Canada slowing flow of money into foreign fossil fuels, but lags on renewables
Canada slowing flow of money into foreign fossil fuels, but lags on renewables
One of 39 nations that pledged to end non-domestic support for fossil fuels at the COP26 climate change conference in 2021, Canada spent $6.75-billion less last year backing new sector projects, according to International Institute of Sustainable Development
Export Development Canada (EDC) and other national crown corporations have provided $7.6 to $13.5 billion a year between 2020 and 2022 to support the domestic fossil fuel industry, as compared with just $147 million for in-country renewable energy production, number-crunching by the IISD revealed in June.
Canada was criticized in the new report for a “lack of transparency in reporting” that made it hard to ascertain whether finance was going to domestic or international markets. EDC data shows it has provided $88 billion to the oil and gas sector since 2016.
This is written as if it is bad news, but it's good news right? Investment in fossil fuel is slowing and renewables is increasing.
I don't completely understand the focus on bank financing. Banks will finance profitable projects in countries around the world. It's the job of governments to make fossil fuel project unprofitable. The financing is a symptom, not the cause.
This is written as if it is bad news, but it’s good news right?
It's mixed news. Less money into fossil fuels is good but little investment in renewables so far is bad