Ottawa, CANADA – As part of Canada’s commitment to the Glasgow Statement and Government of Canada’s policy agenda, Canadian Commercial Corporation (CCC) will be phasing out public financing of the fossil fuel sector effective January 1, 2023.
On November 4, 2021, at the United Nations Framework Convention on Climate Change (UNFCCC) meeting in Glasgow, Scotland, Canada signed onto the Statement on International Public Support for the Clean Energy Transition (the “Glasgow Statement”), along with 38 other countries and institutions, including several of Canada’s closest allies.
The Glasgow Statement commits signatories to:
- Prioritize [international public] support fully towards the clean energy transition, using our resources to enhance what can be delivered by the private sector. This support should strive to “do no significant harm” to the goals of the Paris Agreement, local communities, and local environments.
- End new direct public support for the international unabated fossil fuel energy sector by the end of 2022, except in limited and clearly defined circumstances that are consistent with the 1.5°C warming limit and the goals of the Paris Agreement.
- Encourage further governments, their official export credit agencies, and public finance institutions to implement similar commitments into COP27 and beyond. This includes driving multilateral negotiations in international bodies, in particular in the OECD, to review, update and strengthen their governance frameworks to align with the Paris Agreement goals. For government signatories, this will also guide our approach on the boards of multilateral development banks (MDBs).
As a Crown corporation, CCC is mandated to implement policies that support the Glasgow Statement in our operations. Starting January 1, 2023 all direct public support in the form of financial (including commercial or concessional), advocacy, export finance, and any other direct financial or promotional support provided by Government of Canada and Crown entities will be ended for all projects that fall within the scope of “international unabated fossil fuel energy sector”, as defined by the policy.
“CCC will continue to be actively engaged in the development of programs, as well as support Canadian companies engaged in the cleantech sector, with a specific focus on projects with public utilities and those engaged in renewable energy, energy efficiency and energy transition plans,” said Kim Douglas, VP of Business Development and Marketing at CCC.
More specific details about and exemptions for Canada’s International Support for the Clean Energy Transition, can be found on the Natural Resources Canada website.
- Statement on International Public Support for the Clean Energy Transition
- Guidelines for Canada’s International Support for the Clean Energy Transition
ABOUT CANADIAN COMMERCIAL CORPORATION (CCC)
We are Canada’s government to government contracting agency. We help build successful commercial relationships between Canadian businesses and governments around the world through our government to government contracting approach. We are also the Government of Canada’s designated contracting authority for U.S. DoD requirements from Canada. To learn more about how we have facilitated billions in trade between Canadian businesses and governments in over 30 countries, visit www.ccc.ca/en/