Canada Export Bank plans 15% cut to oil & gas portfolio by 2030

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.

EDC, a government-backed lender, also wants a 37% reduction in emissions per passenger kilometer from its airlines portfolio by 2030, according to a statement released Tuesday. 

The new targets for two sectors that make up a sizable portion of the agency’s financing business are part of its broader push to achieve net zero by 2050.