And despite Ottawa’s commitment to reduce fossil fuel demand through climate action programs — with plans to roll out a carbon price in 2019 — the true cost of these subsidies are “hidden” from Canadians, the authors argue. “Combining carbon pricing and fossil fuel subsidies is like trying to bail water out of a leaky boat. If you don’t fix the leak, you are never going to fix the problem.” The efforts to upkeep the fossil fuel industry can “lock in” environmentally harmful economic activities, he added. The report, entitled Public Cash for Oil and Gas, found that $200 million of public funds was spent on fossil fuel subsidies. Article Continued BelowAs part of the G7 and G20, Canada has committed every year since 2009 to work to “phase out” inefficient fossil fuel subsidies, according to the government website.

Source: thestar September 16, 2018 23:48 UTC