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March 29 - April 5, 2004
Quebec sustainable development fund makes first investment in CO2 Solution
MONTREAL, QUE-Quebec's Sustainable Development Fund (Fonds d'investissement en dÈveloppement durable - FIDD) has invested $500,000 in shares of CO2 Solution, an environmental company based in Quebec City. This represents the first investment by the FIDD, an $18-million venture capital fund created through a partnership involving the Quebec Sustainable Development Action Fund (le Fonds d'action quÈbÈcois pour le dÈveloppement durable - FAQDD), Fondaction CSN and the Fonds de solidaritÈ FTQ. The Fund supports Quebec-based small and medium-sized enterprises (SMEs) working in the field of sustainable development. CO2 Solution specializes in the design, development, production and marketing of products and services related to the management and the elimination of CO2 in the context of climate change. The FIDD investment will enable the company to pursue activities related to the development and application of its technology in the industrial sector and commercialization of its products and services. Following the August 2002 World Summit on Sustainable Development FIDD adopted the approach recommended by the United Nations, through the Life Cycle Initiative, by linking environmental and social factors to its economic investment decisions in order to build an investment portfolio which is both "green" and socially responsible. Last August, the United Nations Environment Programme (UNEP) recognized the innovative character of FIDD. More information is available from AndrÈe-Lise MÈthot, president and general manager, 514/495-1022.