Environmental groups urge an end to fossil fuel subsidies in two reports outlining Canada’s oil and gas financing
The government gave at least $18.553-billion in financial support in 2023 to fossil fuel and petrochemical firms, including $8-billion worth of loan guarantees for the TransMountain pipeline, $7.339-billion in public financing through Export Development Canada, and over $1.3-billion for carbon capture and storage projects, according to the reports.
Two environmentalist group reports have shone a spotlight on federal subsidies for fossil fuels, finding that Canada has provided billions of dollars in support to companies already pulling in billions of dollars in profits.
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