Export Development Canada (EDC), Canada’s government-backed export credit agency, has long been one of the worst in the world when it comes to backing the fossil fuel industry with public money. Their new climate policy opens the door for meaningful change, but the initial targets are far too weak to get the job done.
With his announcement of purchasing oil to fill the Strategic Petroleum Reserve, Donald Trump has once again put the interests of oil and gas executives ahead of the interests of people and communities.
“This is a critical step to clean renewable energy for frontline coal communities and a climate just future for all,” said Thuli Makama in response.
It’s absurd for the UK government to declare a climate emergency while pouring vast sums of taxpayer-backed money into fossil fuel expansion. The Environmental Audit Committee is right to call for serious reform of UK Export Finance.
To help inform the alignment of the MDBs with the Paris Agreement, this briefing explores the use of shadow carbon pricing by MDBs and considers some best practices and limitations in the application of shadow carbon prices.
Because they chose to accept David Malpass, Donald Trump’s pick for the next World Bank president, the World Bank Group’s Board of Directors are responsible for moving aggressively him in if he attempts to drag the Bank backward on climate change. The Board must not let Malpass do the bidding of the oil and gas industry.
Despite moderate progress in the 2017 budget, Canada remains the largest provider of fiscal support to oil and gas production in the G7 relative to the size of its economy.
President Trump has nominated David Malpass to be World Bank President If approved, Malpass would be a disaster for the World Bank – and the world. He’s not fit for this role and would drag the World Bank back to climate denial and inaction.
Program Director Alex Doukas said, “David Malpass is a dreadful nominee for the World Bank President. Malpass was Chief Economist of Bear Stearns as the company led the economy off the cliff into a global financial crisis. That tells you all you need to know about David Malpass’ ability as an economic steward.”
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 through government-backed (public) finance.