• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
Biden Approves $8B Oil Extraction Plan in Ecologically Sensitive Alaska March 14, 2023
U.S. Solar Developers Scramble after Silicon Valley Bank Collapse March 14, 2023
$30.9B Price Tag Makes Trans Mountain Pipeline a ‘Catastrophic Boondoggle’ March 14, 2023
UN Buys Tanker, But Funding Gap Could Scuttle Plan to Salvage Oil from ‘Floating Time Bomb’ March 9, 2023
Biden Cuts Fossil Subsidies, But Oil and Gas Still Lines Up for Billions March 9, 2023
Next
Prev

EDC Must Stop Financing Fossil Projects, Embrace Climate Disclosure, Consultants Urge

June 11, 2020
Reading time: 2 minutes

sundem / Pixabay

sundem / Pixabay

17
SHARES
 

Export Development Canada will need to stop financing fossil fuel projects, do a better job of climate reporting and disclosure, and show broader leadership on sustainable finance and climate justice if it plans to bring its investment and subsidy decisions in line with Canadian climate policy, according to a stinging technical assessment released earlier this week by Ottawa-based Horizon Advisors.

“By providing direct financing, credit, and insurance in carbon-intensive sectors like fossil-based energy,” EDC “is significantly undermining Canada’s international climate commitments,” Horizon states. While Canada’s Export Development Act gives EDC “the ability to provide its clients with stable and efficient financing underwritten by taxpayers,” the consultancy adds, its status as a Crown corporation also “confers important duties on EDC concerning transparency and public accountability.”

  • Concise headlines. Original content. Timely news and views from a select group of opinion leaders. Special extras.
  • Everything you need, nothing you don’t.
  • The Weekender: The climate news you need.
Subscribe

But while EDC has taken a “good first step” by promising a 15% reduction in its support to the most energy-intensive sectors, notes the report, commissioned by Oil Change International and Above Ground, “the target sets a low level of ambition and EDC continues to provide insufficient level of disclosure on carbon exposure.”

The analysis comes after reports of EDC lavishing C$45 billion in support on the oil and gas sector since 2016, against only $7 billion for cleantech projects, Horizon states. Earlier this year, it extended a “highly inappropriate” loan to support completion of the intensely-contested Coastal GasLink pipeline in British Columbia.

In 2018, EDC’s own figures showed a 12-fold difference between the $62 billion it had handed to fossils and the $5 billion it invested in cleantech, Oil Change and a group of Canadian organizations reported at the time.

The Horizon report lays out 17 recommendations that would see the agency do a better job of disclosing climate risk, “stress-testing” its investment decisions against national and international climate targets, matching its carbon intensity targets with the country’s climate goals, eliminating new support for fossil fuel projects, supporting lower-carbon and clean technology industries, and introducing a “comprehensive climate rights regime” with mandatory disclosure.



in Canada, Community Climate Finance, Energy Subsidies

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

David Dodge, Green Energy Futures/flickr
Community Climate Finance

U.S. Solar Developers Scramble after Silicon Valley Bank Collapse

March 14, 2023
32
EcoAnalytics
Media, Messaging, & Public Opinion

Canadians Want Strong Emissions Cap Regulations, Not More Missed Targets

March 14, 2023
26
U.S. National Transportation Safety Board/flickr
Pipelines / Rail Transport

$30.9B Price Tag Makes Trans Mountain Pipeline a ‘Catastrophic Boondoggle’

March 14, 2023
33

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Behrat/Wikimedia Commons

Hawaii Firm Turns Home Water Heaters into Grid Batteries

March 14, 2023
144
moerschy / Pixabay

Fringe Conspiracy Theories Target 15-Minute City Push in Edmonton, Toronto

February 22, 2023
1.6k
Rebecca Bollwitt/flickr

Fossils Stay ‘Oily’, Gibsons Sues Big Oil, U.S. Clean Energy Booms, EU Pushes Fossil Phaseout, and Fukushima Disaster was ‘No Accident’

March 14, 2023
36
U.S. National Transportation Safety Board/flickr

$30.9B Price Tag Makes Trans Mountain Pipeline a ‘Catastrophic Boondoggle’

March 14, 2023
33
David Dodge, Green Energy Futures/flickr

U.S. Solar Developers Scramble after Silicon Valley Bank Collapse

March 14, 2023
32
EcoAnalytics

Canadians Want Strong Emissions Cap Regulations, Not More Missed Targets

March 14, 2023
26

Recent Posts

U.S. Bureau of Land Management/flickr

Biden Approves $8B Oil Extraction Plan in Ecologically Sensitive Alaska

March 14, 2023
25
Raysonho/wikimedia commons

Purolator Pledges $1B to Electrify Last-Mile Delivery

March 14, 2023
12
United Nations

UN Buys Tanker, But Funding Gap Could Scuttle Plan to Salvage Oil from ‘Floating Time Bomb’

March 10, 2023
84
Gage Skidmore/Wikimedia Commons

Biden Cuts Fossil Subsidies, But Oil and Gas Still Lines Up for Billions

March 10, 2023
151
jasonwoodhead23/flickr

First Nation Scorches Imperial Oil, Alberta Regulator Over Toxic Leak

March 8, 2023
358
MarcusObal/wikimedia commons

No Climate Risk Targets for Banks, New Guides for Green Finance as 2 Federal Agencies Issue New Rules

March 8, 2023
230
Next Post
Eric Kounce/Wikipedia

Conservative Leadership Candidate Erin O’Toole Pledges Fossil Subsidy Phaseout

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}