The Hindu : National : Canada to support environment project

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Saturday, May 01, 2004

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Canada to support environment project

By Our Staff Correspondent

NEW DELHI, APRIL 30. Canada will support a targeted lending facility to fund projects aimed at reducing the production of Green-House Gases (GHG) in India. The $300,000 project will finance Clean Development Mechanism (CDM) activities in India.

The facility will be operated by Natsource, through its Canadian subsidiary GCSI, and in collaboration with The Energy and Resources Institute (TERI) which will identify potential projects. It is expected to benefit local project developers, stimulate technology transfer, and offer cost-effective solutions to reduce GHG.

The applications for funds will be accepted until May 31.

Canada has already taken steps to reduce emissions through Action Plan 2000 and has ratified the Kyoto Protocol in December 2002.

Although the majority of Canada's reductions would take place at home, Canada viewed the CDM as an opportunity to reduce GHG in developing countries like India, a spokesperson of the Canadian High Commission said here today. Canada's CDM office had established links with its Indian counterparts, companies and associations to promote Canadian products and services through CDM. Canada's climate change technology capabilities were well developed, particularly in the areas of natural gas, renewable energy such as small hydro, solar, wind, biomass and energy efficiency. Since Kyoto Protocol ratification, Canadian companies had shown marked interest in pursuing CDM projects, and this would continue over the years, the spokesperson said.

Natsource is a provider of strategic advisory, brokerage, and asset and portfolio management services for energy-related products in emissions, allowances, power, natural gas, coal and weather hedging markets. A pioneer in energy and environmental brokerage, Natsource assists leading organisations and Governments around the world in strategic management of energy and environmental risk.

GCSI - Global Change Strategic International is a Canadian subsidiary of Natsource and is a leader in providing strategic advice to industry and Governments on global issues, with emphasis in climate change.

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