Above Ground has joined nearly 250 civil society groups from around the world in calling on governments to immediately end all international public finance for fossil fuels, including that provided by export credit agencies like Export Development Canada (EDC).
The urgency is growing by the day: the International Energy Agency has warned that there can be no new oil and gas development after this year if the world is to avoid the worst impacts of climate change and achieve net-zero emissions by 2050. Yet the world’s largest economies continue pouring billions of dollars into supporting coal, oil and gas. Canada is among the world’s greatest boosters of fossil fuels due to the nearly $13 billion a year in oil and gas finance provided by EDC — and still no phaseout plan in sight.
As the United Kingdom and Sweden lead the way in ending public finance for fossil fuels, Canada risks falling further behind. With global leaders set to gather in November for the COP26 climate talks, Canada’s new government has the opportunity, and the obligation, to catch up to its allies by immediately aligning its public finance with its commitments under the Paris agreement.
Read the letter: