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

The International Institute for Sustainable Development (IISD) supports Canada's Budget 2024 pledge to release a policy by fall 2024 to end domestic public finance for fossil fuels. The IISD notes that between 2020 and 2022, domestic fossil fuel support ranged from CAD 8.1 billion to CAD 14.1 billion annually, primarily driven by Export Development Canada. While welcoming investments in skilled trades (CAD 100 million), credential recognition (CAD 50 million), and the Green Building Strategy, the IISD emphasizes that Canada needs to invest roughly 2% of its GDP annually in climate initiatives to remain competitive and mitigate climate change.

• The Canadian government has pledged to release a policy by fall 2024 to eliminate domestic public finance for the fossil fuel sector. This follows existing policies aimed at ending international public financing for fossil fuels and phasing out inefficient fossil fuel subsidies.
• Domestic fossil fuel support in Canada significantly exceeds support for clean energy. Between 2020 and 2022, Canadian public finance institutions provided between CAD 8.1 billion and CAD 14.1 billion annually to the sector, with Export Development Canada providing 96% of this support.
• Budget 2024 includes investments for workers and climate initiatives, including CAD 100 million for skilled trades and apprenticeships, CAD 50 million for foreign credential recognition, a Green Building Strategy, and climate conditionalities for housing and transit investments. Additionally, consultations have been announced for a Youth Climate Corps program.
• Experts estimate that Canada must invest approximately 2% of its GDP annually in climate investments to avoid the worst impacts of climate change and maintain global competitiveness.

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} }