MANILA, Philippines - The Philippines and Japan are nearing the signing of a new bilateral agreement that would boost cooperation between the two countries on matters related to environment and energy.
The Japan’s Ministry of Economy, Trade and Industry (Meti) said both countries exchanged last week a memorandum toward establishing a Joint Crediting Mechanism (JCM) as a way to promote Japan and Philippines’ partnership for low-carbon growth.
Based on the memorandum, Meti said Japan and the Philippines would advance procedures to sign a bilateral document to operate the JCM.
Once signed, the country will become the 17th signatory country of the JCM.
“Through the JCM, Japan and the Republic of the Philippines will strengthen their cooperation on environment- and energy-related issues,” Meti said.
“Under this mechanism, Japan will implement various projects using advanced low-carbon technologies to reduce greenhouse gas emissions in the Philippines.” It added.
It did not go into specifics, but Meti said Japan’s efforts would complement the country’s thrust toward environmental protection as among the countries most exposed to climate change.
Both the Philippines and Japan sit at the Pacific Ring of Fire and frequently visited and experience natural catastrophes.
“Leveraging this mechanism, Japan will contribute not only to the resolution of environment- and energy-related issues and to economic growth in the Philippines but also to international action to prevent global warming,” Meti said.
Countries with existing JCM partnership include Mongolia, Bangladesh, Ethiopia, Kenya, the Maldives, Vietnam, Laos, Indonesia, Costa Rica, Palau, Cambodia, Mexico, Saudi Arabia, Chile, Myanmar, and Thailand.
Once the JCM is signed, Meti said the Philippines and Japan would establish a joint committee to oversee the pact’s operation.
The JCM is utilized to realize the reduction and absorption of greenhouse gas emissions through the dissemination of technologies and related measures, products, systems, services, and infrastructure used to mitigate greenhouse gas emissions in developing countries.