OTTAWA — Export Development Canada (EDC) has laid out emission reduction targets for its lending portfolios in the oil and gas and aerospace industries as part of its long-term goal to become carbon neutral by 2050.

The Crown corporation says it aims to reduce its financing portfolio related to oil and gas production by 15 per cent by 2030, and to shift three per cent of that production from oil to gas compared with a 2020 baseline.

It says it will work with oil and gas clients to prepare for a future of declining demand while also supporting emission-reduction investments.

EDC says it has also set a target of a 37 per cent reduction in the emissions per passenger kilometre from its airlines financing portfolio.

The corporation says it will work to support Canadian aerospace exports that promote fuel efficiency as well as new propulsion technologies.

EDC set in 2019 an initial target to reduce by 15 per cent its exposure to its six most carbon intensive sectors by 2023, but after achieving the goal by 2020 it has since twice increased the goal and now targets a 45 per cent reduction to the sectors compared with 2018.

This report by The Canadian Press was first published July 19, 2022.

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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