Why?
Canadian fossil-fuel industry gets $2.74B handout: report
Canada subsidizes its fossil-fuel industry despite a G20 pledge not to.
Canada still subsidizes its fossil-fuel industry to the tune of $2.74 billion (U.S.) annually, despite a G20 pledge made in 2009 to completely phase out such support.
About 60 per cent came from the federal government in 2013 and 2014, with the rest coming from the provinces, according to a report from the Overseas Development Institute and Oil Change International.
The report also found that $2.7 billion in additional support flowed to the industry in the form of loans and loan guarantees, primarily through Export Development Canada. (All figures in U.S. dollars).
Alex Doukas, a spokesperson for Oil Change International, said that eliminating that support and redirecting it to clean energy sectors would be a way for Prime Minister Justin Trudeau to “hit the ground running” at the annual G20 leaders meeting on Sunday.
“It would also be very welcome in the lead-up to major climate talks in Paris next month,” Doukas said.
Canada is far from the worst offender. Russia provided eight times the subsidies and more than twice as much public financial support. Annual U.S. subsidies amounted to $20.5 billion, which on a per-capita basis is 20 per cent lower than Canadian levels.
The report considers a subsidy any dollar value associated with direct spending or lost tax revenue in a government budget.
Trudeau’s campaign platform pledged to “fulfill Canada’s G20 commitment to phase out subsidies for the fossil fuel industry,” starting with the Canadian Exploration Expenses tax deduction, which he would no longer make available for exploration projects deemed successful.
http://m.thestar.com/#/article/busi...l-fuel-industry-gets-274b-handout-report.html
Canadian fossil-fuel industry gets $2.74B handout: report
Canada subsidizes its fossil-fuel industry despite a G20 pledge not to.
Canada still subsidizes its fossil-fuel industry to the tune of $2.74 billion (U.S.) annually, despite a G20 pledge made in 2009 to completely phase out such support.
About 60 per cent came from the federal government in 2013 and 2014, with the rest coming from the provinces, according to a report from the Overseas Development Institute and Oil Change International.
The report also found that $2.7 billion in additional support flowed to the industry in the form of loans and loan guarantees, primarily through Export Development Canada. (All figures in U.S. dollars).
Alex Doukas, a spokesperson for Oil Change International, said that eliminating that support and redirecting it to clean energy sectors would be a way for Prime Minister Justin Trudeau to “hit the ground running” at the annual G20 leaders meeting on Sunday.
“It would also be very welcome in the lead-up to major climate talks in Paris next month,” Doukas said.
Canada is far from the worst offender. Russia provided eight times the subsidies and more than twice as much public financial support. Annual U.S. subsidies amounted to $20.5 billion, which on a per-capita basis is 20 per cent lower than Canadian levels.
The report considers a subsidy any dollar value associated with direct spending or lost tax revenue in a government budget.
Trudeau’s campaign platform pledged to “fulfill Canada’s G20 commitment to phase out subsidies for the fossil fuel industry,” starting with the Canadian Exploration Expenses tax deduction, which he would no longer make available for exploration projects deemed successful.
http://m.thestar.com/#/article/busi...l-fuel-industry-gets-274b-handout-report.html