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.
There is no doubt we are at a historical moment with the industry in deep structural and financial trouble and where a post-COVID-19 recovery could see a radical shift away from oil and into a just transition into renewables. But will that happen?