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Market News

 June 23, 2010
Federal Government to invest $400 million for international climate change efforts.

 Ottawa, Ont. - The government of Canada is to invest $400 million as the 2010 portion of Canada's financing promised by developed countries under the Copenhagen Accord.

"This is an important announcement for Canada and for the global community," said Minister Prentice. "Through this investment, we are working to help developing countries reduce their emissions and adapt to the effects of climate change."

As countries begin to follow through on their commitments made in Copenhagen last December, Canada will continue to provide its fair share of the support promised, said the Minister.

Under the Copenhagen Accord, developed countries committed to provide fast-start financing approaching US$30 billion for 2010-2012 that would help the poorest and most vulnerable countries adapt to the effects of climate change, including clean energy development and delivery, efforts to address deforestation and to enhance sustainable agriculture.

Canada's contribution is consistent with our traditional share of developed country donor pledges in the context of multilateral international assistance efforts-approximately 4%.

Also announced today, the federal government plans to reduce greenhouse gas emissions in the electricity sector by moving forward with regulations on coal-fired electricity generation.

Thirteen per cent of Canada's total greenhouse gas emissions come from coal-fired electricity generation units. The proposed regulations will apply a stringent performance standard to new coal-fired electricity generation units and those coal-fired units that have reached the end of their economic life.

Canada's fleet of coal burning electricity plants consists of 51 units, with 33 coming to the end of their economic life by 2025. The gradual phase‑out of traditional coal-fired electricity generation is expected to have a significant impact on reducing emissions.

This policy, coupled with the commitments of the provinces, and companies who have committed to coal closures, will reduce emissions by about 15 megatonnes (Mt). This is equivalent to taking about 3.2 million vehicles off the roads.