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국회도서관 홈으로 정보검색 소장정보 검색

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Title page

Contents

Acknowledgements 3

Executive Summary 4

1.0. Introduction 10

2.0. Our Approach 12

2.1. Types of Government Support 12

2.1.1. Direct budget transfers, tax expenditures, and price support 12

2.1.2. Public finance 13

2.1.3. SOEs 13

2.1.4. COVID-19 public money commitments 13

2.1.5. Subsidy elements of support 14

2.2. Data and Methods 14

3.0. Support for the Trans Mountain Pipeline 17

3.1. Project Background 18

3.2. Identification of Support Measures 19

3.2.1. Potential Purchase Above Market Price 20

3.2.2. Operational Expenses and Losses Covered by Third-Party Revenue Sources 21

3.2.3. Loans Provided to TMC and Assumption of Risk 22

3.2.4. Loan-Related Support Including Ongoing Interest Expenses 23

3.2.5. Underwriting of Alberta's Emergency Fund 24

3.2.6. Spending on Promotional Campaigns by the Government of Alberta 24

3.2.7. Liability for Environmental Damages 25

3.2.8. Federal Commitment to Protect the Project From Political Liabilities and Risk 26

4.0. Support for the Keystone XL Pipeline 27

4.1. Project Background 27

4.2. Identification of Support Measures 28

4.2.1. Equity Investment in Keystone XL 28

4.2.2. Loan Guarantee Provided to TC Energy and Assumption of Risk 28

5.0. Support for the Coastal Gaslink Pipeline 29

5.1. Project Background 29

5.2. Identification of Support Measures 30

5.2.1. Loan Provided to TC Energy and Assumption of Risk 30

5.2.2. Equity Injection to TC Energy 31

6.0. Discussion 33

6.1. Summary of Total Government Support Measures 33

6.1.1. Trends in Increasing Government Support for Fossil Fuel Export Infrastructure 34

6.2. Risky Investments and Rising Costs 36

6.2.1. Legal and Political Risks 37

6.2.2. Risks of Cost Overruns for Construction 38

6.2.3. Environmental Risks and Associated Costs 38

6.2.4. Toll Rates and the Ability to Recoup Expenses 39

6.2.5. Risk of Future Support or Additional Losses for Trans Mountain 40

6.3. Government Signals for Fossil Fuels and Implications for Climate Action 42

7.0. Conclusion 44

References 45

Annex 1. Defining Subsidies 56

Tables

Table ES.1. Overview of government support measures for Canadian pipelines, 2018-2020 5

Table 1. Overview of government support measures for the Trans Mountain pipeline 17

Table 2. Overview of government support measures for the Keystone XL pipeline 27

Table 3. Overview of government support measures for the Coastal GasLink pipeline 29

Table 4. Overview of government support measures for Canadian pipelines, 2018-2020 33

Figures

Figure 1. Support versus subsidies for fossil fuels 14

Figure 2. Current project ownership structure 19

Figure 3. Project phases of Trans Mountain over time 19

Boxes

Box 1. Canada's commitments and transparency on fossil fuel subsidies 16

Box 2. Export Development Canada 32

Box 3. British Columbia's role in the "web" of liquefied natural gas (LNG) support 36

Box 4. Do subsidies to pipelines constitute export subsidies? 41