(Above Ground, Ottawa, 4 May 2020) 2020 is a pivotal year for wealthy nations to ramp up their climate action plans, spelling out how they’ll make the deep emissions cuts needed between now and 2030. Instead, states are bolstering the very industries that must be phased out to avert disastrous...
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EDC is bailing out the fossil fuel industry. Will Canadians be given a full accounting of the costs?
(Toronto Star, Ottawa, 4 May 2020) EDC will lend between $250 and $500 million to build the Coastal GasLink, a natural gas pipeline that sparked a national protest movement and reckoning over the Liberal administration’s commitment to Indigenous reconciliation. The company building the 670-km...
more(Reuters, Toronto, 22 April 2020) Canada’s export credit agency will backstop loans to hard hit oil and gas producers, a document seen by Reuters showed, in the latest move by Ottawa to free up credit for the struggling energy industry. The relief comes as banks review borrowing limits in the...
more(Amnesty International, Ottawa, 14 March 2020) In 2016, Export Development Canada - a crown corporation that claims its transactions are “environmentally and socially responsible” - approved millions of dollars in loans to Empresas Públicas de Medellin, the company building the HidroItuango dam...
more(National Observer, Ottawa, 25 March 2020) Environmental groups praised political parties for coming together to help Canadians battle the effects of the coronavirus. They also argued that the new law’s broadening of Export Development Canada (EDC)’s mandate will make it easier to direct more...
more(Compliance Week, Boston, 18 February 2020) Export Development Canada (EDC) announced it has completed its independent review of Bombardier’s compliance policies and procedures, concluding there is progress in its ethics and compliance program. EDC initiated the review of Bombardier in 2019...
more(350.org, New York, 24 February 2020) As thousands across Canada take to the streets in solidarity with indigenous Wet’suwet’en land defenders and hereditary chiefs, Export Development Canada (EDC) is considering handing over millions of dollars in public money to the very pipeline project that...
more(iPolitics, Ottawa, 22 January 2020) A report from Public Accounts of Canada for the 2018-19 fiscal year contains a line item for $196,010,248 that was written off from Export Development Canada’s (EDC) Canada Account, which offers financing for higher-risk projects and sales that the...
more(Corporate Jet Investor, London, 21 November 2019) A judge in the UK courts has ruled that the sale of Global 6000 ZS-OAK can now go ahead, after Export Development Canada (EDC) settled its litigation with Westdawn Investments. Westdawn Investments is a South African company that is owned by...
more(Above Ground, Ottawa 29 August 2019) For decades, Export Development Canada (EDC) has been subject to minimal public scrutiny, with media and Parliament rarely asking questions about the social and environmental costs of the business it supports. But recently, with some of the agency’s highest...
more(iPolitics, Ottawa 25 July 2019) Canada’s export credit agency says a third-party investigation has cleared the organization of any wrongdoing in providing a political risk insurance policy to SNC-Lavalin in 2011 for a dam project in Angola. EDC said Thursday a review by international law firm...
more(Reuters, Toronto, 3 July 2019) Canada's export credit agency has lifted a "closed" status on Saudi Arabia-related activity after almost a year of frosty relations between the two countries, citing improved business conditions in the Middle Eastern kingdom. The move by Export Development Canada...
more(Globe and Mail, Toronto, 2 July 2019) A federal review of Export Development Canada has exposed serious shortcomings at the Crown corporation, noting its disclosure practices fall far short of other financial institutions, and that the agency is not legally obligated to consider the...
more(Globe and Mail, Toronto, 4 June 2019) Export Development Canada once described itself as the country’s ‘secret trade weapon.’ But The Globe’s review of thousands of transactions reveals a pattern of secrecy and lax supervision. In Latin America, billions of dollars in Canadian government-...
more(National Post, Ottawa, May 2019) OTTAWA — Export Development Canada is declaring itself a leading defender of human rights, but workers groups and advocates say the Crown agency’s long-awaited new policy falls well short of what’s needed. The United Steel Workers of Canada declared it a...
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