Ottawa, Canada (AHN) - The Canadian government said it is withdrawing its $1.5 million pledge to assist developing countries reduce greenhouse emissions under the rules laid down by the Kyoto Protocol.

The funds were pledged by the previous Liberal government and the current Conservative ruling party says it has no intention of spending tax payer's money on foreign nations.

Canada made the pledge in Montreal in December at a United Nations conference. The money was intended to finance the treaty's Clean Development Mechanism (CDM) which allows industrialized countries to earn credits by investing in emissions-cutting projects in under developed countries.

Ryan Sparrow, spokesman for Environment Minister Rona Ambrose told the Canadian Press, "Taxpayers' dollars will not be spent on international credits. That's what our government's position has been since taking office."

Canada made the biggest pledge among 20 industrialized countries which would have totaled $8 million for the CDM. There were at least 800 projects to be funded by the CDM and the U.N. Climate Change Secretariat said it estimates emission reduction to reach 1 billion tons by the end of 2012.