{"id":371076,"date":"2025-03-20T20:25:10","date_gmt":"2025-03-20T19:25:10","guid":{"rendered":"https:\/\/climatescience.press\/?p=371076"},"modified":"2025-03-20T20:25:12","modified_gmt":"2025-03-20T19:25:12","slug":"mckitrick-new-pm-carney-tried-for-years-to-defund-canada","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=371076","title":{"rendered":"McKitrick: New PM Carney Tried for Years to Defund\u00a0Canada"},"content":{"rendered":"\n
\"\"
Mark Carney Liberal Leadership<\/figcaption><\/figure>\n\n\n\n

<\/p>\n\n\n\n

From Science Matters<\/a><\/p>\n\n\n\n

By\u00a0Ron Clutz<\/a><\/p>\n\n\n\n

\"\"
Mark Carney, governor of the Bank of England (BOE), reacts during a news conference at the United Nations COP21 climate summit at Le Bourget in Paris, France, on Friday, Dec. 4, 2015. Photo by Chris Ratcliffe\/Bloomberg<\/figcaption><\/figure>\n\n\n\n

Ross McKitrick writes at National Post Carney to lead Canada after trying for years to defund it. <\/strong><\/a> Excerpts in italics with my bolds and added images.<\/p>\n\n\n\n

The soon-to-be prime minister\u2019s plan for net-zero banking
would have devastated the country<\/strong><\/em><\/p>\n\n\n\n

Conservative leader Pierre Poilievre is very concerned about financial conflicts of interest<\/strong> that new Liberal leader (and our next prime minister) Mark Carney may be hiding. But I\u2019m far more concerned about the one out in the open: Carney is now supposed to act for the good of the country after lobbying to defund and drive out of existence<\/strong> Canada\u2019s oil and gas companies, steel companies, car companies and any<\/strong> other sector dependent on fossil fuels<\/strong>. He\u2019s done this through the Glasgow Financial Alliance for Net Zero (GFANZ), which he founded in 2021.<\/strong><\/em><\/p>\n\n\n\n

Carney is a climate zealot.<\/strong> He may try to fool Canadians into thinking he wants new pipelines, liquified natural gas (LNG) terminals and other hydrocarbon infrastructure,<\/strong> but he doesn\u2019t. Far from it. He wants<\/strong> half the existing ones gone by 2030 and the rest soon after.<\/strong><\/em><\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

He has said so, repeatedly and emphatically. He believes<\/a> that the world \u201cmust achieve about a 50 per cent reduction in emissions by 2030<\/strong>\u201d and \u201crapidly scale climate solutions to provide cleaner, more affordable, and more reliable replacements for unabated fossil fuels.\u201d (By \u201cunabated\u201d he means usage without full carbon capture, which in practice is virtually all cases.) And since societies don\u2019t seem keen on doing this, Carney created GFANZ<\/strong> to pressure banks, insurance companies and investment firms to cut off financing for recalcitrant firms.<\/strong><\/em><\/p>\n\n\n\n

\u201cThis transition to net zero requires companies across the whole economy to change behaviors through application of innovative technologies and new ways of doing business\u201d he wrote in 2022 with his GFANZ co-chairs, using bureaucratic euphemisms to make his radical agenda somehow seem normal.<\/strong><\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The GFANZ plan they articulated<\/a> that year put companies into four categories<\/a>. Those selling green technologies<\/strong> or engaged in work that displaces fossil fuels would be rewarded with financing from member institutions. Those still using fossil fuels<\/strong>, or have investments in others that do, but<\/strong> are committed to being \u201cclimate leaders\u201d and have set a path to net-zero,<\/strong> would also still be eligible for financing, as would those that do business with \u201chigh-emitting firms\u201d but plan to reach net-zero<\/strong> targets on approved timelines. Companies that own or invest in high-emitting assets<\/strong>, however, would operate under a \u201cmanaged phaseout\u201d regime and could even be cut off<\/a> from investment capital.<\/em><\/p>\n\n\n\n

What are \u201chigh-emitting assets\u201d?<\/strong> Carney\u2019s group hasn\u2019t released a complete list, but a June 2022 report listed<\/a> some examples<\/strong>: coal mines, fossil-fuel power stations, oil fields, gas pipelines, steel mills, ships, cement plants and consumer gasoline-powered vehicles. GFANZ envisions a future in which the finance sector either severs all connections to such assets or puts them under a \u201cmanaged phaseout\u201d regime, which means exactly what it sounds like.<\/em><\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

So when\u00a0Carney\u00a0jokingly suggested<\/a>\u00a0it won\u2019t matter if his climate plan drives up costs for steel mills<\/strong>\u00a0because people don\u2019t buy steel, he could have added that there likely won\u2019t be any steel mills before long anyway. If his work as prime minister echoes his work as GFANZ chair, we can expect steel mills to be phased out, along with cars, gas-fired power plants, pipelines, oil wells and so forth.<\/em><\/p>\n\n\n\n

\"\"
Mark Carney, former Co-Chair of GFANZ, accompanied by (from left) Ravi Menon, Loh Boon Chye, and Yuki Yasui, at the Singapore Exchange, for the GFANZ announcement on the formation of its Asia-Pacific (APAC) Network.<\/figcaption><\/figure>\n\n\n\n

GFANZ boasts<\/a> at length about its members strong-arming clients into embracing net-zero.<\/strong> For instance, it extols British insurance multinational Aviva for its climate engagement escalation program: \u201cAviva is prepared to send a message to all companies through voting actions when those companies do not have adequate climate plans or do not act quickly enough.\u201d<\/strong><\/em><\/p>\n\n\n\n

To support these coercive goals, Carney\u2019s lobbying helped secure a requirement in Canada<\/a><\/strong> for<\/strong> banks, life insurance companies, trust and loan companies and others to develop and file reports disclosing their \u201cclimate transition risk,\u201d<\/strong> set out by the federal Office of the Superintendent of Financial Institutions (OSFI).<\/em><\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

The rule, Guideline B-15 on Climate Risk Management, was initially published<\/a> in 2023 and requires federally regulated financial institutions<\/strong> (other than foreign bank branches) to conduct extensive and costly research<\/strong> into their holdings to determine whether value may be at risk from future climate policies. The vagueness and potential liabilities created by this menacing set of expectations could push Canada\u2019s largest investment firms to eventually decide it\u2019s easier to divest<\/strong> altogether from fossil fuel and heavy industry sectors, furthering Carney\u2019s ultimate goal.<\/em><\/p>\n\n\n\n

Yet Carney will become\u00a0prime minister just when Canadians face a trade crisis<\/strong>\u00a0that\u00a0requires<\/strong>\u00a0the construction of\u00a0new coastal energy infrastructure<\/strong>\u00a0to ensure our fossil fuel commodities can be exported without going through the United States.\u00a0He has\u00a0said<\/a>\u00a0he would<\/strong>\u00a0take emergency measures to\u00a0support<\/strong>\u00a0\u201cenergy projects,\u201d<\/strong>\u00a0but\u00a0I assume he means windmills and solar panels<\/strong>. He has not (to my knowledge) said he supports pipelines, LNG terminals, fracking wells or new refineries. Unless he disowns everything, he has said for years, we must assume he doesn\u2019t.<\/em><\/p>\n\n\n\n

Canadian journalists should insist he clear this up.<\/strong> Ask Carney if he supports the repeal of OSFI\u2019s Climate Risk Management guideline. Show Carney his GFANZ report<\/a>. Ask him, \u201cDo you still endorse the contents of this document?\u201d<\/strong> If he says yes, ask him how we can build new pipelines and LNG terminals,<\/strong> expand our oil and gas sector, run our electricity grid<\/strong> using Canadian natural gas, heat our homes and put gasoline in our cars if banks are to phase out these activities.<\/strong><\/em><\/p>\n\n\n\n

If he tries to claim he no longer endorses it,
ask him when he changed his mind,
and why we should believe him now.<\/strong><\/em><\/p>\n\n\n\n

The media must not allow Carney to be evasive or ambiguous on these matters.\u00a0We don\u2019t have time for a bait-and-switch prime minister.<\/strong>\u00a0If Carney still believes the rhetoric, he published through GFANZ, he should say so openly, so Canadians can assess whether he really is the right man to address our current crisis.<\/em><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Carney is now supposed to act for the good of the country after lobbying to defund and drive out of existence\u00a0Canada\u2019s oil and gas companies, steel companies, car companies and\u00a0any\u00a0other\u00a0sector dependent on fossil fuels. He\u2019s done this through the Glasgow Financial Alliance for Net Zero (GFANZ), which he founded in 2021.<\/p>\n","protected":false},"author":121246920,"featured_media":371094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691820083,691833937,691832233,691833935,691824698,691818154,691833934,691833936],"class_list":{"0":"post-371076","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-canada","9":"tag-climate-risk-management","10":"tag-glasgow-financial-alliance-for-net-zero-gfanz","11":"tag-green-technologies","12":"tag-mark-carney","13":"tag-net-zero","14":"tag-net-zero-banking","15":"tag-office-of-the-superintendent-of-financial-institutions-osfi","17":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/03\/01742127160400-32478765847048573000-e8f4641cmarkcarney1jpeg_large.jpeg?fit=1500%2C938&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1yx6","jetpack-related-posts":[{"id":361955,"url":"https:\/\/climatescience.press\/?p=361955","url_meta":{"origin":371076,"position":0},"title":"The Global Net Zero Financial Cartel, Falling Apart","author":"uwe.roland.gross","date":"13\/01\/2025","format":false,"excerpt":"Less than three weeks ago, on December 23, in a post on optimism about the potential demise of the green energy fantasy, I took note that two of the largest U.S. banks had just quit something called the \u201cNet Zero Banking Alliance.\u201d The two were Goldman Sachs and Wells Fargo.\u2026","rel":"","context":"In \"cartels of financial institutions\"","block_context":{"text":"cartels of financial institutions","link":"https:\/\/climatescience.press\/?tag=cartels-of-financial-institutions"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/00Screenshot-2025-01-13-183514-1.png?fit=1027%2C1023&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/00Screenshot-2025-01-13-183514-1.png?fit=1027%2C1023&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/00Screenshot-2025-01-13-183514-1.png?fit=1027%2C1023&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/00Screenshot-2025-01-13-183514-1.png?fit=1027%2C1023&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":383497,"url":"https:\/\/climatescience.press\/?p=383497","url_meta":{"origin":371076,"position":1},"title":"Blockbuster: Mark Carney, Mr Net-Zero-Banker himself, now uses oil, gas to make Canada an Energy SuperPower","author":"uwe.roland.gross","date":"17\/06\/2025","format":false,"excerpt":"Mark Carney, recently elected the new PM of Canada, was Mr Net Zero Banker-man himself. Once upon a time, he was Governor of The Bank of England, and was so passionate about saving the planet, he set up a cartel of bankers called\u00a0The Glasgow Financial Alliance for Net Zero (GFANZ).\u2026","rel":"","context":"In \"Canada\"","block_context":{"text":"Canada","link":"https:\/\/climatescience.press\/?tag=canada"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/06\/0ChatGPT-Image-17.-Juni-2025-10_28_27.png?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/06\/0ChatGPT-Image-17.-Juni-2025-10_28_27.png?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/06\/0ChatGPT-Image-17.-Juni-2025-10_28_27.png?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, 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