Canada is still backing the fossil fuel industry with billions, report finds

WNews
WNews 1 Min Read

A new report says the federal government is providing billions of dollars in financial support for the fossil fuel industry, despite measures announced last year to limit certain types of subsidies for the oil and gas industry.

The analysis, released today by the advocacy group Environmental Defence, estimated that Ottawa offered up at least $18.6 billion in support of the fossil fuel and petrochemical industries in 2023.

That tally includes:

$8 billion in loan guarantees for the Trans Mountain pipeline. $7.4 billion in public financing through the Crown corporation Export Development Canada. $1.3 billion for carbon capture and storage projects.

- Advertisement -

Climate activists

Share This Article
Leave a comment
Report a Bug/Suggest Feature

Notice a bug on the site or want to suggest a feature. Please fill out the information below and one of our IT will look at the bug/feature report. If we have any questions or want more information, we will reach out vis email.

Reading: Canada is still backing the fossil fuel industry with billions, report finds
Report a Error with this Story

Notice a error or facts with this story, please submit the information below and someone from our newsroom will review it and change if required 

Beta

Welcome to The New W.News

It is with great pleasure that we welcome you to W.News 6, the most extensive update ever. Please bear with us as we continue to work on and fine tune the new site. WNewsNetwork.com will remain online until June 30, 2024.