India, June 16 -- India and Japan have finalised the rules for a new carbon credit partnership called the Joint Crediting Mechanism (JCM), under the Paris climate agreement, officials said on Tuesday. Under the arrangement, Japanese investment and technology can help fund projects in India that reduce or remove greenhouse gas emissions. Carbon credits can also be shared between the two countries to help meet their climate targets, officials said.

India and Japan signed the Memorandum of Cooperation (MoC) for the JCM last year. The environment, forest, and climate change ministry said the rules for the implementation of the credit mechanism were adopted on June 8.

"The Government of the Republic of India and the Government of Japan have ...