A Win For Climate!
By Adriana and Maggie from Leadnow, November 5, 2021
UPDATE: Canada has committed to ending financing for international fossil fuel projects by the end of 2022. This is part of an international effort announced at COP26, the global climate summit, and includes countries like the US. [1]
This is thanks to the efforts of Indigenous land defenders, climate campaigners, and people like you, who’ve relentlessly pushed the Trudeau government for stronger action to tackle the climate emergency.
This announcement includes a commitment to shift international fossil financing to clean energy. If done properly, that could mean a whopping $18.6 billion a year going towards renewable energy to power communities and homes all over the world. [2]
This news is a huge step—but we know we’re far from finished. The Canadian government still pours billions of dollars into fossil fuels here at home. [3] As part of a just transition, Canada must also commit to urgently ending subsidies to the oil and gas industry domestically, and mobilize these funds towards clean energy and supporting frontline communities and workers so no one gets left behind.
This news proves that stronger climate action is possible—and that people power can help get us there. Thanks for being part of it.
Sources:
[1] https://www.cbc.ca/news/business/bakx-cop26-fossil-fuel-subsidies-1.6236636
[2] https://climateactionnetwork.ca/2021/11/04/canada-joins-historic-commitment-to-end-international-fossil-fuel-finance-by-end-of-2022/
[3] See note [2]
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By Adriana from Leadnow, November 4, 2021
This is big!
Tomorrow, more than 20 countries are announcing a commitment to end all public financing for international fossil fuel projects by the end of 2022. [1]
Canada is one of the world’s biggest public financiers of fossil fuel projects at home and abroad. [2]
But right now, the Canadian government is dragging their feet on joining this commitment. This isn’t climate leadership.
Our sources have told us that fellow countries are pushing the Canadian government hard to join—and they’re wavering.
This decision is going down to the wire. A big flood of public pressure as the government is deciding could show them that the world’s eyes are on them and that we need them to deliver.
Canada claims to be a climate leader. But so far, our government hasn’t announced any new ambitious climate plans at COP26. Instead, they keep repeating old promises and plans that aren’t nearly at the level of ambition we need to tackle the climate emergency. [3]
On average, Canada funnels over $13 billion in financial support to both domestic and international oil and gas companies each year. [4]
That’s why ending public financing for fossil fuels is important: if we can stop the flow of money, we can stop the flow of the oil and gas.
We have less than 24 hours. Will you sign the emergency petition calling on the Canadian government to end all foreign fossil fuel financing at COP26 now?
https://you.leadnow.ca/petitions/end-all-public-financing-for-foreign-fossil-fuel-projects
With determination,
Adriana and Maggie for Leadnow
Sources:
[1] https://www.reuters.com/business/cop/19-countries-plan-cop26-deal-end-financing-fossil-fuels-abroad-sources-2021-11-03/
[2] https://environmentaldefence.ca/2021/02/04/us-uk-eu-leadership-pressures-canada-end-fossil-finance/
[3] https://www.youtube.com/watch?v=Tn_4vwAJERs&ab_channel=CTVNews
[4] See 1
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