"Prime Minister Justin Trudeau’s vow to phase out ‘inefficient’ subsidies for coal, oil and gas still hasn’t happened — despite the escalating costs of the climate emergency.
According to a new International Monetary Fund (IMF) report, Canada subsidized the fossil fuel industry to the tune of almost $60 billion in 2015 — approximately $1,650 per Canadian.
Yet subsidizing one of the world’s wealthiest industries is folly. Such subsidies not only hurt Canadian taxpayers and the economy — they also exacerbate the climate emergency.
Indeed, the G20 countries have already agreed that subsidizing fossil fuels is irrational in a warming world — and have called for action to eliminate inefficient fossil fuel subsidies that distort markets."