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Canada slowing flow of money into foreign fossil fuels, but lags on renewables

www.nationalobserver.com 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

Canada slowing flow of money into foreign fossil fuels, but lags on renewables

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.

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