Ottawa commits to ending public funding of fossil fuel sector by 2022
Canada, alongside other major economies such as the United States and the United Kingdom and 21 other countries, has signed the Statement on International Public Support for the Clean Energy Transition at the COP26 (Conference of the Parties) climate change conference in Glasgow, Scotland.
Building on the June 2021 G7 Leaders commitment, Canada and other signatories will further prioritize support for clean technology and end new direct public support for the international unabated fossil fuel sector 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 goals of the Paris Agreement.
“Building clean energy systems across the world will help us achieve our climate goals and build a prosperous future for everyone. In signing this declaration, Canada is aligning its international investments with its climate ambition,” says Jonathan Wilkinson Minister of Natural Resources Canada.
Joint efforts like this one help support the transition to a prosperous net-zero emissions economy, states a press release from the Ministry of Natural Resources, adding that Canada will continue to work with its domestic and international partners to address climate change, while ensuring sustainable, resilient and inclusive global economic development.
“Canada can lead in the low-carbon world if we keep putting our investments, innovations and brain power behind ambitious climate action. That means quickly winding down new public international investments in unabated fossil fuels and powering up the shift to clean sources of energy. I have every confidence in Canada’s ability to blaze a trail and win the jobs and economic prosperity that will come to those who lead the global transition to net-zero no later than 2050,” says Steven Guilbeault Minister of Environment and Climate Change.