Risking It All: How Export Development Canada’s Support for Fossil Fuels Drives Climate Change
Oil Change International in partnership with the International Institute for Sustainable Development, Environmental Defence Canada, Equiterre, Above Ground and Climate Action Network Canada.
A new report released today reveals the disconnect between Canada’s promises on climate change and the actions of its official export credit agency, Export Development Canada (EDC), in propping up the oil and gas industry.
Disclosures and analysis of transaction-level data reveals that EDC provides, on average, over $10 billion in government-backed support for oil and gas companies every year. Between 2012 and 2017, EDC provided twelve times more support for oil and gas than it did for clean technologies. In the first two years of Prime Minister Justin Trudeau’s government, EDC provided more support for oil and gas (22.4 billion) than was provided during the last two years of the government of his predecessor, Stephen Harper (20.9 billion).
The report’s release comes in the midst of two ongoing reviews of EDC’s governance. International Trade Diversification Minister Jim Carr has asked EDC to thoroughly review its internal practices at the same time the government is also reviewing EDC’s governing legislation. The report shows how Canada can align EDC’s mandate with best-in-class policies and with global goals that Canada has committed to, including the Paris Agreement on climate change.