Why the world needs less oil and gas, and what Canada can do to keep 1.5°C alive
Absolute limits implied by a global carbon budget require Canadian fossil fuel production to shrink—not to rise. The response to current global oil and gas supply shortages must thus be embedded in a transformation of Canadian energy exports—away from fossil fuels and towards renewable energy technology exports. The Crown corporation Export Development Canada can play a decisive role in this.
Prime Minister Justin Trudeau, pictured on Feb. 16, 2022, talking to reporters on the Hill. The Liberal Party made important progress promising the end of direct fossil fuel subsidies by 2023. However, this promise now needs to be credibly delivered. In our recent study, we show that in accordance with international law under the World Trade Organization (WTO) this should also include ending public finance for fossil fuels, notably provided through Export Development Canada (EDC), write Philipp Censkowsky and Igor Shishlov. The Hill Times photograph by Sam Garcia
