Greening Canada Fund signs carbon credit agreement with Toronto District School Board
Torys acted as counsel to Greening Canada Fund with a team that included Patricia Koval, Michael Pickersgill and Raegan Kennedy.
On June 9, 2010, Greening Canada Fund (GCF) announced that it signed an agreement with the Toronto District School Board (TDSB), under which the TDSB will begin selling carbon credits to GCF.
Since 2000, the TDSB has invested more than C$38 million in energy reduction projects that have reduced its greenhouse gas emissions by 18%. In February 2010, the TDSB's Board of Trustees approved the Go Green Climate Change Action Plan to reduce greenhouse gas emissions by a minimum of 20% by 2020. Many of the actions comprising the plan will generate additional carbon credits and the potential to earn additional revenue.
The TDSB will be able to generate more than C$1.7 million through its agreement with GCF over five years. The revenue will be reinvested in the Environmental Legacy Fund Reserve to support future energy reduction projects.
Greening Canada Fund was created in 2009 by the Toronto City Summit Alliance's Greening Greater Toronto initiative in 2009. Its purpose is to purchase high-quality carbon credits for the benefit of its investors, which are Canadian corporations that have made a commitment to reduce their environmental impact while supporting local community energy efficiency and renewable energy initiatives.
Further information is found on Canada Newswire's website.