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Under the JCM, a Japanese company may fund a project in India that cuts or removes greenhouse gas emissions; those reductions are independently verified and converted into carbon credits, which can then be transferred between the two countries and counted toward their respective climate pledges. The rules were adopted on June 8 under Article 6.2 of the Paris Agreement — the provision that permits countries to trade emission reductions bilaterally to meet their Nationally Determined Contributions (NDCs), the individual climate targets each country has registered under the agreement. India and Japan had signed a memorandum of cooperation (MoC) for the…
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