About The Report:
As climate crisis worsens, Canada’s federal government continued to give billions in subsidies and financing for fossil fuels. For 2021, this annual index was able to track $8.6 billion in public subsidies and support. This report also features the first-ever compilation of Canadian data on public subsidies for carbon capture technology, which found $5.8 billion in public funding, but meager climate results.
Big oil is asking for $50 billion for carbon capture
Big oil wants taxpayers in Canada to pay a $50 billion bill for unproven and ineffective carbon capture technologies (CCUS). They’ve asked for a giant new tax credit – and Minister of Finance Chrystia Freeland seems ready to give them what they want.
Decades of research and billions of dollars show that these technologies are a dead-end that have never lived up to their lofty promises. Big Oil knows this, but is using CCUS as a stall tactic to delay the clean energy transition.