Canada has become the second-largest public financier of fossil fuels in the G20 due to the business carried out by its export bank. New research commissioned by Above Ground and Oil Change International identifies policy and legal reforms needed to reverse the trend and redirect the bank's resources into low-carbon solutions.
Academics and researchers including Above Ground staff urge the prime minister to abandon plans to bail out oil and gas firms, and instead align Canada's economic recovery with its climate commitments.
Writing in the Business and Human Rights Journal, our director Karyn Keenan relates how promises of a robust watchdog to investigate complaints against Canadian multinationals gave way to an office that lacks the powers to do its job.
While other public institutions pull out of fossil fuels, Canada's export credit agency continues to heavily support oil companies vying to expand production in one of the world's most emissions-intensive oil fields.
Warnings of corruption and social and environmental harm accompanied the Hidroituango venture from its earliest days. Yet Canada’s export credit agency helped make the project happen, with a $466-million loan to EPM, the company developing the dam.
Over the past decade Kinross Gold has dramatically expanded its Morro do Ouro mine, displacing traditional communities in the process. Despite these abuses, Kinross Gold remains a frequent client of Canada's export bank.