Yesterday, the Carney government unveiled their new Spring Economic Update.
Long story short: the results do not bode well for our communities or the climate. The update included two new subsidies for the fossil fuel sector: one for LNG and another for “carbon capture projects” that enable more tar sands production.1
Let that sink in. We’re talking about more government handouts for Big Oil. More public dollars flowing to the same industry that is robbing struggling households in broad daylight. The top 6 global fossil fuel companies alone are poised to rake in $3,000 in profits every single second this year by gouging consumers as the cost of living crisis spirals out of control.2
It’s critical to speak up at this moment to demand justice for struggling families in Canada and around the world. Join our action call tomorrow to find out how you can push back against this alarming direction:
What:
350 Canada Action Call: Oil is Costing Us Too Damn Much
(+ what we can do about it)
When: TOMORROW, Thursday, April 30. 4:00 pm PT / 5:00 pm MT / 6:00 pm CT / 7:00 pm ET / 8:00 pm AT
Where: Zoom. RSVP now to get the link.
Guest Speakers:
Jim Stanford, Economist and Director of the Centre for Future Work
Serena Mendizabal, Managing Director of Sacred Earth
There’s so much more that we’re concerned about in this major fiscal update.
- Our alarm bells are going off every time we hear the words “sovereign wealth fund.” This $25 billion fund is being developed to “invest in the projects and companies that are driving Canada’s economic transformation.” It’s not clear where that money will come from – and given what we know now about the Carney government’s priorities, it seems like it might be another vehicle for subsidizing fossil fuel expansion.3
- Although the budget hints at “a grid for a stronger Canada,” we are still not seeing any clear promises for public ownership or the prioritization of renewable energy.3
- One trillion dollars for death and destruction: There is no sugarcoating it – a “Defence Industrial Strategy” just means making Canada’s economy increasingly dependent on weapons manufacturing and a global arms race.3 This literally means banking on a future of war and bloodshed.
Another path is possible.
Instead of handing out more public funds to Big Oil, we can make sure they pay up. We can implement an immediate 75% excess profits tax on the fossil fuel industry and use it to support everyday Canadians while accelerating a renewable energy transition.
Instead of funding death and destruction, the feds could bank on life and prosperity through a Green Industrial Strategy, prioritizing affordable, rapid transit; affordable, climate-safe homes; and tens of thousands of jobs expanding renewable energy.
And the writing is on the wall, as this week’s summit in Santa Marta, Colombia, demonstrated: there is global momentum to phase out fossil fuels. It’s about time that Canada took note.4
Join me tomorrow to imagine what that other world can look like. RSVP now!
Blog by Atiya Jaffar, Canada Country Manager
Photo by Sarah Hassanein / 350.org
Sources:
