Canada’s export bank, Export Development Canada (EDC), already provides on average nearly fourteen billion dollars in support to oil and gas companies each year. As a result, Canada ranks second highest among G20 countries in public finance for fossil fuels. Now the federal government is using EDC to channel even more support to the oil and gas sector, which has been intensely lobbying the government for a bailout package of up to $30 billion.
The Canadian Green Party’s parliamentary leader, Elizabeth May, said last week: “My heart bleeds for people who believe the sector is going to come back. It’s not. Oil is dead and for people in the sector, it’s very important there be just transition funds.”
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.
A remarkable thing just happened in Canada’s oil patch. Tar sands producers have actually started to cut oil production in the face of growing pipeline constraints.
Someone should tell the Premier of Alberta, Rachel Notley, that when you are in a hole, you should stop digging.
“When even Enbridge is calling this a subsidy, you know Alberta’s XL bailout is another desperate attempt at a lifeline for a pipeline that will never be built. Keystone XL would be a disaster for the climate, and watching governments bend over backwards to be a part of that is heartbreaking in a year where you could barely catch your breath between climate disasters.”
The oil industry’s own data shows that the tar sands are on the edge of decline – but the key question is if they will take everyone else down with them.
“Keystone XL has been seen as inevitable before, but we persisted and won. This isn’t game over, it’s game on. Now we have a President who is deeply beholden to the oil industry and will do anything they ask, so this approval is no surprise.”
Climate on the Line: Why new tar sands pipelines are incompatible with the Paris goals January 2017 Oil Change International Download the report here. New analysis finds that Canada will be the world’s second highest contributor of new oil production globally over the next twenty years if action isn’t taken to halt new tar sands … Read More
Have you ever stopped to think about the moments that we were on the brink of something big? Something that we look back on and find it hard to imagine how it used to be? Cell phones are a good example, or smart phones – the iPhone has only been around since 2007. The internet … Read More