The federal government provided at least $18.5 billion to the fossil fuel and petrochemical industries last year, according to a new report by Environmental Defence.
The largest single subsidy was to Trans Mountain, which benefited from $8 billion in loan guarantees to try to get its nearly completed $35-billion pipeline expansion project to the finish line.
Crown corporation Export Development Canada provided another $7.34 billion in public financing, including $200 million for Enbridge and $300 million for NOVA Chemicals.
Environmental Defence produces an annual report tallying up the federal government’s financial support to the oil and gas industry, which in 2022 amounted to at least $20.2 billion. This includes direct grants, tax breaks, loans and loan guarantees from the federal government and its Crown corporations.
The 2023 tally…
