Canadas Fossil Fuel Subsidies Surpass $15.6 Billi
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- Published on Sunday, 29 November -0001 16:00
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The ARTICLE - https://www.readthemaple.com/canadas-fossil-fuel-subsidies-surpass-15-6-billion-this-year-environmental-group/
“It's high time that the government gets on with the job of eliminating those subsidies.”
Photo credit: Zbynek Burival/Unsplash.BY TAYLOR C. NOAKES
A new report published by an environmental group indicates that the Trudeau government, which is kept in power with the support of the NDP, continued to provide billions of dollars in public subsidies to the fossil fuel sector this year.
“Canada continues to fuel climate disaster by providing billions to oil and gas companies - $15.6 billion and counting in 2022,” said Julia Levin, national climate program manager for Environmental Defence Canada, which published the report.
“It’s long past time for Canada to keep its promise to stop funding fossil fuels,” Levin continued. “Eliminating public financing for fossil fuels will free up billions of dollars to support climate solutions - that’s how Canada will thrive as the world moves beyond oil and gas.”
Canada is not only continuing to subsidize oil... and gas projects at home — it is also the largest single financier of fossil fuel projects internationally.
Canada made a commitment to phasing out what the government termed "inefficient" subsidies to the fossil fuel sector back in 2009, though there are plenty of loopholes that producers in this country regularly exploit. Most recently, at the COP26 conference held last year in Scotland, Canada was one of 40 nations and institutions to sign the “Glasgow Statement.”
The “Glasgow Statement” was the first multilateral commitment to addressing public finance for oil and gas.
The signatories — including Canada, Germany, the United Kingdom and the United States — pledged to cease funding fossil fuel projects abroad and support clean energy projects instead.
Furthermore, the Liberal-NDP agreement signed back in March to keep the Trudeau government in power, reaffirmed the Liberal government’s existing commitment to phasing out fossil fuel subsidies – but with no specifics attached.
Canada has so far failed to meet these commitments.
