Above Ground logo

Bringing Export Development Canada’s Climate Change Policy in Line with Canada’s Commitments

Bringing Export Development Canada's Climate Change Policy in Line with Canada's CommitmentsEven as it claims to be working to “tackle climate change,” Canada’s export credit agency continues to provide roughly 10 billion dollars in support to fossil fuel companies each year.

In this submission to Export Development Canada (EDC), we examine key weaknesses of the agency’s climate change policy, which is currently under review, and make the following recommendations to bring it in line with Canada’s international commitments on climate change:

EDC should commit to no longer supporting

  • coal, oil and gas projects, including those to develop or expand infrastructure for the transport or consumption of coal, oil or gas;
  • companies significantly reliant on coal; and
  • companies whose primary business is in coal, oil or gas.

EDC should commit to achieving a sharp reduction in GHG emissions across its business portfolio by shifting its support from high-emission sectors, companies and projects to those associated with low emissions.

The recommendations made in this submission are endorsed by the following organizations:

  • Canadian Council for International Co-operation
  • Committee for Human Rights in Latin America
  • Canadian Engaged Buddhism Association
  • Climate Action Network Canada
  • David Suzuki Foundation
  • Environmental Defence
  • Friends of the Earth Canada
  • Greenpeace Canada
  • Inter Pares
  • Mining Injustice Solidarity Network
  • Oil Change International
  • Vegans and Vegetarians of Alberta

See our comments on EDC’s broad social and environmental risk management policies in this separate submission.