"Canada Releases Framework To Phase Out Inefficient Fossil Fuel Subsidies"

"Canada on Monday released a framework for eliminating inefficient fossil fuel subsidies, making it the first G20 country to deliver on a 2009 commitment to rationalise and phase out government support for the sector.

Climate policy analysts said the framework was an important step forward, but fell short by continuing to allow government support for oil and gas projects that plan to reduce emissions through technologies such as carbon capture and storage (CCS).

The framework will apply to existing tax measures and 129 non-tax measures, but Ottawa will not cancel any ongoing multi-year subsidy agreements that are already in place.

The government has not put a dollar value on the subsidies impacted, or published an inventory of exactly which subsidies are included."

Nia Williams reports for Reuters July 24, 2023.

Source: Reuters, 07/25/2023