Canada leads G20 in financing fossil fuels, lags in renewables funding, report says

Canadian fossil fuel producers receive more public financial support than any in the developed world, according to a new analysis.

And compared to subsidies for oil, gas and coal, renewable energy gets less government help in Canada than in any other G20 country, say the latest figures from Oil Change International.

"They're very much going in the wrong direction," said Bronwen Tucker, who helped prepare the report for the group, which has been tracking public finance of fossil fuels since 2012.

The report, which includes 2019 and 2020, adds up loans, loan guarantees, grants, share purchases and insurance coverage provided to fossil fuel producers by governments, government agencies and government-owned multinational development banks.

Around the world, that added up to almost $78 billion last year -- down from the 2015-17 average of $111 billion.