Report from Oil Change International says Canada finances fossil fuels more than any other G20 country
Canadian fossil fuel producers receive more public financial support than any in the developed world, according to a new analysis.
The report, which includes 2019 and 2020, adds up loans, loan guarantees, grants, share purchases and insurance coverage provided to fossil fuel producers by governments, government agencies and government-owned multinational development banks. But it found Canada topped the subsidies list, providing an average of almost $14-billion a year between 2018 and 2020. Japan, Korea, and China came in close behind.“Canada’s been consistently in the top four. They’ve always been up there.”
“That juxtaposition really stood out to me,” said Julia Levin of Environmental Defence, which has received and endorsed the report. “We have just spent so much on the sectors of the past rather than preparing for the future.” Export Development Canada says by 2023, it will reduce support to the six most carbon-intensive sectors by 40 per cent below 2018 levels and set “sustainable finance targets” by July 2022.
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