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.
Canada
Campaigners: G20 financial and political support for fossil fuels rises amidst COVID-19 crisis
Grassroots campaigners at a press briefing yesterday said political leaders are failing to ensure a just and sustainable recovery, as new data shows that the world’s 20 richest countries have committed more than USD 150 billion of public money to support fossil fuels since the start of the COVID-19 crisis.
Export Development Canada’s new climate targets miss the mark
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.
Why $77 billion a year in public finance for oil, gas, and coal is even worse than it sounds
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.
Report: G20 Governments Bankrolling the Fossil Fuel Industry with at least $77 Billion a Year
Since the implementation of the Paris Agreement, G20 countries have provided at least USD 77 billion a year in finance for oil, gas, and coal projects.
Still Digging: G20 Governments Continue to Finance the Climate Crisis
This report reveals G20 countries have provided at least $77 billion a year in public finance to oil, gas and coal projects since the Paris Agreement through their international public finance institutions. This government-backed support to fossil fuels from export credit agencies, development finance institutions, and multilateral development banks is more than three times what they are providing to clean energy
“Oil is dead”: Post COVID-19, there’s no way back for Canada’s tar sands
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.”
Response to Canada’s oil and gas bailout announcement
That today’s announcement does not include most of the industry’s wish list is credit to massive public outcry.
Not an April Fool’s: Canadians to fund USD $5 billion KXL pipeline in middle of global pandemic
It would make a great April Fools joke. Investing $5 billion in a product that is nearly worthless in the middle of a global pandemic, which puts communities and construction workers at risk. Make sense to you? No, of course it doesn’t. You would reply: “Don’t be so stupid! That must be a joke.”
Groups Demand Immediate Halt to All Keystone XL Activity amid Coronavirus Emergency
A broad coalition of Indigenous, landowner, environmental, and conservation groups called on TC Energy to immediately halt all activity on its Keystone XL pipeline project due to the coronavirus public health threat.