-
Oil, gas and coal mining corporations have reduced exploration and development activities– new annual expenses averaged $19 billion from 2015 to 2021 compared to $32 billion from 2005 to 2014. Beginning in 2020, new annual resource-related expenses declined significantly, dropping to $9.8 billion in 2020 and $13.3 billion in 2021.
-
Our prior report indicated that resource specific expense claims by oil, gas and coal mining corporations reduced their annual federal tax revenue by $1.9 billion, on average, from 2015 to 2019. Total resource-related deductions for 2020 and 2021 were $1.9 billion and $1.8 billion, respectively.
-
Carbon levy exemption for agriculture is estimated to be worth $595 million in 2023 as the levy reaches $65 per ton of CO2 equivalent. This will rise dramatically as the levy increases to $170 per tonne. In the absence of substitution effects, the exemption is estimated to rise to $1.6 billion by 2030. Compared to our previous report, the estimated value of the carbon levy exemption for agriculture is marginally higher by 2030.
-
Since 2015, Export Development Canada invested more than $75 billion in business facilitated in the oil and gas sector. Of this investment, $15.4 billion was in international business facilitated for the oil and gas sector.
-
Lending to Canadian oil and gas producers represents approximately 1% of Business Development Bank of Canada's (BDC) total portfolio. This translates to approximately $2.4 billion in lending from 2015 to 2022. BDC’s support in the international unabated fossil fuel energy sector is effectively zero.
