{"id":1838,"date":"2022-10-07T17:23:44","date_gmt":"2022-10-07T17:23:44","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=1838"},"modified":"2022-10-07T17:23:47","modified_gmt":"2022-10-07T17:23:47","slug":"canada-spent-over-15b-on-financial-support-for-oil-gas-industry-this-year-report","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/1838\/","title":{"rendered":"Canada spent over $15B on financial support for oil &amp; gas industry this year: report"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Canada\u2019s federal government has committed more than $15 billion in public money to the oil and gas industry so far in 2022, according to a new report by Environmental Defence. The non-profit group says the subsidies fly in the face of promises to halt support for the emissions-intensive sector.<\/p>\n\n\n\n<p>However, critics question the report\u2019s accounting, and defend Ottawa\u2019s backing of early-stage technologies aimed at cutting the industry\u2019s impacts on the environment.<\/p>\n\n\n\n<p>Last year, Canada joined 23 other nations at the UN\u2019s COP26 climate conference in committing to end certain types of support for foreign oil and gas activity by the end of 2022. Natural Resources Minister Jonathan Wilkinson added at the time that Canada will also end public financing of domestic fossil fuel projects, a Liberal Party election promise.<\/p>\n\n\n\n<p>According to the Environmental Defence report, Canada is the largest international fossil fuel financier to sign the COP26 pledge. The $15 billion figure so far in 2022 represents a decrease from\u00a0last year\u2019s report\u00a0citing nearly $18 billion in subsidies.<\/p>\n\n\n\n<p>\u201cCanada continues to fuel climate disaster by providing billions to oil and gas companies,\u201d Julia Levin, the group\u2019s national climate program manager, stated in a news release on Friday. \u201cEliminating public financing for fossil fuels will free up billions of dollars to support climate solutions.\u201d<\/p>\n\n\n\n<p>Canada\u2019s commitment at COP26 puts pressure on Export Development Canada (EDC), which provides financial backing to foreign oil and gas companies in order to promote Canadian business interests.<\/p>\n\n\n\n<p>The Environmental Defence report says EDC accounts for the bulk of the federal government\u2019s financial support for the fossil fuel industry, averaging $13 billion per year from 2018 to 2020. The Crown corporation\u2019s sum includes its support for projects like the Trans Mountain Pipeline Expansion and the Coastal Gas Link pipeline.<\/p>\n\n\n\n<p>An EDC spokesperson said that it does not consider its services a subsidy, adding the agency &#8220;provided $3.4 billion of business facilitated for the oil and gas sector&#8221; in the first half of 2022.<\/p>\n\n\n\n<p>&#8220;In 2021, for the first time, EDC facilitated more business in the cleantech sector, including renewable power generation, than in the oil and gas sector,&#8221; Zoe de Bellefeuille wrote in an email to&nbsp;<em>Yahoo Finance Canada<\/em>.<\/p>\n\n\n\n<p>Kevin Krausert, a former oil field services executive who now runs a clean technology venture capital firm and startup accelerator, says the accounting in the the Environmental Defence report conflates tech that the oil and gas sector benefits from, with the actual sector itself.<\/p>\n\n\n\n<p>He says investments included in this year\u2019s $15 billion total include technologies key to achieving Canada\u2019s climate goals, which could be used beyond the oil and gas sector.<\/p>\n\n\n\n<p>\u201cThese are wise investments that the Government of Canada has made to help all sectors reach the herculean task of a net-zero 2050,\u201d he said in a phone interview. &#8220;These are not investments, let alone subsidies, only for oil and gas.&#8221;<\/p>\n\n\n\n<p>Canadian Association of Petroleum Producers spokesperson Jay Averill notes the billions of dollars the upstream oil and gas sector adds to government coffers. Like Krausert, he also sees the industry as a key player in the transition to a cleaner economy.<\/p>\n\n\n\n<p>\u201cAbout 75 per cent of all clean technology investment in Canada comes from the natural gas and oil industry,\u201d he said in an emailed statement.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2022-10-07T17:23:47+00:00\"> 7 October 2022<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Canada\u2019s federal government has committed more than $15 billion in public money to the oil and gas industry so far in 2022, according to a new report by Environmental Defence. The non-profit group says the subsidies fly in the face of promises to halt support for the emissions-intensive sector. However, critics question the report\u2019s accounting, [&hellip;]","protected":false},"author":1,"featured_media":1839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-1838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/1838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=1838"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/1838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/1839"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=1838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=1838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=1838"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=1838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}