Fossil Lobby Demands Changes to ‘Overly Prescriptive’ Federal Bailout Rules – The Energy Mix
Canada’s fossil lobby is complaining about federal bailout programs
designed to help companies weather the economic crisis brought on by the
COVID-19 pandemic, claiming the conditions they’re required to meet are
“ineffective and overly prescriptive,” the Globe and Mail reports.
designed to help companies weather the economic crisis brought on by the
COVID-19 pandemic, claiming the conditions they’re required to meet are
“ineffective and overly prescriptive,” the Globe and Mail reports.
Canadian Association of Petroleum Producers (CAPP) vice-president Ben
Brunnen said only five of his members have applied for a series of loan
guarantees on offer from Export Development Canada (EDC), the Globe writes,
and only two have been approved, with actual funding yet to appear.
He’s urging the government to restructure funding available through EDC
and the Business Development Bank of Canada (BDC), as well as the Large Employer Emergency Financing Facility (LEEFF), “before it’s too late”.