Ottawa unveils policy to end public funding for new oil and gas projects abroad — via financialpost
The new policy will apply to all federal departments, Crown corporations and public agencies, but will target Export Development Canada in particular. The agency within the Ministry for International Trade currently has $2.5 billion in committed financing for international fossil fuel projects — business that will not be renewed, Natural Resources Canada said in a release Thursday.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
Some unabated natural gas power generation projects could also be exempt, the government said, provided they meet strict criteria including that there is no viable renewable alternative to the project.Article content In this year’s federal budget, Ottawa announced the elimination of certain tax deductions for resource expenses related to oil, gas and coal activities in 2023 and plans to reduce nine other subsidies that are in the process of being phased out.
Ottawa previously committed to ending all public financing of domestic fossil fuel projects and signalled that more details are on the way early next year. “The guidelines issued today are distinct from and do not pre-determine the Government of Canada’s future domestic framework on fossil fuel subsidies,” the department said. “The government recognizes that work must also be done to eliminate inefficient fossil fuel subsidies domestically and commits to eliminating additional significant fossil fuel subsidies early in 2023.”Article content
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