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The cash is part of the federal government's $1.7-billion program aimed at addressing the environmental risk of the aging oil and gas infrastructure, while also providing jobs to the beleaguered energy services sector after the pandemic began and oil prices crashed.
Finance Canada has helped Trans Mountain secure $10 billion in new financing to complete construction of the controversial pipeline by promising investors that if the Crown corporation can’t pay back the loans, the public will.
United Nations Secretary General António Guterres is calling on countries like Canada to prioritize financial aid that specifically helps countries ditch coal as an energy source.