The signing of the cooperation agreement between Sri Lanka and Japan regarding the implementation of the joint mechanism of carbon offset took place today (10) afternoon at the President’s Office.
Mr. Dr. Anil Jasinghe, Secretary of the Ministry of Environment and Mr. Misukoshi Hideki, the Japanese Ambassador to Sri Lanka signed the agreement, and then the Japanese Ambassador met President Ranil Wickramasinghe and engaged in a discussion.
.Japan introduced a bilateral joint carbon offset mechanism in 2013 to contribute to reducing global greenhouse gas emissions after withdrawing from the second term (2013 – 2020) of the Kyoto Organization established by the global community to reduce greenhouse gas emissions. .
This mechanism is designed to jointly reduce greenhouse gas emissions with developing countries and share the reduced amount between developing countries and Japan.
Japan organized this program to adhere to the Nationally Determined Contributions agreed upon in the Paris Agreement at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change.
Currently, this program is implemented in 17 countries namely Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Vietnam, Laos, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, Thailand and Philippines.
This mechanism is designed so that carbon credit sharing, which is reduced in developing countries by reducing greenhouse gas emissions using advanced technologies that reduce carbon emissions, is shared between the two countries.
Through this mechanism (JCM), the Japanese government or its private sector provides technical contributions for implementation in developing countries, and part of the initial cost is invested in the projects.
Also, under this mechanism, projects can be implemented in the fields of energy, industry, transportation, waste management and agriculture.
Therefore, under the implementation of the Joint Carbon Reduction Mechanism (JCM), the introduction of leading technologies and new production methods that can reduce carbon emissions and the development of infrastructure including construction, machinery and equipment in those projects is another benefit for Sri Lanka.
Sri Lanka acceded to the Paris Agreement on Climate Change on 21 September 2016. According to this agreement, Sri Lanka submitted to the United Nations Framework Convention on Climate Change on July 30, 2021, the Nationally Determined Contributions to reduce greenhouse gas emissions in the fields of energy, industry, transport, waste management, agriculture and forestry.
Accordingly, the implementation of the Joint Carbon Offsetting Mechanism (JCM) in Sri Lanka will also contribute to the global effort to achieve the goals that Sri Lanka is committed to under the Paris Agreement.
The approval of the Ministry of Foreign Affairs and the Attorney General’s Department has been obtained for the implementation of the joint carbon offset mechanism between Japan and Sri Lanka and the related Cabinet approval has also been obtained.
Furthermore, a joint committee consisting of both parties will be established to approve the related projects in the implementation of this Mechanism (JCM) in Sri Lanka and its co-chairmanship will be represented by the Government of Sri Lanka and the Government of Japan.
Mr. Naseer Ahmed, the Minister of Environment, who spoke at the occasion, said that with the guidance of President Ranil Wickremesinghe, and the special supervision of Mr. Sagala Ratnayake, the President’s Senior Adviser on National Security and the Chief of the Presidential Staff, this program was made successful.
Mr. Ruwan Wijewardena, Presidential Adviser on Climate Change was also present at this event.