Canada-led proposal to end international fossil fuel financing dies with incoming Trump administration
A deal on ending public financing for foreign fossil fuel projects — which Canada co-led on the world stage — has died in the face of key holdout countries and the incoming administration of U.S. president-elect Donald Trump.
Canada, along with the U.K and European Union, proposed in 2023 to end financing through export credit agencies — government agencies that support foreign trade — for oil and gas projects abroad and divert the money to clean energy instead.
The U.S. under President Joe Biden threw its support behind the deal only right after the presidential election in November of last year, setting off a mad dash to get an agreement before Trump’s inauguration. Ultimately, it wasn’t enough time.
