Canada has announced a new plan to help large companies hard hit by the coronavirus pandemic and the consequences of containment. This plan, which amounts to tens of millions of dollars in the form of loans, is intended for companies with annual revenues of 300 million Canadian dollars (197 million euros).
However, recipient businesses will need to commit to meeting Ottawa's climate commitments, Finance Minister Bill Morneau said Monday at a press conference.
"Transitional funding"
Canada therefore committed, by signing the Paris climate agreement, to reduce its greenhouse gas (GHG) emissions by 30% by 2030, compared to their level in 2005. “I want to be clear: this is transitional funding, not a blank check, "said Canadian Prime Minister Justin Trudeau, adding that" the objective of business credit is not to finance businesses unprofitable or to undertake a restructuring ”. "We also have no intention of providing low-interest loans to businesses that don't need them," said the head of the Canadian government.
The funding will be available to large companies across the country and in all sectors except finance. In addition to respecting environmental commitments, companies will have to maintain jobs or respect collective agreements. Those who practice tax evasion will not be eligible for this assistance plan.
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