Our brief to the parliamentary committees studying Ottawa's COVID-19 economic response highlights the role of Canada's export bank in bailing out fossil fuel producers, and makes recommendations to align the government's response with its climate commitments.
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.
Last month Export Development Canada released its climate change policy. The policy does not commit the agency to reducing the billions of dollars in support it provides the oil and gas sector each year.
Canada has pledged to end inefficient fossil fuel subsidies by 2025. Last year the government launched a review of federal non-tax measures that benefit fossil fuel companies and may qualify as inefficient subsidies. In this letter, we ask when the review will be finalized and whether the full results will be made public.
In this submission to the federal government, we call for reforms to the Export Development Act to prohibit Export Development Canada from supporting fossil fuel companies and projects.
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