Canada Calls for More Renewable Energy to Reduce Greenhouse Gas

He called on hydroelectric power producers to seize this environmental and economic opportunity to produce renewable energy provided by Budget 2005 and Moving Forward on Climate Change 2005.

Canada's goal for reducing greenhouse gases and to meet its Kyoto target between 2008-2012 is a 270-megaton reduction in emissions. The government is currently considering how best to allow renewable energy producers, such as hydro electricity companies and wind power entrepreneurs, to receive emission reduction credits for new projects and to sell those credits to the Climate Fund Agency or to industries that need to meet regulated reduction targets. This creates a double benefit of reduced greenhouse gas emissions and an opportunity to sell credits in domestic and existing international emissions trading systems.

"I am confident that this initiative will strengthen the economic signal to increase the supply of non-emitting power that will have a significant market potential and benefits for renewables across the country," said Minister Dion.

According to the release, Canada is the world's biggest producer of hydropower, using it to generate two-thirds of its electricity production, making this renewable resource the most importance source of electricity production in the country. New sources of fossil-free power generation are under way as well, such as wind power projects currently being proposed, approved and built.

In addition, Canada will be putting its case for worldwide action to reduce greenhouse gas emissions before 10,000 delegates, media and other parties who will gather at the United Nations Climate Change Conference in Montreal November 28 to December 9.