On March 5, the Joint Committee of the Joint Crediting Mechanism (JCM) between Saudi Arabia and Japan decided notifying each side of the amount of credits to be issued for the project below. This is the first issuance of JCM credits between Saudi Arabia and Japan, and the project is supported by the Financing Programme for JCM Model Projects by the Ministry of the Environment, Government of Japan (GoJ).
|Project title||Notified amount of credits to be issued(tCO2eq)|
|Amount GoJ will acquire|
|Introduction of High Efficiency Electrolyzer in Chlor-Alkali Production Plant||5,300||2,650|
About the Joint Crediting Mechanism:
The Joint Crediting Mechanism (JCM) aims to facilitate diffusion of leading low carbon technologies, products, systems, services, and infrastructure as well as implementation of mitigation actions, and contribute to sustainable development of developing countries. Also, it appropriately evaluates contributions to GHG emission reductions or removals from Japan in a quantitative manner, by applying measurement, reporting and verification (MRV) methodologies, and appropriately accounted as Japan’s emission reduction target.
Currently, there are 17 partner countries including Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Viet Nam, Lao PDR, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, Thailand and Philippines.
Apart from contributions achieved through private-sector based projects, accumulated emission reductions or removals by FY 2030 through governmental JCM programs to be undertaken within the government’s annual budget are estimated to be ranging from 50 to 100 million t-CO2.