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AZEC International Conference to Promote the JCM and Develop Carbon Markets Held

September 29, 2023

Joint Press Release with the Ministry of the Environment

On Thursday, September 28 and Friday, September 29, 2023, the Ministry of Economy, Trade and Industry (METI) and the Ministry of the Environment (MOE) jointly held the AZEC International Conference to Promote the JCM and Develop Carbon Markets (herein after referred to as the AZEC-JCM International Conference). The conference brought together government officials in the Asia Zero Emission Community (AZEC) partner countries. Participants held proactive discussions on future approaches to promoting the utilization of the Joint Crediting Mechanism (JCM) and developing carbon markets in AZEC partner countries.

1. Overview of the AZEC-JCM International Conference

(1) The Government of Japan has been promoting the JCM as a means of achieving Japan’s reduction targets by quantitatively evaluating Japan’s contribution to greenhouse gas emission reductions and removal achieved in developing countries and other regions through the dissemination or popularization of Japan’s leading technologies, products, systems, services, and infrastructure for decarbonization to such countries.

(2) At the AZEC Ministerial Meeting held in March 2023, participating ministers recognized the importance of simultaneously achieving the three undertakings for economic growth, securing energy security, and decarbonization, and the common goal of carbon neutrality. To this end, the ministers concurred on a joint statement which states their shared belief in the importance of advancing the energy transition under various and practical pathways tailored to meet the circumstances of each country. They also decided to recognize AZEC as a framework for advancing decarbonization in Asia.

(3) Furthermore, at the first Asia Zero Emission Community Senior Officials Meeting (AZEC SOM) held in June 2023, the participants confirmed the implementation of efforts for encouraging the utilization of the JCM as one of the specific measures for policy coordination. This AZEC-JCM International Conference was held as part of these efforts.

2. Key points of the conference

(1) On Thursday, September 28 and Friday, September 29, 2023, METI and MOE jointly held an AZEC-JCM International Conference in Tokyo. The conference brought together onsite and online participants in charge of policies in ministries and agencies related to energy and the environment of AZEC partner countries (Australia, Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam).

(2) At the conference, participants exchanged information and views focusing on five topics: [i] Progress on JCM,* [ii] Recent development on carbon markets in partner countries, [iii] Relationship between Energy markets and Carbon markets in partner countries, [iv] Status on Implementing Article 6 of the Paris Agreement, and [v] Possibilities for regional cooperation through collaboration among JCMs and other efforts.

*Note: Japan has established and is operating the JCM with Cambodia, Indonesia, Lao PDR, the Philippines, Thailand, and Viet Nam among AZEC partners.

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METI and MOE will continue to promote the utilization of the JCM in AZEC and strive to advance decarbonization in Asia in collaboration with AZEC partner countries.

Division in Charge

Global Environmental Affairs Office, Industrial Science, Technology and Environment Policy Bureau