Article 6 of the Paris Agreement: Drawing Lessons from the Joint Crediting Mechanism—Version II

The Joint Crediting Mechanism (JCM) is a project-based offset crediting mechanism implemented between Japan and 17 partner countries. It is considered a forerunner for voluntary cooperation using market-based mechanisms under Article 6.2 of the Paris Agreement. This publication analyzes important elements envisioned in Article 6.2 and how the JCM addresses these elements. It examines the alignment of the JCM with the requirements under Article 6.2 on the framework, national, and project levels. The publication is intended to help climate policy makers better understand the opportunities, potential synergies, and remaining challenges associated with developing new market-based mechanisms under Article 6.2.