Canada introduced guidelines to ban some fossil fuel subsidies, targeting those that disproportionately benefit oil and gas, solely support sector activities or endorse consumption of fuels that worsen climate change.
Environment Minister Steven Guilbeault billed the move as the first fulfillment among Group of 20 nations of a decade-old climate promise.
Under a proposed framework, a measure is deemed a “fossil fuel subsidy” if it meets two criteria. First, it must disproportionately benefit the fossil fuel sector, solely support fossil fuel activities or support fossil fuel consumption. Second, it must meet the World Trade Organization definition of a subsidy, which is a financial contribution by a government or a form of income or price support that benefits the recipient.
Canada said it will submit its framework for peer review by the other G-20 nations. It expects that process will be completed in 2024. The country didn’t supply a dollar amount associated with the subsidies it intends to axe, saying the peer-review process will determine the amount associated with existing non-tax measures and it is difficult to calculate the impact on future spending.
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