Did you know that Canada currently spends $4.8 billion dollars a year subsidizing fossil fuel companies?
That's $4,800,000,000 dollars. That's how much it would cost to teach 360,000 students; retrain 480,000 workers; or pay the annual healthcare costs for 880,000 people.
Subsidies include direct spending, tax breaks (including royalty credits and reductions), and transfer of risk (including through loan guarantees). Governments also support fossil fuels through other mechanisms such as public finance and state-owned enterprises.
Fossil fuel subsidies are expensive, incentivize pollution, and disadvantage cleaner energy like renewables or geothermal by creating market distortions.
Ongoing subsidies and tax breaks for fossil fuel companies mean there is less funding available to support critical social services like healthcare, education, and climate action.
We're giving away our precious natural resources to some of the wealthiest companies in the world. But even worse than that... we're paying them to pollute. This is corporate welfare.
Fossil fuel subsidies create situations where the private sector doesn’t have to take on the level of risk of expensive projects that would occur without government intervention. When government props up these projects, like Woodfibre LNG, it is taxpayers who are on the hook and public money that is put at risk.
While Canada has committed to phase out fossil fuel subsidies by 2025, the Federal government continues to subsidize big oil and fracked gas companies. In fact, Canada has committed to handing out $15 billion dollars in fossil fuel subsidies since the pandemic started.
Eliminating fossil fuel subsidies is critical to support climate action, work towards a just transition, and ensure more effective fiscal frameworks for Canada as we recover from COVID-19. It will also help to transition our communities to renewable energy, create more sustainable jobs, and enhance our energy security.
This week, MPs across Canada are holding budget consultations with the public. This is an opportunity to tell your MP to end fossil fuel subsidies.
Can you attend the pre-budget consultation and ask MP Patrick Weiler to end fossil fuel subsidies?
WHEN: 5pm Wednesday, 10th February 2021
WHERE: via zoom
Thank you for encouraging your MP to end fossil fuel subsidies. We'll have more actions on this campaign coming soon...
Executive Director, My Sea to Sky
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