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Canada Export Bank Plans 15% Cut to Oil & Gas Portfolio by 2030

Trudeau Climate Plan Seeks 42% Cut In Oil And Gas Emissions
Photographer: James MacDonald/Bloomberg

Canada’s export credit agency is targeting a 15% cut to its financing portfolio for upstream oil and gas production by 2030.

The target will include a 3% shift -- against a 2020 baseline -- in the composition of production to gas from oil, recognizing that the former may play a role in supporting energy demand during the transition to net-zero emissions, Export Development Canada said.