Third meeting of the Executive Committee of the Joint Crediting Mechanism (JCM) between Chile and Japan
On Friday 30 August, the third meeting of the Executive Committee of the Joint Crediting Mechanism (JCM) between Chile and Japan was held at the Ministry of Foreign Affairs.
The JCM is the result of a bilateral agreement signed by both countries in 2015 under the title "Low carbon Growth Partnership". This instrument aims to move towards low carbon economies through investment projects and technology transfer, as well as the reduction of the emission units that can be transferred between the parties, prior agreement between them, in early application of market mechanisms established by the Paris Agreement.
The meeting addressed specific implementation issues within the framework of the aforementioned agreement. Among them was the approval of the first project under this scheme, consisting of the installation of photovoltaic panels at the Universidad Técnica Federico Santa María, which is already at an advanced stage of implementation.
In the same meeting, the Japanese secretary of the Mechanism presented a report on the progress of the projects carried out in Chile, as well as the results of the Seminar in Santiago on the implementation of the instrument. Finally, the Japanese delegation took the opportunity to make a strong presentation on the progress of JCM worldwide, with 147 projects being developed in 17 countries.
The session culminated with the recognition by both delegations of the importance of keeping this mechanism active, which allows our country to attract more capital and technologies to advance in the fight against climate change and, specifically, to implement the Paris Agreement.