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Our Bureau

New Delhi June 7 The UNDP on Wednesday announced that Fortis would be the financial services provider for UNDP's MDG (Millennium Development Goals) Carbon Facility.

Under the terms of the partnership, UNDP will help developing countries conceive projects intended to reduce emissions of greenhouse gases, said a release.

It will ensure that these projects meet the Kyoto Protocol's agreed standards and deliver real, sustainable benefits to the environment and broader human development.

Fortis will then purchase, and sell, the carbon credits generated by these projects.

The proceeds from Fortis' purchases will provide developing countries and communities with a new flow of resources to finance much-needed investment and to promote development.

The partnership between UNDP and Fortis covers an initial pipeline of projects, which will generate 15 million credits during the Kyoto Protocol's first commitment period (2008-12).

UNDP and Fortis will begin evaluating potential projects for the facility immediately,

This announcement also marks the operational launch of the facility.

MDG are agreed for by UN member-States for diminishing global poverty and achieving major advances in health, education, environment and equality by 2015.

Potential

A recent Poverty-Environment Partnership report estimates that $60-90 billion will be needed every year to address the environmental issues that contribute to poverty in developing nations; the market in emission reduction credits carries enormous potential for bringing essential new investment to tackle these issues.

More Stories on : Environment | Financial Services

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