With new limits on coal but none on oil and gas, EDC’s climate policy misses the mark

(Above Ground, Ottawa, 12 February 2019) In January Export Development Canada (EDC) released a new climate change policy. The policy commits EDC to further limit its coal-related investments and increase its support for clean technologies. It does not, however, put in place a clear path to reducing – let alone phasing out – the billions of dollars of support that EDC provides to the oil and gas sector each year. EDC’s support for fossil fuel companies is fundamentally at odds with Canada’s international obligations on climate change. To address this contradiction, last year more than a dozen civil society groups including Above Ground recommended that EDC phase out its support for coal, oil and gas projects; companies significantly reliant on coal; and companies whose primary business is in coal, oil or gas. We also recommended that EDC commit to achieving a sharp reduction in GHG emissions across its business portfolio. Instead, EDC has renewed its commitment to support carbon-intense sectors, including the oil and gas industry.