In July 2022, EDC announced its decision to stop providing new direct financing to international fossil fuel companies and projects by the end of that year.

Unfortunately, this commitment does not extend to ongoing fossil fuel projects. In 2023 alone, EDC provided a staggering $7.3 billion in fossil fuel subsidies.

This trend continues into 2024. So far this year, EDC has loaned $200 million to the highly controversial Coastal GasLink project, despite urgent warnings from Wet’suwet’en Hereditary Chiefs, and has agreed to another $400-$500 million loan for an LNG project in Kitimat, British Columbia.

The Government of Canada has promised to eliminate public financing from Crown corporations for fossil fuels by Fall 2024. So why is EDC still investing in a dying sector?

Any continued investment in the oil and gas sector will make it harder to avoid catastrophic climate change, sky-rocketing cost of living, and devastating impacts on the health and livelihoods of Canadians.

Plus, those wasted billions could be used for climate solutions, such as building more renewable energy, investing in public transit, and making our homes more affordable, energy efficient, and climate resilient.

To avoid the worst of catastrophic climate change, we must keep fossil fuels in the ground and transition rapidly to renewable energy. By continuing to finance fossil fuel projects, EDC is pouring fuel on the climate fire.

We demand that EDC immediately close all fossil fuel funding portfolios and cease all financial support for fossil fuel companies and projects.

Canada’s future—and the world’s—depends on decisive action now. EDC must lead by example and stop fueling the climate crisis.

Sign the petition to demand that EDC close all fossil fuel portfolios NOW!

SOURCES:

1. https://www.edc.ca/content/dam/edc/en/non-premium/edc-net-zero-emissions-2050-update.pdf

2. https://environmentaldefence.ca/2024/03/27/as-the-climate-crisis-worsens-the-federal-government-in-canada-continues-to-give-billions-in-funding-for-fossil-fuels/

3. https://pbicanada.org/2024/07/25/edc-loans-up-to-200-million-to-coastal-gaslink-after-hearing-wetsuweten-speak-about-rcmp-c-irg-violence/

4. https://news.knowledia.com/CA/en/articles/loan-for-half-a-billion-approved-for-lng-project-in-bc-09d3cbe002f90f478aa5a353645711c7013c2def

5. https://environmentaldefence.ca/2023/08/01/canada-stops-funding-some-fossils-a-milestone-worth-celebrating/