Fall Economic Statement Today Raises Spectre of New CCS Subsidy
With Finance Minister Chrystia Freeland set to deliver her fall economic statement later today, climate and energy analysts are watching closely to see whether she sweetens the already lavish subsidies the Trudeau government extended to carbon capture and storage (CCS) in its 2022 budget.
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Canada’s Fossil Fuel Subsidy Framework Is a Big Step Forward, but Gaps Must Be Closed to Align With Climate Commitments
Canada's federal government released a new policy to phase out inefficient fossil fuel subsidies, delivering on a 14-year commitment.
Canada to Cut Oil & Gas Subsidies
The Canadian federal government has implemented a framework to revoke subsidies for fossil fuels that are deemed inefficient. However, the framework lacks details on the specific subsidies to be eliminated and does not provide a dollar amount for the cuts. Canada, as the fourth-largest oil producer in the world, is the first country to comply with a 2009 pledge made by the Group of Twenty (G20) nations. The government plans to exempt oil and gas projects that have plans to reduce emissions and utilize carbon capture and storage (CCS) technology. Federal Environment Minister Steven Guilbeault stated that the objective is for federal support to be directed only towards projects that decarbonize the sector and result in significant greenhouse gas emissions reductions.
Canada Bans Some Fossil Fuel Subsidies, Meeting Decade-Old G-20 Pledge
Canada revealed new rules to ban some fossil fuel subsidies, targeting those that unfairly advantage oil and gas, solely support sector activities or endorse consumption of fuels that worsen climate change.
Canada releases framework to phase out inefficient fossil fuel subsidies
Canada on Monday released a framework for eliminating inefficient fossil fuel subsidies, making it the first G20 country to deliver on a 2009 commitment to rationalise and phase out government support for the sector.