Today the Government of Canada released a plan to end new public finance for fossil fuels abroad and instead prioritize clean energy projects. The policy, which comes into effect on January 1, 2023, marks a critical first step towards eliminating Canada’s massive levels of support for oil and gas and aligning federal support with a climate-safe future.
At last year’s UN climate conference in Glasgow, Canada joined dozens of countries in pledging to end its international public finance for fossil fuels by the end of 2022. With mere weeks remaining before the deadline, however, the government has yet to release its plan for implementing the commitment.
With the trade minister currently preparing her annual statement outlining Ottawa’s policy expectations for Export Development Canada, Above Ground has sent her the following letter urging the government to place the highest priority on making this Crown corporation accountable for its global climate impacts.
Climate change is a global human rights emergency of unprecedented proportions—and devastating consequences. Canada’s contribution to this crisis must be addressed. We must immediately end our bankrolling of fossil fuels.
Canada is the largest public financier of fossil fuels in the G20, funnelling billions of dollars in support every year into an industry that must be wound down to avert severe climate breakdown. In this submission to a parliamentary committee, we call for an immediate, legally binding end to all public financial support for fossil fuels.
In this op-ed in The Hill Times, we argue that Ottawa must initiate a swift and complete phase-out of all public financial support for fossil fuel development of any kind – with no allowances for technologies, such as carbon capture, that prolong our dependence on fossil fuels at a time when we must be rapidly winding down their use.
Canada is propping up the oil and gas industry with more public financing than any other G20 nation. Ottawa’s phaseout of this fossil finance should be swift and complete, argues Above Ground’s director in this Toronto Star opinion piece.
Above Ground joins nearly 250 civil society groups from around the world in calling on governments to immediately end all public finance for fossil fuels, including that provided by export credit agencies like Export Development Canada.
Above Ground, Environmental Defence and Oil Change International release a statement reacting to EDC’s 2023 targets and 2050 net-zero emissions plan.