Tuesday, July 25, 2023
Canada to Phase Out Public Fossil Fuel Financing
Government of Canada Announcement
The Government of Canada announced on Monday a series of initiatives aimed at reducing government support for the fossil fuel sector, including the release of a new framework and guidelines, effective immediately, to eliminate “inefficient” fossil fuel subsidies.
The government also announced that it will work to identify current public financing by 2024, and develop an implementation plan by fall 2024 to phase out public financing of the fossil fuel sector, beyond the scope of the new subsidy elimination commitment.