On July 8, 2024, Pol. Gen. Phatcharavat Wongsuwan, Deputy Prime Minister and Minister of Natural Resources and Environment, and H.E. Mr. Otaka Masato, Ambassador Extraordinary and Plenipotentiary of Japan to the Kingdom of Thailand, signed a Memorandum of Cooperation on the Joint Crediting Mechanism between the Government of the Kingdom of Thailand and the Government of Japan at the Ministry of Natural Resources and Environment, Thailand.
H.E. Mr. KUNISADA Isato, Parliamentary Vice-Minister of the Environment, Ministry of Environment, Japan, expressed his pleasure at the signing of the Memorandum of Cooperation. The Joint Crediting Mechanism (JCM) is a greenhouse gas reduction mechanism under which Japan provides financial or technological support to project developers in Thailand to enable them to use advanced low-carbon technologies that reduce greenhouse gas emissions. In return, Thai project developers would share the carbon credits generated from the projects with Japan.
Pol. Gen. Phatcharavat stated that he is deeply grateful to the Japanese government for its continued partnership with the Thai government and its support in driving greenhouse gas reduction efforts. The Memorandum of Cooperation on the JCM outlines the guidelines that will ensure that projects under the JCM mechanism are aligned with the Paris Agreement.
Thailand will select projects that meet all the requirements of the guidelines and the carbon credit management mechanism approved by the National Committee on Climate Change Policy. This mechanism will ensure that projects using modern low-carbon technologies are developed to reduce greenhouse gas emissions, enabling Thailand to further reduce greenhouse gas emissions and achieve sustainable development.
In the meantime, Japan can use the credits it receives from supported projects to achieve its greenhouse gas reduction targets as outlined in its Nationally Determined Contribution (NDC) or for other international purposes.
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