Canada commits to end new direct government support to relentless international fossil fuel sector by end of 2022

OTTAWA, ON, November 4, 2021 / CNW / – Climate change represents one of the greatest threats to global security, environmental protection and economic prosperity. It is also a huge economic opportunity for businesses and workers in Canada and all over the world. This is why the government of Canada remains committed to achieving net zero emissions by 2050 and supports the decarbonization of high-emission sectors and clean technologies that reduce emissions at home and abroad, including in the oil and gas sector.

Today, Canada joins other large economies such as United States and the UK and 21 other countries by signing the Declaration on international public support for the energy transition specific to COP26 (Conference of the Parties) conference on climate change in Glasgow, Scotland.

Building on the June 2021 Commitment of G7 leaders, Canada and other signatories will prioritize support for clean technologies more and end new direct government support to the international fossil fuel sector relentlessly by the end of 2022, except in limited and clearly defined circumstances that are consistent with the 1.5 degree Celsius warming limit and the Paris Agreement targets.

The government of Canada develop a strategic direction that will define the scope of this policy.

Joint efforts like this help support the transition to a prosperous, net-zero emissions economy. Canada will continue to work with its national and international partners to address climate change, while ensuring sustainable, resilient and inclusive global economic development.

Quote

“Building clean energy systems around the world will help us meet our climate goals and build a prosperous future for all. By signing this declaration, Canada aligns its international investments with its climate ambition. “

Tthe Honorable Jonathan Wilkinson
Minister of Natural Resources

Canada can lead into the low-carbon world if we continue to put our investments, innovations and intelligence to work for ambitious climate action. This means relentlessly reducing new international public investment in fossil fuels and accelerating the transition to clean energy sources. I have every confidence in from Canada ability to lead the way and win the jobs and economic prosperity that will come to those who lead the global transition to net zero no later than 2050. ”

The Honorable Steven Guilbeault
Minister of Environment and Climate Change Canada

Fast facts

  • Earlier this week at COP26, the government of Canada is committed to helping low- and middle-income countries move away from coal-fired electricity by providing up to $ 1 billion in climate finance to expand access to clean energy and support a just and inclusive transition for coal workers and affected communities. This new commitment will be part of from Canada recent announcement to double its international climate finance $ 2.65 billion, announced in 2015, at $ 5.3 billion over the next five years to help developing countries make the transition to resilient and low-carbon economies.

  • In June 2021, Canada and other G7 countries have pledged to phase out new direct government support for international carbon-intensive fossil fuels as soon as possible, with few exceptions in line with an ambitious climate neutrality path, the Paris Agreement, the 1.5 ° C target and the best available scientific data.

  • In July 2021, Export Development Canada (EDC), from Canada an export credit agency, committed to achieving net zero emissions by 2050 across all lines of business and in its own global operations.

  • At November 1, 2021, To COP26, Prime Minister Trudeau announced that Canada is the first major oil-producing country to want to cap and reduce pollution of the oil and gas sector to net zero by 2050. To help do so at the pace and scale needed to achieve from Canada target of net zero by 2050, the government will set 5-year targets and also ensure that the sector contributes significantly to the achievement from Canada Climate objectives for 2030. In a letter sent by Ministers Guilbeault and Wilkinson, the government is seeking the advice of the Net-Zero Advisory Council on the best way to move forward with this approach.

  • Since 2015, the government of Canada invested more $ 100 billion in clean growth. The government of from Canada existing climate actions put Canada on track to surpass its previous target and allowed the government to set an ambitious new target of 40% to 45% reduction from 2005 levels by 2030 earlier this year. With new mitigation targets for 2030 this year of Canada, Japan and the US, combined with ambitious action by the EU and UK, countries representing more than half of the global economy are now committed to the pace of emissions reductions required across world to limit warming to 1.5 ° C.

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SOURCE Natural Resources Canada

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See original content: http://www.newswire.ca/en/releases/archive/November2021/04/c7100.html


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