Export Development Canada announces additional climate targets

Canada’s export credit agency, Export Development Canada (EDC) has announced new steps in its net-zero journey. The agency has a target of net-zero by 2050. EDC has announced 2030 targets for the aviation and oil and gas sector. For its airlines finance portfolio, EDC says that by 2030 it will reduce emissions per passenger kilometre by 37% (2020 baseline). For the oil and gas sector, the target is to “ achieve a 15% reduction in our financing portfolio related to upstream oil and gas production by 2030, and a 3% shift in the composition of that production from oil to gas against a 2020 baseline”. Justine Hendricks, EDC’s chief corporate sustainability officer said that the path to net-zero is uncertain and urgent. Hendricks added, “The way we are balancing this urgency and uncertainty is by ensuring our strategies are scientifically rigorous and are delivering tangible results. Our interim targets are the roadmap, but it is the work we are doing with industry and our customers to listen, understand and address their needs that will get us to our destination. It is this partnership approach that will ultimately get the Canadian economy to a more sustainable future”.