Speech

Check against Delivery

Good evening to those here in Durban.

Good morning to all back home.

As we’ve seen here in Durban, there are many different views on how to address global climate change.

As you know, our Government believes this global challenge requires a global solution.

We are also balancing the need for a cleaner and healthier environment with our commitment to protecting jobs and economic growth. 

We are making progress in reducing Canada's greenhouse gas emissions 17% below 2005 levels by 2020. That’s the domestic story.

When it comes to real action on reducing greenhouse gas emissions globally, Canada has many partners—at home and abroad.

One of the most valued and successful of all those partnerships is with the World Bank.

Our collaboration and fast-start financing commitments are helping developing nations be part of the solution – both in terms of adaptation and mitigation.

Today, I’m pleased to announce that Canada has contributed $291.5-million to the Canadian Climate Change Fund.

This is managed through the World Bank Group’s International Finance Corporation to provide accountability to Canadian taxpayers.

The bulk of this funding—more than $285 million—will be used to encourage private investment and innovation to reduce greenhouse gas emissions.

Additional grants will be available to remove investment barriers and kick-start construction on clean energy projects.

Today’s news release and backgrounder provide two examples of this partnership in action.

Overall, our investments - coupled with the power of partnerships - will help deliver real results in developing countries.

Working together, the public and private sectors can do more, faster than governments can do alone.

This is an investment in the future in every sense.

We’re confident we’ve picked the best possible partner for this endeavor.

Since the IFC got rolling on the Fund in June, $33 million have been directed to five projects in Africa and Latin America to eliminate more than 700,000 tonnes of greenhouse gasses from our environment every year.

When we signed the Copenhagen Accord, we committed to do our fair share to help the most vulnerable, emerging nations contend with the effects of climate change and to manage adaptation.

Today, working with partners like the World Bank and IFC, by tapping into the expertise it has accumulated over decades of international development work, Canada’s financial contribution multiplies through the developing world.

We have two representatives from the IFC with us today. I invite you to speak with them directly.

But, for now, happy to take a few questions.