From: Ben Brunnen To: The Honourable Steven Guilbeault, Minister of Environment and Climate Change, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance and the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources Date: August 1, 2023 Re: Reforming Canada’s Fossil Fuel Subsidy Framework Canada has been focused on “eliminating inefficient fossil fuel su. [...] • The Oil Sands Pathways Alliance is advancing a foundational carbon capture and storage (CCUS) project that has the potential to substantially reduce upstream oilsands emissions for the vast majority of the industry. [...] Most concerning in the announcement is the commitment to “phasing out public financing of the fossil fuel sector” which “refers to financing beyond the scope of [the] fossil fuel subsidies commitment.” This is beyond the scope of subsidies and likely related to Messrs. [...] Guilbeault and Wilkinson’s G7 ministerial meeting pledge last April to “accelerate the phase-out of unabated fossil fuels in combustion applications.” Canada currently provides public financing of insurance or loan provisions to all industries through entities such as the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). [...] The IEA Stated Policy Scenario (STEPS), which is based on current policies in place, forecasts that by 2050 hydrocarbons will still comprise at least 62 percent of the energy mix, and oil and natural gas supply is expected to increase by 7.7 percent and 2.7 percent respectively.
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