By investing in our environment, climate, and biodiversity, we’re delivering on our goals to achieve net-zero emissions by 2050.
We’ve launched our Inefficient Fuel Subsidies Government of Canada Guidelines, outlining our plan to eliminate inefficient fossil fuel subsidies and to phase out public financing of the fossil fuel sector. These guidelines will continue to build on our efforts to support the decarbonization of Canada’s oil and gas sector and support a strong future for workers in the industry.
With the launch of these guidelines, subsidies are now considered inefficient unless they meet one or more of the following criteria:
- Enable significant net greenhouse gas emissions.
- Support clean energy, clean technology, or renewable energy.
- Provide essential energy service to a remote community.
- Provide short-term support for emergency response.
- Support Indigenous economy participation in fossil fuel activities.
- Support processes such as carbon capture, utilization, and storage (CCUS), or have a credible plan to achieve net zero emissions by 2030.
Canada is the first and only G20 country to phase out inefficient fossil fuel subsidies ahead of the 2025 deadline. We remain committed to supporting innovation and environmental improvements as well as ensuring that Canadians, communities, and businesses can thrive in a net-zero world.