Decision is critical step for Canada to truly become global climate leader, now the commitments must turn into action
GLASGOW, SCOTLAND – Ecojustice welcomes today’s announcement that Canada will end all foreign financing for oil and gas projects by 2022. The commitment sends a strong signal to investors that time is up for fossil fuels.
The joint agreement, signed by 20 countries, is the first to focus on public financing for oil and gas projects and could lead to a $20 billion shift from fossil fuels to clean energy. The change is particularly important for Canada – the G20 country with the worst record on public financing of fossil fuels.
Alan Andrews, climate change director at Ecojustice, issued the following statement in response to the announcement:
“Today’s announcement is an important victory for all organizations and communities who have long advocated for this decision. It shows that Canada recognizes the harmful social and economic impacts of fossil fuels and the urgent need to end global production and use.
“The billions of dollars that previously funded harmful oil and gas projects will now support clean energy projects abroad and give the world a chance to slow the climate crisis. However, if we are to meet the 1.5 degrees Celsius target, Canada must go further and end public funding and subsidies for fossil fuel projects at home within the same timeframe.
“The International Energy Agency has declared that in order to limit warming to 1.5 degrees Celsius, no new fossil fuel supply can be developed and no new investment in fossil fuel supply is needed.
“We welcome this important decision by Canada and urge similar, swift action to ban the export of thermal coal through and from Canada. It’s great to see the federal government reiterating its election promise to phase out thermal coal exports on the global stage but, given the urgency, the deadline needs to be shortened from 2030 to 2023.
“We urge the federal government to be bold and ambitious in its climate action. Canadians are ready to take that step, the federal government must be willing to act too. Ecojustice stands ready to assist where needed.”
About
Ecojustice uses the power of the law to defend nature, combat climate change, and fight for a healthy environment. Its strategic, public interest lawsuits and advocacy lead to precedent-setting court decisions and law and policy that deliver lasting solutions to Canada’s most urgent environmental problems. As Canada’s largest environmental law charity, Ecojustice operates offices in Vancouver, Calgary, Toronto, Ottawa, and Halifax.