SL and Japanese firms to embark on a joint initiative of minimising carbon footprint

Sri Lankan and Japanese companies are to embark on a joint initiative of sustainable growth while minimising their carbon footprint, Environment Ministry sources disclosed.

It is aimed at bolstering sustainable development and fostering a low-carbon growth partnership between Japan and Sri Lanka under Joint Carbon Crediting Mechanism (JCM), a senior official said.

Measures are now being taken by the Ministry of Environment in collaboration with the embassy of Japan, and the Japan External Trade Organization (JETRO) to create awareness on JCM initiative among Sri Lanka and Japanese joint ventures and firms in the island.

The JCM scheme benefits for both countries in the broader context of environmental conservation and sustainable development, he added.  

Japanese companies are eager on the environmental sector and its expectations for investment in decarbonisation will be a motivation for Sri Lankan firms, he pointed out.

The collaborative nature of this initiative underscores the commitment of both Japan and Sri Lanka to create a brighter, greener future through shared knowledge and expertise.

Meanwhile Quantum Commodity Intelligence – a Sri Lankan firm which has teamed up with the Environment Ministry in a blockchain-based initiative to create a new carbon standard and registry is planning to launch a carbon credit marketplace in 2024, a senior ministry official revealed.

Sri Lanka Climate Fund under the ministry uses blockchain technology, to ensure transparency and traceability in carbon credit transactions plus advanced remote sensing and AI technologies for precise monitoring and verification of carbon sequestration projects, he added. (Bandula)