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institution are required to represent the consortium and apply to the Japanese government for subsidy through open biddings. Financial support for selected projects are disbursed directly to participants or indirectly through intermediary organizations.ForMOEJModelProjectfinancingprogram, thefinancing is limited only to those costs that canbeverifiedashavingbeen spent for implementationof eligible projects.4 Once their project is registered, project participants startmoni- toring emissions reductions/removal by the project based on the relevantmethod- ology, produce amonitoring report and ask third party entities to verify it. Third party entities (TPEs) are ISO 14065 or CDMDesignated Operational Entity (DOE)-certified organizations who are deemed eligible by the Joint Com- mittee to conduct validation and verification activities in specific countries. Third party entities produce verification report on the project emissions reductions as reported by the project participants. This verification report is used by project participants to request credit issuance. Credits can be used to fulfil both Japan’s andpartner country’s emissions reductions pledge.5 Fig. 7.2 The JCMstakeholders and their role 4MOEJ, 2015. JCMFinancing Programme for JCMModel Projects Public OfferingGuidelines (tentative translation) http://gec.jp/jcm/kobo/mp150907.html 5Written in bilateral agreement between Japan and partner countries, for examplewithThailand (November2015): (5)Bothsidesmutually recognize thatverifiedreductionsor removals fromthe mitigation projects under the JCM can be used as a part of their own internationally pledged greenhousegasesmitigation efforts. 114 A.Amellina