Japan has signed a joint offset agreement with Oman, aiming to achieve low-carbon growth in the Middle East country through investments and application of advanced technologies and infrastructure.
The deal, which was signed on 9 April, calls on both countries to create a joint crediting mechanism (JCM) to promote investment and use of decarbonising technologies, products, systems, services and infrastructure in Oman. This is also aimed at implementing mitigation actions to reduce or remove greenhouse gas (GHG) emissions along with sustainable development.
Verified carbon reductions or removals under the JCM can be quantified on an international basis. Some of the JCM credits issued from such mitigation efforts will be used to achieve Japan's nationally determined contributions (NDCs), while ensuring that double counting is avoided on the basis of corresponding adjustments between countries and consistency with the guidance on co-operative approaches referred to in Article 6.2 of the 2015 Paris climate agreement.
The latest deal is Japan's 32nd bilateral carbon offset agreement since the JCM scheme was launched in 2013. Tokyo aims to secure accumulated international emission reductions and removals at around 100mn t-CO2 by the April 2030-March 2031 fiscal year and 200mn t-CO2 by 2040-41 through public-private collaboration under the JCM mechanism.
Japan aims to reduce GHG emissions by 46pc by 2030-31, 60pc by 2035-36 and 73pc by 2040-41, compared to 2013-14 levels, before achieving net zero in 2050.
