Potential advantages of the JCM (Joint Crediting Mechanism) implementation in India: benefits and contributions towards the achievement of NDCs
Although Japan and India have long considered the possibility of establishing the JCM as has been stipulated in joint statements between these two countries, an official bilateral document to start the JCM has not yet been signed. The JCM is one of the market-based mechanisms which involves Internationally Transferred Mitigation Outcomes (ITMOs) contributing to achieving Nationally Determined Contributions (NDCs). This paper aims to capture what kind of benefits and contributions can be achieved through the implementation of the JCM between Japan and India by introducing the current progress, basic structure and good practices of the JCM so far, as well as identifying technology needs and potential project types and sectors in India. The target audience consists of policymakers and private sector entities in both countries. Taking into account this information and analysis, the paper proposes a possible way forward towards operationalisation of the JCM between Japan and India.