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The government of the Republic of Palau has signed an agreement with Japan that would allow Japanese companies to earn carbon credits by helping the island nation cut greenhouse gas emissions.
On Monday January 13, 2014, Japan’s Minister of Environment Nobuteru Ishihara and Palau’s Minister of Public Infrastructure, Industries and Commerce Charles Obichang signed the agreement during a brief ceremony.
Under this agreement, both nations will set up a joint committee of representatives to operate a bilateral carbon offset mechanism known as Joint Crediting Mechanism (or JCM).
Similar agreements have been executed between other nations including Maldives, Indonesia and Bangladesh.
The agreement allows Japan to earn credits that will count towards its greenhouse gas emission targets, a method that reportedly has not been formally endorsed at the United Nations climate negotiations.
