Following enforcement of the act to revise part of the Japan Finance Corporation Act (the Revised JFC Act) in March 2010, JBIC has launched the “Global action for Reconciling Economic growth and ENvironmental preservation (GREEN*1)” to support projects aiming to prevent global warming .*2
For this financial instrument, JBIC also established Guidelines for Measurement, Reporting and Verification of the GHG Emission Reductions in JBIC's GREEN (the “J-MRV Guidelines”).
The outlines and its text are shown as below:
The J-MRV Guidelines were established, based on proposals of the Working Group in late May, consisting of outside experts. Considering lessons learned from the Kyoto Mechanisms and ISO (International Organization for Standardization) standards, the Working Group made the proposals aimed to make simple, practical and internationally acceptable guidelines for quantifying GHG emission reductions.
JBIC will continue improving the J-MRV Guidelines by lessons learned from application to JBIC's operations as well as taking account of international discussions on measurement, reporting and verification of GHG emissions.
In case of co-financing with any other institutions, such as Multilateral Development Banks, who have their own quantification measures of emission reductions, JBIC may consider to use their quantification measures if they are proved to be viable and reliable.
- *1 JBIC is expected to contribute to “achieving both environmental and economic sustainability” through its operations for preserving the global environment under GREEN.
- *2 See the Information : Promoting the Overseas Business Having the Purpose of Preserving the Global Environment, such as Preventing Global Warming”