Canada releases new policy guidelines to end international finance for fossil fuels

Canada has released new policy guidelines to end international public financing for fossil fuels and reprioritize support for clean energy by the end of 2022. The guidelines come in response to Canada’s COP 26 commitment in The Glasgow Statement on International Public Support for the Clean Energy Transition. Signed by 34 countries and five public finance institutions, the Glasgow Statement was the first multilateral commitment to address public finance for oil and gas.   The guidelines include certain exemptions, including for natural gas power generation and decarbonization of fossil fuel projects (such as carbon capture, utilization, and storage).

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