Canada and the Republic of Korea sign Memorandum of Understanding on Clean Development Mechanism Initiatives

Montreal, December 7, 2005 – The Government of Canada signed a Memorandum of Understanding with the Republic of Korea today that will see both countries work together in support of new Clean Development Mechanism (CDM) projects.

The CDM is a major component of the Kyoto Protocol. It is a project-based mechanism that assists developing countries in achieving sustainable development goals while allowing public or private entities to invest in greenhouse gas (GHG) reduction activities that will earn them certified emission reduction (CER) credits.

The Republic of Korea offers Canadian industry a wide array of opportunities to engage with local business leaders in developing climate-friendly technologies that will help improve local air quality while earning CER credits through the Clean Development Mechanism. It is anticipated that economic and environmental cooperation between the two countries will increase as opportunities for CDM projects are identified.

Today’s announcement comes as over 9000 delegates from around the world are gathered in Montreal for the November 28 to December 9 United Nations Conference on Climate Change. Last week, Canada and the Republic of Korea joined 155 other countries in demonstrating their commitment to the Kyoto Protocol by adopting the 19 decisions of the Marrakech Accords.

Negotiations are continuing as delegates try to adopt clear rules for implementation of the protocol, election of members to key oversight committees and proposals to streamline and strengthen certain instruments of the Protocol such as the Clean Development Mechanism.

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