India and Japan have adopted the rules for their Joint Crediting Mechanism (JCM), a bilateral climate partnership that enables Japanese companies to fund emission-cutting projects in India.
Under the JCM, greenhouse gas reductions are independently verified and converted into carbon credits, which can be transferred between the two countries and counted toward their climate pledges.
The mechanism will attract investment, bring low-carbon technologies to India, build technical capacity, and support emissions-cutting projects, the ministry said.
The Delhi Metro, a product of India-Japan partnership, will be eligible for transfer of carbon credits under the joint crediting mechanism.
However, a separate analysis raised concerns about Asia's growing reliance on liquefied natural gas (LNG), warning it could deepen fossil fuel dependence and drive emissions linked to worsening climate impacts across the region.
