Today, Canada’s export bank, Export Development Canada (EDC), released new climate targets.
The plan leaves the door open for new gas finance and keeps existing loopholes for continued support for all fossil fuels.
In an open letter released as part of a week of action against the company ahead of their June 8 Annual General Meeting, signatories detailed the threats that ReconAfrica’s potential development poses for human rights, Indigenous rights, local livelihoods, drinking water for over 1 million people, the global climate, and a critical and world-famous ecosystem.
Today sees the release of the data on project financing from the nine major Multilateral Development Banks on the Energy Policy Tracker and a new Big Shift Global briefing, showing that, since the beginning of the pandemic, the Banks provided at least $12 billion to clean energy and $3 billion for fossil fuels.
As Export Development Canada (EDC) undergoes a climate change policy review, 53 civil society organizations sent a letter with a call to action to the federal crown corporation and Minister of Trade Mary Ng.
Despite repeated pledges to end inefficient fossil fuel subsidies, G20 governments’ support to fossil fuels has dropped by only 9% since 2014–2016, hitting USD 584 billion annually over the last three years, according to a report released today by the International Institute for Sustainable Development (IISD), the Overseas Development Institute (ODI), and Oil Change International (OCI).
Poor transparency from DBSA, IDC, and ECIC means support for oil, gas, and coal likely higher than the ZAR 2.2 billion a year on record
With the health and livelihoods of billions at risk from COVID-19, governments around the world are preparing historic levels of stimulus finance. Building a Just Recovery that avoids the worst of climate change means overhauling our public finance institutions fast.
That today’s announcement does not include most of the industry’s wish list is credit to massive public outcry.
The new measures allow for an unlimited amount of public finance to flow to Canada’s oil and gas sector at the sole discretion of the Minister of Finance.