What Canada actually did — and didn't do — at the UN climate summit
CBC
Our planet is changing. So is our journalism. This story is part of a CBC News initiative entitled Our Changing Planet to show and explain the effects of climate change and what is being done about it.
Canadian officials made a flurry of speeches, announcements and declaration signings over the past two weeks at the UN climate conference in Glasgow, which concluded on Saturday.
But what exactly did they say, do and sign? And will it actually make a difference for the climate? Here's a closer look.
Canada was one of 30 countries that signed a statement that they would "end new direct public support for the international unabated fossil fuel energy sector by the end of 2022, except in limited and clearly defined circumstances that are consistent with a 1.5 C warming limit and the goals of the Paris Agreement."
The countries also say they will "prioritize our support fully toward the clean energy transition."
"That was really significant," said Julia Levin, senior climate and energy program manager at Environmental Defence, a non-profit environmental advocacy group.
A report from the group found Canada spent $18 billion on financial support for the fossil fuel industry last year. Of that, $13.6 billion came from Export Development Canada, a government agency that offers services such as loans and insurance to the oil and gas industry.
However, EDC said it provided only $8.1 billion to the oil and gas industry in 2020 and just $2.7 billion in the first half of 2021.
Levin said most of that EDC support is for domestic projects, but the new agreement should eliminate about one-third of that financing.
While countries have previously committed to cutting financial support for coal, Levin noted this was the first time they have done so for oil and gas.
"That's an important turning point in the conversation," she said. "This is the first time that countries are really acknowledging that public financing to oil and gas is a problem."
WATCH | Canada joins COP26 pledge to halt investment in coal power:
Government agencies like EDC can offer competitive rates for loans; they can also be the first lenders needed to make private financial institutes comfortable with lending out the balance of the money.
"It is make it or break it for a lot of projects," Levin said. When commitments were made to end public financing for coal, she said, in many cases, "they didn't get the private financing either and [the projects] just didn't go forward."
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