Minister of Environment Dr Hussain Rasheed Hassan inaugurated the Joint Crediting Mechanism (JCM) seminar on Thursday.
The seminar, held in Champa Central Hotel in partnership with the Japanese government and Environment Ministry, aims to inform the public of aid systems available for projects carried out under the Joint Crediting Mechanism.
With a total of 50 participants, the seminar will proceed divided into 8 sessions, hosted by representatives from Asian Development Bank (ADB) along with skilled officials from the Maldivian and Japanese environment ministries.
Held for the duration of a day, the seminar will also highlight Maldives' achievements in the field of renewable energy in addition to discussing the challenges faced in projects initiated under this mechanism so far.
JCM is a mechanism devised to pave a way to utilise the renewable resources available in Maldives that are cheaper than oil.
According to the ministry, carbon credit generated from projects launched under JCM will be distributed as settled between both parties when signing the agreement.
Assuring that the mechanism will encourage the development of capacity building in sectors promoting JCM in the country, the ministry revealed that the main advantage of this scheme will be reducing the carbon footprint of Maldives while cutting down the country's oil usage.