The Philippines has signed an MoU with Japan on the Joint Crediting Mechanism (JCM), putting it on track to become the 17th nation to join the market, under which Japan aims to fund carbon-cutting projects in return for offsets it can use towards meeting its 2030 emission target.
The two nations signed the MoU at the sidelines of ongoing UN climate talks in Paris.
They will finalise an agreement that sets up a bilateral crediting scheme between them as soon as the necessary documents have been signed, said a statement from Japan’s Ministry of Environment.
Japan estimates it will buy 50-100 million tonnes of CO2e cuts through the JCM by 2030.
The Philippines is the seventh ASEAN nation to join the market, following Cambodia, Indonesia, Laos, Myanmar, Thailand and Vietnam.
By Stian Reklev – email@example.com