Coherent Identifier About this item: 20.500.12592/2cqss4

Re: Ending fossil fuel subsidies and public finance We urge the government to demonstrate true leadership by going beyond the commitments made to

6 May 2022

Summary

Federal Cabinet Re: Ending fossil fuel subsidies and public finance We welcome the commitments made by the Government of Canada to end subsidies and public financing for the fossil fuel sector. [...] This includes both the promises made during the election, to accelerate the timeline to eliminate fossil fuels subsidies by 2023 and to develop a plan to phase out public financing to fossil fuels in alignment with Canada’s net-zero target, as well as the historic Statement on International Public Support for the Clean Energy Transition at COP26 in Glasgow, a joint commitment to end international. [...] We urge the government to demonstrate true leadership by going beyond the commitments made to date and eliminate all subsidies, public financing and other forms of financial support from the Government of Canada and federal crown corporations directed to the oil and gas sector by the end of 2022. [...] ● Work with the other Glasgow Statement signatories to encourage other countries to join this initiative and to cement their joint commitments into international policy processes including at the major multilateral development banks, in the G7, G20, and the OECD. [...] The commitments made by the Government of Canada are at risk of being undermined by weak implementation and new subsidies and public financing being made available to false solutions, including carbon capture, utilization and storage (CCUS), gas, and fossil-based hydrogen, such as the new CCUS investment tax credit.

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