Fossil fuel giants reap
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website: http://socialistaction.ca The Canadian government still funds the fossil-fuel industry to the tune of $2.74 billion (U.S.) annually, despite a G20 pledge made in 2009 to totally phase out such support.
About 60 per cent came from Ottawa in 2013 and 2014, with the rest coming from the prov inces, according to a report from the Overseas Development Institute and Oil Change Interna tional.
The report also found that $2.7 billion in addi tional money flowed to the industry in the form of loans and loan guarantees, primarily through Export Development Canada.
Prime Minister Justin Trudeau could have said at the G20 meeting on Nov. 22 that he would redirect that support to clean energy sectors. But he didn’t.
It is cold comfort that Canada is not the worst offender. Russia provided eight times the sub sidies and more than twice as much public financial support to fossil-fuel extractors. An nual U.S. subsidies amounted to $20.5 billion; though on a per capita basis, it is 20 per cent lower than Canadian levels.
The report considers a subsidy to be any dol lar value associated with direct spending or lost tax revenue in a government budget.
Trudeau’s campaign platform pledged to “ful fill Canada’s G20 commitment to phase out sub sidies for the fossil-fuel industry,” starting with the Canadian Exploration Expenses tax deduc tion. You can now add this to the growing list of broken Liberal promises. — B.W.