Japan signs its twelfth bilateral offset agreement, with Mexico

Japan and Mexico have signed a deal allowing Japanese companies to earn carbon credits by investing in technology to cut GHG emissions in Mexico, Reuters reported on Monday (July, 28).

The bilateral agreement is part of Japan’s Joint Crediting Mechanism (JCM) that already includes Mongolia, Bangladesh, Ethiopia, Kenya, Maldives, Viet Nam, Lao PDR, Indonesia, Costa Rica, Palau and Cambodia.

Mexico already has several projects registered under the U.N.-backed Clean Development Mechanism (CDM) and in 2013 received the first grant of €14 million from Britain and Germany under the U.N. initiative NAMA Facility, Reuters said. The document explicated that mitigation projects registered under the JCM cannot be used  in any other international mechanisms of emission mitigation “in order to avoid the double counting of reductions or removals”.

(Image: the National Diet chambers. Photo credits: Wikimedia Commons)