Ottawa | Traditional, unceded territory of the Algonquin Anishinaabeg People – United States President Joe Biden has just issued a new policy which orders an immediate halt to public financing of high-carbon-emission industrial projects overseas. Though imperfect, the policy will likely bring an end to billions of dollars in annual funding for fossil fuel projects.
The Government of Canada should follow the U.S.’s lead. At COP26, Canada joined other international leaders in announcing an end to support for overseas fossil fuel projects by the end of 2022. Canada doesn’t have to wait a year to follow through on the pledge. The Government of Canada should introduce a policy to immediately end this support in lockstep with the U.S.
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Additional information
- The new US policy goes beyond constraining financial aid and rules out other, softer forms of government support, including diplomatic and technical assistance that benefits developers of pipelines, LNG terminals and other projects overseas.
- Canada is the largest provider of public financing for fossil fuels in the G20, according to a recent report by Oil Change International.
- At COP26, Canada committed to ending public financing for overseas fossil fuels by the end of 2022.
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For more information or to request an interview, please contact:
Barbara Hayes, Environmental Defence, bhayes@environmentaldefence.ca
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