News Release
DURBAN, South Africa -- December 6, 2011 -- Canada's Environment Minister, the Honourable Peter Kent, today announced new supports so developing countries can be part of the next phase of global solutions to counter climate change.
"Our Government has consistently said global issues like climate change require global solutions," said Minister Kent. "Canada is committed to doing its part at home and abroad as we work toward an international agreement in which all countries play a part."
In Durban, Minister Kent pointed to the early successes of a new Canadian climate change fund. This $291.5 million contribution through the World Bank to the International Finance Corporation (IFC) is encouraging private investment and innovation to reduce greenhouse gas emissions in developing countries, while also delivering accountability for Canadian taxpayers.
Canada believes it is important for countries to take action that most appropriately reflects their national circumstances. Investments like this are part of a balanced approach to deliver real results.
Since June 2011, Canada has invested $33 million in five projects in Africa and Latin America, including initiatives to support wind power in Lesotho and greener power and water services to Guinea-Bissau. These projects will help eliminatemore than 700,000 tonnes of greenhouse gas emissions every year.
"The investments are a major step by Canada to lever private-sector led greenhouse gas reductions in developing countries. The private sector will play a strong role in providing the capital and innovation needed for low emissions growth, and this complements public sector interventions", said Rashad Kaldany, Vice President, Global Industries, IFC.
Minister Kent is leading the Canadian delegation to COP17 in Durban where we are supporting the establishment of a new international climate change agreement that includes commitments by all major emitters.
Related documents:
The Canadian Climate Change Fund at the International Finance Corporation - [Backgrounder - 2011-12-06]
Canada's fast-start financing projects
For more information, please contact:
Media Relations
Environment Canada
819-934-8008
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