IISD Applauds Canada’s Reaffirmation to End Domestic Public Finance for Fossil Fuels in Budget 2024

The IISD supports Canada's commitment in Budget 2024 to release a policy by fall 2024 to end domestic public finance for fossil fuels, noting that such support ranged from CAD 8.1 billion to CAD 14.1 billion annually between 2020 and 2022. The statement also highlights the need for stringent implementation of the Inefficient Fossil Fuel Subsidy Framework and calls for increased climate investments, estimating that Canada requires annual spending of approximately 2% of GDP to remain competitive and mitigate climate impacts.

• The Canadian government has pledged to release a policy by fall 2024 aimed at eliminating domestic public finance for the fossil fuel sector.
• Between 2020 and 2022, Canadian public finance institutions provided between CAD 8.1 billion and CAD 14.1 billion annually in domestic support for fossil fuels, with Export Development Canada providing 96% of this funding.
• To remain globally competitive and avoid severe climate change impacts, experts estimate Canada must invest approximately 2% of its GDP in climate initiatives annually.

APA

International Institute for Sustainable Development (2024). IISD Applauds Canada’s Reaffirmation to End Domestic Public Finance for Fossil Fuels in Budget 2024. https://www.iisd.org/articles/statement/iisd-applauds-canadas-reaffirmation-end-domestic-public-finance-fossil-fuels

Chicago

International Institute for Sustainable Development. IISD Applauds Canada’s Reaffirmation to End Domestic Public Finance for Fossil Fuels in Budget 2024. 2024. https://www.iisd.org/articles/statement/iisd-applauds-canadas-reaffirmation-end-domestic-public-finance-fossil-fuels.

Wikipedia

{{cite press release |author=International Institute for Sustainable Development |title=IISD Applauds Canada’s Reaffirmation to End Domestic Public Finance for Fossil Fuels in Budget 2024 |date=16 April 2024 |url=https://www.iisd.org/articles/statement/iisd-applauds-canadas-reaffirmation-end-domestic-public-finance-fossil-fuels |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{internationalinstituteforsustainabledevelopment2024iisd, author = {{International Institute for Sustainable Development}}, title = {{IISD Applauds Canada’s Reaffirmation to End Domestic Public Finance for Fossil Fuels in Budget 2024}}, publisher = {International Institute for Sustainable Development}, year = {2024}, month = apr, url = {https://www.iisd.org/articles/statement/iisd-applauds-canadas-reaffirmation-end-domestic-public-finance-fossil-fuels}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }