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.
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.
Even 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.
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.
In this letter, we urge Canada’s environment minister to ensure that financing provided to oil and gas companies by Export Development Canada (EDC) is included in the government’s review of non-tax fossil fuel subsidies. As the government works towards its stated goal of fighting climate change, the billions of dollars in support EDC provides to the oil and gas sector every year must not be left out of the equation.
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