New research shows Export Development Canada (EDC) provides 12 times as much financial backing to oil and gas companies as it did to clean technology companies over the last five years.
The findings by lobby group Oil Change International show that the federal government’s export financing agency provided $62 billion to oil and gas companies between 2012 and 2017, compared to the $5 billion offered to the clean tech sector.
WATCH: Oil and gas clean tech projects get cash injection
Patrick Derochie, climate and energy program manager at Environmental Defence, says Canada cannot claim to be a climate leader when it is funnelling billions of dollars to keep spewing carbon and other greenhouse gases into the atmosphere.
The United Nations World Meteorological Association says the amount of carbon and other climate-changing gases trapped in the earth’s atmosphere hit new records in 2017.
The federal Liberals repeatedly say clean technology is a $26-trillion opportunity that Canada is taking advantage of but environment groups believe Canada is working against itself by spending more money to encourage pumping oil out of the ground.
The report comes the day after Ottawa extended new tax credits to companies who invest in new equipment and machinery, including clean tech equipment, all while admitting that some of that investment will encourage the production of more emissions.