Mr. Chair, honourable members, it's a pleasure to join you today, to assist the committee in its study of subsidies relating to the oil and gas sector, and to provide some insight into Export Development Canada's role in this industry.
This is a role rooted in EDC's mandate, which is to promote and support Canadian exports worldwide, across all sectors of the economy and in every region of the country.
As the committee may be aware, EDC operates on commercial terms providing financing solutions, equity and insurance. The funds we use for our export financing are drawn from our revenues, the returns of our commercial activities. Consistent with this model, EDC does not provide grants or subsidies.
Our mandate is also bound by the additional expectations of the Government of Canada and indeed the Canadian public that we help Canada meet the challenge of global warming. Growing Canadian exports, contributing to Canada's economy and responding to the crisis of climate change—this is our business landscape today, and it has been evolving dramatically in recent years.
As such, EDC's approach to oil and gas has evolved as well. In just three years, between 2018 and 2021, EDC's support for this sector has decreased by approximately 65%. EDC has committed to cease any new financing to international fossil fuel companies or their projects by the end of this year.
Today we continue to review our lending portfolio, making decisions on where to divest and where to end current international relationships that are inconsistent with our low-carbon goals. Of course, where we choose to invest is just as critical. Today, EDC is one of Canada's largest financial backers of clean technology. Over the last 10 years, we have facilitated approximately $20 billion in clean-tech exports. Last year, for the first time, our support for clean technology surpassed our support for the oil and gas sector. That is a trend we expect to continue.
EDC has worked with hundreds of companies, large and small, across all of Canada and across the oil and gas sector. From all of them we hear the same expectation: Canada's transition to a low-carbon economy must be orderly, and the companies engaged in that transition will require significant capital to make the green investments needed.
Just as EDC plays a key role in supporting clean technology, we believe equally that we can help oil and gas companies make their transition within a low-carbon Canadian economy. That is the balance EDC seeks to strike in this fast-evolving landscape.
Thank you for this opportunity. My colleagues and I look forward to your comments and questions.