The Cabinet of Ministers of Ukraine has approved the document “On the Establishment of the Ukrainian Part of the Ukrainian-Japanese Joint Committee for the Implementation of the Joint Crediting Mechanism,” the Ministry of Environmental Protection and Natural Resources of Ukraine reported.
Earlier, Ukraine joined Japan’s Joint Crediting Mechanism (JCM). The goal of the program is to reduce greenhouse gas emissions by introducing the world’s leading technologies for decarbonizing various sectors of the economy through investments by Japanese organizations. Ukraine and Japan signed a memorandum of cooperation under Article 6 of the Paris Agreement earlier this year.
“This decision is important for achieving our climate goals through joint lending instruments. Japan is a promising partner on this path. Through joint lending, we will be able to attract Japanese technologies and innovative developments to reduce greenhouse gas emissions. This includes the implementation of the UN Framework Convention on Climate Change and the Paris Agreement, and the green recovery of Ukraine according to the latest practices,” Minister Svitlana Hrynchuk said in a statement on the Telegram channel on Tuesday.
It is noted that the next step will be to approve the composition of the committee and its regulations. The committee is created to coordinate efforts to strengthen bilateral cooperation in the fight against climate change. For its part, Japan has already completed all the preparatory steps to launch cooperation.
The JCM reportedly allows Japanese organizations to invest in decarbonization projects in partner countries. The reduced greenhouse gas emissions resulting from such projects are partly credited as Japan’s contribution to its own emission reduction targets and partly in the country where the project was implemented. Today, the JCM mechanism operates in 29 countries.
According to Hrynchuk, for Ukraine, this means access to Japanese technologies – some of the best in the world – and guaranteed investments for green recovery. This will be a tangible support in overcoming the consequences of Russian armed aggression.
