Canada slowing flow of money into foreign fossil fuels, but lags on renewables

Export Development Canada (EDC) and other national crown corporations have provided $7.6 to $13.5 billion a year between 2020 and 2022 to support the domestic fossil fuel industry, as compared with just $147 million for in-country renewable energy production, number-crunching by the IISD revealed in June.

Canada was criticized in the new report for a “lack of transparency in reporting” that made it hard to ascertain whether finance was going to domestic or international markets. EDC data shows it has provided $88 billion to the oil and gas sector since 2016.