Japan, India to use joint crediting mechanism

The plan will be announced in conjunction with a summit between Japanese Prime Minister Shigeru Ishiba and Indian Prime Minister Narendra Modi, who is scheduled to visit Japan from Friday, according to the sources.

The mechanism is a cooperation framework that started in 2013 at the initiative of Japan.

India will be Japan's 31st partner country under the framework.

By using the framework, India, the world's third largest emitter of carbon dioxide after China and the United States, will be able to access Japanese decarbonization technologies at low cost.

In return, Japan can count part of greenhouse gas reductions achieved through its technologies as its own reduction efforts.

Projects led by Japanese companies under the mechanism can receive financial support from the Japanese government.

This is expected to encourage Japanese investment in India's clean energy sector.

Japanese companies operating in India are calling for an early implementation of the mechanism.

The Japanese government has positioned India as one of the most important countries in related negotiations.