Last week Export Development Canada (EDC) announced that a review it commissioned to examine support for an SNC-Lavalin project in Angola cleared its staff of any wrongdoing. Yet the process raises more questions than it answers.
Last month Export Development Canada released its climate change policy. The policy does not commit the agency to reduce the billions of dollars of support it provides the oil and gas sector each year.
In this letter to The Hill Times, we question Export Development Canada's claim that it's improving the social performance of companies it supports by “leveraging its financial relationship,” and call for legal reforms to ensure accountability.
In May, 120,000 people in northwestern Colombia were endangered by the potential collapse of a hydroelectric dam being developed by Empresas Públicas de Medellín (EPM), a client of Canada’s export credit agency. EPM is currently under investigation for possible corruption and environmental damage linked to the project.
As leaders of the world’s richest countries gather at the G7 summit today, Canada’s prime minister intends to push for a commitment on climate change in the meeting’s final statement. But the government’s slow progress on a 2009 pledge to eliminate fossil fuel subsidies raises questions about Canada’s own commitment to cut emissions.
When allegations emerged last fall that the Mexican president’s 2012 election campaign was funded in part by a subsidiary of Brazilian construction giant Odebrecht, the news barely made headlines in Canada. But this development in the Odebrecht scandal should give us pause, because it raises crucial questions about the anti-corruption and disclosure policies of our export credit agency.