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The government still has to figure out how the deal will specifically apply in Canada, said Wilkinson.

“This does not affect financing to support clean technology investments that are about reducing emissions.” Canada is still free to finance developments such as carbon capture, Wilkinson said. The deal also allows governments to keep funding projects in which carbon emissions are “abated,” or that are consistent with reduction targets. “(Export Development Canada's) mandate, increasingly, is very much focused on a net-zero portfolio.” “It certainly opens up that potential,” Wilkinson said. That money could now be used for renewable energy projects.

Wilkinson said the new agreement will affect about $1 billion in financing from the agency, roughly what was committed to such projects last year. It estimates Thursday's deal could affect about $22 billion of that.īut in Canada, the issue is complicated by the fact that Export Development Canada, through which most of that financing flows, is involved with both international and domestic deals. Oil Change International, a group that monitors fossil fuel financing, says an average of about $78 billion a year flows to such projects. It commits signatories to stop using loans, loan guarantees, grants, share purchases and insurance coverage from any government or government agency to finance new international fossil fuel developments. “We believe responsible energy producers such as Canada should be playing a larger role in meeting global energy demand,” said Jay Averill of the Canadian Association of Petroleum Producers.įew details were immediately available about the deal. “It shows that Canada recognizes the harmful social and economic impacts of fossil fuels and the urgent need to end global production and use,” said Alan Andrews of Ecojustice, an environmental law firm.

“It's a signal that many countries in this world are making this commitment not to use public resources to finance further exploration and development for fossil fuels.” “It's a big deal,” said federal Natural Resources Minister Jonathan Wilkinson from Glasgow, Scotland, the site of a United Nations-sponsored meeting on climate change.

Canada has joined the United States, United Kingdom and 21 other countries in a historic deal to stop new direct public finance for coal, oil and gas development by the end of 2022 and shift investment to renewable energy.