Ottawa is restricting the conditions under which it will allow subsidies to the fossil fuel industry, but is leaving untouched — for now — the industry’s largest source of public financing.
The Canadian PressMONTREAL —
Subsidies will be allowed if they support clean energy. Companies that reduce their greenhouse-gas emissions or have a “credible” plan to achieve net-zero by 2030 could also be supported. Guilbeault said 129 tax and non-tax measures were examined as the guidelines were set up. He couldn’t provide a figure for how much financing would be affected, saying it’s impossible to predict how many applications the government would have had from industry.
Julia Levin of Environmental Defence said her group calculated that about $19 billion in financing for fossil fuels flowed through Export Development Canada in 2022. That’s compared to about $2 billion that came from other sources. Laura Cameron of the International Institute for Sustainable Development said, “We see this as a big moment to celebrate.”
“ is generally aligned with the framework on inefficient fossil fuel subsidies released today,” association president Lisa Baiton said in an email. “We are pleased to see the recognition that partnering with industry to invest in technologies to help decarbonize Canada’s economy remains an important part of reaching the government’s climate change and energy priorities.”
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