New fossil fuel subsidies contradict Canada’s international climate commitments and undermine needed environmental investments announced in Canada’s spring economic statement
VANCOUVER | UNCEDED xʷməθkʷəy̓əm (MUSQUEAM), Sḵwx̱wú7mesh (SQUAMISH) AND səlilwətaɬ (TSLEIL-WAUTUTH) TERRITORIES —
While today’s federal spring economic statement included necessary new funding for climate and nature, it missed the mark by confirming new fossil fuel subsidies instead of investing in accelerating the transition from fossil fuels, the David Suzuki Foundation warned.
Today’s economic update included a $25 billion investment in a sovereign wealth fund — while representatives of 57 countries gathered in Santa Marta, Colombia, to build momentum for accelerating the global transition away from fossil fuels.
“Canada has a moral, legal and economic duty to stop financing fossil fuel expansion,” David Suzuki Foundation national policy manager Lisa Gue said. “The new Canada Growth Fund will need clear guardrails to align with Canada’s commitments to end fossil fuel subsidies and financing. A healthy environment, healthy people and resilient communities — that’s true wealth.”
At a time of great geopolitical uncertainty, Canada’s contribution to international climate finance is more important than ever. “We welcome the extension of this funding in the spring economic statement,” Gue said. “Yet Canada’s plans to expand fossil fuel exports and further subsidize liquefied natural gas terminals will only exacerbate the climate crisis and aggravate climate harms for the most vulnerable communities at home and abroad.”
The spring economic statement announced dedicated funding to protect whales and their habitat, which is crucial for highly endangered populations like the southern resident killer whales, the Foundation said. “While we welcome these investments, they can’t be used to justify environmentally destructive projects in or around coastal waters,” Foundation nature director Erin Roger said. “Beyond the funding announced today, what’s really needed to bring these endangered whales back from the brink of extinction is limiting harm from industrial activity. Healthy coastlines are in the national interest, and we look forward to Canada scaling up action to protect these ecosystems under the new nature strategy.”
The Foundation is concerned that amendments to Canada’s pesticide law, announced with today’s economic update, could increase exposure to chemicals that harm human health and the environment. But it welcomes extension of funding for Canada’s chemicals management plan and forthcoming measures to connect, modernize and expand the electricity grid.
“We are encouraged by Canada’s intention to work with provinces and territories, Indigenous partners and other stakeholders to strengthen efforts to connect, modernize and expand the electricity grid,” Gue said. “A clean and connected electricity grid is a real nation-building project, with recent polling showing that 72 per cent of Canadians want the federal government to invest in an east-west grid.”
– 30 –
For more information or interviews, please contact:
Rosie Rattray: rrattray@davidsuzuki.org, 604-732-4228, ext 132