A workshop on joint crediting mechanism, organised by Asian Development Bank (ADB) in cooperation with the Environment Ministry, began in the Maldives on Tuesday.
The workshop was inaugurated by Minister of State for Environment and Energy Abdullah Majeed. The 2-day workshop is a capacity building event promoting bilateral mechanisms in Asia and the Pacific.
The Environment Ministry said that “JCM is a bilateral carbon market mechanism between the Government of Japan and developing countries such as Maldives to promote greenhouse gas (GHG) emission reduction projects.”
JCM is designed to provide financial incentive for the implementation of advanced low-carbon technologies, it added. A JCM project is implemented in the host country using an advanced low-carbon technology to reduce GHG emissions.
So far, 16 countries including 10 in Asia and the Pacific region have launched the JCM. The Maldives signed the bilateral document with Japan and became a JCM partner country in June 2013. As of 30 August 2016, 15 projects hosted in Asia and the Pacific have been registered as JCM projects.
This is the first JCM workshop held in the Maldives, but eighth in a series of capacity development workshops held in partner countries. The workshop aims to enhance awareness about the recent development on the JCM through several technical sessions and case studies of JCM projects using different types of advanced low-carbon technologies, as well as a one-to-one consultation with the expert panelists.