fossil fuels

Protecting Nature by Reforming Environmentally Harmful Subsidies: An Update

This report updates our 2022 analysis on environmentally harmful subsidies (EHS). The Kunming-Montreal Global Biodiversity Framework (GBF) was adopted in December 2022 to protect and restore nature. The GBF included Target 18, the first quantitative EHS reduction goal, which commits parties to reduce EHS by $500 billion annually by 2030.  The Biodiversity Beyond National Jurisdiction (BBNJ) Agreement, or the “High Seas Treaty”, was passed in 2023 and now has 92 signatories (though far fewer ratifications).

By subsidizing industries like oil and gas, we are essentially financing our own destruction

Gas is more expensive than ever before — but it’s not just at the pump where we are taking the hit. What many don’t know is Canadians are also paying more for gas through our tax dollars. And when we consider the environmental impacts, that cost is even greater.

In fact, as we waste time complaining about how much it costs to fill our tanks, the Canadian government is busy pumping billions of our tax dollars into fuelling global warming. By subsidizing not only oil and gas but also animal agriculture and other harmful industries, we’re essentially financing our own destruction.

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