Press Conference: Subsidizing Climate Change

⁣A new report shows that B.C. Premier John Horgan will give away a record breaking $1.3 billion in fossil fuel subsidies this year, more than twice the amount given out in the final year of Christy Clark’s government. In 2020-21, B.C.’s NDP-led government spent $1.3 billion on fossil fuel subsidies — 8.3 per cent more than the previous year — and they are now more than double what they were when Premier Horgan’s NDP took power. The largest single source of this increase is the Deep Well Royalty Program, a tax loophole for fracking operators, which is projected to cost taxpayers $421 million this year. The outstanding liability fracking companies have amassed through unused Deep Well Royalty Credits has grown to $3.1 billion. The NDP government consistently underestimates the costs and future liabilities of its oil and gas subsidies and overestimates the royalties it will earn from the oil and gas sector, creating a vicious feedback loop that will cost current and future taxpayers billions of dollars. This virtual press conference is hosted by Stand.earth.

Speakers include: *Sven Biggs, Canadian Oil and Gas Program Director, Stand.earth *Fergus Kinnaird, Economist *Vanessa Corkal, Policy Advisor, Canada Energy Transitions, International Institute for
Sustainable Development (IISD) *Alexandra Woodsworth, Campaigns Manager, Dogwood



READ THE REPORT: https://publications.stand.earth/bc-s...

Press Conference: Subsidizing Climate Change
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