Canada has joined a global movement aiming to halt financing to oil and gas. To understand what that really means, watch the fine print

From www.theglobeandmail.com
2022-01-09 19:38:56


Of all the recipients of Canadian government support in recent years, Petroleos Mexicanos (Pemex) ranks among the strangest. Export Development Canada, a Crown corporation, provided 19 loans to Mexico’s state-owned oil company over 15 years, totalling somewhere between $3-billion and $5.7-billion (EDC only discloses ranges, not precise amounts). The Indian Oil Company received somewhere between $190-million and $425-million. Petrobras, Brazil’s state-owned oil company, got at least $1-billion.

State-owned enterprises control most of the world’s oil reserves and are heavily supported by their own governments, so their need for Canada’s money wasn’t obvious. EDC’s objective was to entice…


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