VICTORIA, B.C. – B.C. Green Leader Sonia Furstenau, MLA for Cowichan Valley says the BC NDP’s worsening record on fossil fuel subsidies is undermining B.C.’s opportunity to build a clean economy. The report released today by Stand.earth shows that the Horgan government increased fossil fuel subsidies by 8.3% in 2020-21 and has raised subsidies to more than double what they were when the NDP took power in 2017.
“The NDP is actively undermining our ability to meet our climate targets and build a clean economy,” said MLA Furstenau.
“It is unacceptable at this point in our history with countries around the world transitioning to net zero, that the NDP is throwing billions of dollars at the fossil fuel sector.
“COVID-19 has taught us that we need to build a more resilient economy and society. We can’t continue to subsidize sunset industries that are disproportionately contributing to climate change and putting our future at risk.
“The IEA Net-Zero report released in May was a turning point in the development of global energy policy. As the cost of renewables continues to fall, fossil fuel investments are increasingly risky for our economy. We need to immediately end tax-payer funded fossil fuel subsidies, create a just transition for workers, and fully embrace the clean economy if we want to build a strong, secure future for our province.”
The Stand.earth report finds that the largest single source of the increase in fossil fuel subsidies is the Deep Well Royalty Program, and that by 2023 – 24, the government plans to spend almost $1.8 billion on fossil fuel subsidies, more than triple what the BC Liberals spent in 2016-17. The report concludes that subsidies to the oil and gas industry will make it all but impossible for BC to meet its climate commitments and achieve net zero by 2050.
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