adapt to the impacts of climate change. The Memorandum of Cooperation was signed by Papua New Guinea’s Minister for Environment, Conservation and Climate Change, Honorable Simo Kilepa and Japan’s Minister for Environment, Aki