Page 97 - PRIAA Glossary

JOINT IMPLEMENTATION (JI)
Joint implementation (JI) is one of three flexibility mechanisms set out in the Kyoto Protocol to help countries with binding greenhouse gas emissions targets meet their obligations. JI is described in Article 6 of the Kyoto Protocol. JI is a process which allows a developed country with an emission reduction commitment to earn emission reduction units (ERUs) by investing in an emission reduction project in another country. This affords Kyoto members a flexible and cost-effective means of achieving their emission reduction targets. The host country will also benefit from outside investment and technology transfer.
JONES ACT
A reference to the US Merchant Marine Act of 1920 intended to safeguard the American Merchant Marine from foreign competition. Among other things, it requires that all goods transported between US ports be carried on US Flag ships. It also requires US Flag ships be constructed in the United States and crewed by US citizens.
JUNK BOND
A bond that is a high-yield or below investment grade bond (below S&P BBB rating), reflecting a perceived higher risk of default by the issuer.
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