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OKIsItJustMe

(19,938 posts)
Mon Jul 24, 2023, 12:01 PM Jul 2023

Reuters: Canada releases framework to phase out inefficient fossil fuel subsidies

Canada releases framework to phase out inefficient fossil fuel subsidies
By Nia Williams
July 24, 2023 11:58 AM EDT

July 24 (Reuters) - Canada on Monday released a framework for eliminating inefficient fossil fuel subsidies, making it the first G20 country to deliver on a 2009 commitment to rationalise and phase out government support for the sector.

The framework will apply to existing tax measures and 129 non-tax measures, but the government has not put a dollar value on the subsidies that will be affected.

Fossil fuel actives will be exempt from the framework if they fall into one of six categories: enabling significant carbon emissions reductions, supporting clean energy, providing essential energy to a remote community or short-term support for an emergency response, supporting Indigenous participation in fossil fuel activities or are projects that have a credible plan to reach net-zero by 2030.

"It ensures that the only federal support for oil and gas goes to projects that decarbonize the sector and result in significant greenhouse gas emissions reductions," federal Environment Minister Steven Guilbeault told a press conference.
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Reuters: Canada releases framework to phase out inefficient fossil fuel subsidies (Original Post) OKIsItJustMe Jul 2023 OP
Its always been ridiculous to subsidize these monster companies Bayard Jul 2023 #1
Fires, floods, arctic melting. Maybe finally enough to force change. cbabe Jul 2023 #2

Bayard

(22,247 posts)
1. Its always been ridiculous to subsidize these monster companies
Mon Jul 24, 2023, 12:11 PM
Jul 2023

Their profits are in the billions. The exemptions are also ridiculous. They will be twisted around so the oil companies can still do what they've always done.

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