Under a government policy adopted to fulfill an international climate commitment, EDC should provide no new support for most fossil fuel development abroad. We’ve worked with the Environmental Law Centre to develop a model regulation that would make this policy legally binding, and extend the same restrictions to EDC’s domestic fossil fuel finance.
With signs that EDC may be backtracking on its commitments regarding Canada’s policy to restrict fossil fuel finance abroad, we’re calling for regulations to make the rules legally binding.
Above Ground has written to Export Development Canada and the trade minister seeking clarification regarding the government’s new guidelines for implementing the Glasgow Statement. The statement, signed by dozens of countries at the 2021 UN climate talks, commits signatories to ending direct financing for the overseas fossil fuel sector.
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.