Myanmar on Wednesday became the 15th nation to join Japan’s Joint Crediting Mechanism (JCM), a scheme officials in Tokyo expect will generate up to 100 million tonnes of CO2 cuts by 2030.
Under the deal, Japan’s government and industry will work with Myanmar to identify and develop projects that can gut GHG emissions.
At least half the offsets issued to each project will go to Japan, and may be used by Japan to meet its international climate obligations if the JCM gets the nod from the international community.
In its INDC, Japan said it expects the JCM to generate 50-100 million offsets between now and 2030.
However, so far only seven projects have been registered, with a total potential to cut emissions by a meagre 979 tonnes of CO2e per year.
Myanmar joins ASEAN colleagues Cambodia, Laos, Indonesia and Vietnam in the scheme. Other JCM partners include Chile, Mexico and Saudi Arabia.
By Stian Reklev – email@example.com