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2025 Federal Election

Carney’s Hidden Climate Finance Agenda

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6 minute read

From Energy Now

By Tammy Nemeth and Ron Wallace

It is high time that Canadians discuss and understand Mark Carney’s avowed plan to re-align capital with global Net Zero goals.

Mark Carney’s economic vision for Canada, one that spans energy, housing and defence, rests on an unspoken, largely undisclosed, linchpin: Climate Finance – one that promises a Net Zero future for Canada but which masks a radical economic overhaul.

Regrettably, Carney’s potential approach to a Net Zero future remains largely unexamined in this election. As the former chair of the Glasgow Financial Alliance for Net Zero (GFANZ), Carney has proposed new policiesofficesagencies,  and bureaus required to achieve these goals.. Pieced together from his presentations, discussions, testimonies and book, Carney’s approach to climate finance appears to have four pillars: mandatory climate disclosures, mandatory transition plans, centralized data sharing via the United Nations’ Net Zero Data Public Utility (NZDPU) and compliance with voluntary carbon markets (VCMs). There are serious issues for Canada’s economy if these principles were to form the core values for policies under a potential Liberal government.

About the first pillar Carney has been unequivocal: “Achieving net zero requires a whole economy transition.”  This would require a restructuring energy and financial systems to shift away from fossil fuels to renewable energy with Carney insisting repeatedly in his book that “every financial [and business] decision takes climate change into account.” Climate finance, unlike broader sustainable finance with its Environmental, Social, and Governance (ESG) focus would channel capital into sectors aligned with a 2050 Net Zero trajectory. Carney states: “Companies, and those who invest in them…who are part of the solution, will be rewarded. Those lagging behind…will be punished.”  In other words, capital would flow to compliant firms but be withheld from so-called “high emitters”.

How will investors, banks and insurers distinguish solution from problem? Mandatory climate disclosures, aligned with the International Sustainability Standards Board (ISSB), would compel firms to report emissions and outline their Net Zero strategies. Canada’s Sustainability Standards Board has adopted these methodologies, despite concerns they would disadvantage Canadian businesses. Here, Carney repeatedly emphasizes disclosures as the cornerstone to track emissions data required to shift capital away from “high emitters”. Without this, he claims, large institutional investors lack the data on supply chains to make informed decisions to shift capital to businesses that are Net Zero compliant.

The second pillar, Mandatory Transition Plans would require companies to map a 2050 Net Zero trajectory for emission reduction targets. Failure to meet those targets would invite pressure from investors, banks, or activists, who may pursue litigation for non-compliance. The UK’s Transition Plan Task Force, now part of ISSB, provides this standardized framework. Carney, while at GFANZ, advocated using transition plans for a “managed phase-out” of high-emitting assets like coal, oil and gas, not just through divestment but by financing emissions reductions. “As part of their transition planning, [GFANZ] members should establish and apply financing policies to phase out and align carbon-intensive sectors and activities, such as thermal coal, oil and gas and deforestation, not only through asset divestment but also through transition finance that reduces real world emissions. To assist with these efforts GFANZ will continue to develop and implement a framework for the Managed Phase-out of high-emitting assets.” Clearly, the purpose of this is to ensure companies either decarbonize or face capital withdrawal.

The third pillar is the United Nations’ Net Zero Data Public Utility (NZDPU), a centralized platform for emissions and transition data. Carney insists these data be freely accessible, enabling investors, banks and insurers to judge companies’ progress to Net Zero. As Carney noted in 2021: “Private finance is judging…banks, pension funds and asset managers have to show where they are in the transition to Net Zero.” Hence, compliant firms would receive investment; laggards would face divestment.

Finally, voluntary carbon markets (VCMs) allow companies to offset emissions by purchasing credits from projects like reforestation. Carney, who launched the Taskforce on Scaling VCMs in 2020, has insisted on monitoring, verification and lifecycle tracking.  At a 2024 Beijing conference, he suggested major jurisdictions could establish VCMs by COP 30 (planned for 2025 in Brazil) to create a global market. If Canada mandates VCMs, businesses especially small and medium enterprises (SMEs) would face much higher compliance costs with credits available only to those that demonstrate progress with transition plans.

These potential mandatory disclosures and transition plans would burden Canadian businesses with material costs and legal risks that constitute an economic gamble which few may recognize but all should weigh. Do Canadians truly want a government that has an undisclosed climate finance agenda that would be subservient to an opaque globalized Net Zero agenda?


Tammy Nemeth is a U.K.-based strategic energy analyst. Ron Wallace is an executive fellow of the Canadian Global Affairs Institute and the Canada West Foundation.

2025 Federal Election

Post election…the chips fell where they fell

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William Lacey's avatar William Lacey

I put a lot of personal energy into this election, trying to understand why it was that Canadians so wholeheartedly endorsed Mark Carney as their new leader, despite the fact that it was the same party who caused irreparable economic harm to the economy, and he has a similar philosophical outlook to the core outlook of the party. I truly believe that we have moved to a phase in our electoral process where, until something breaks, left leaning ideology will trump the day (pun intended).

Coming out of this election I have three questions.

1. What of Pierre Poilievre? The question for Conservatives is whether the wolves feed on the carcass of Poilievre (in my opinion the worst enemy of a Conservative is a Conservative) and initiate the hunt for a new leader (if they do, I believe the future should be led by a woman – Melissa Lantsman or possibly Caroline Mulroney), or does Poilievre move to Alberta and run for a “safe” seat to get back into the House of Commons, change his tone, and show people he too can be Prime Ministerial? His concession speech gives clues to this.

2. What of Mark Carney? Maybe (hopefully) Carney will see the light and try to bring the nation together, as there is an obvious east-west split in the country in terms of politics. Time will tell, and minority governments need to be cautious. Will we have a Supply and Confidence 2.0 or will we see olive branches extended?

3. What of the House of Commons? As I have mentioned previously, there has been discussion that the House of Commons may not sit until after the summer break, meaning that the House of Commons really will not have conducted any business in almost a year by the time it reconveens. If indeed “we are in the worst crisis of our lives” as Prime Minister Carney campaigned on, then should we not have the House of Commons sit through the summer? After all, the summer break usually is for politicians to go back to their ridings and connect with their constituents, but if an election campaign doesn’t constitute connecting, what does?

Regardless, as the election is behind us, we now need to see what comes. I will try to be hopeful, but remain cautious. May Canada have better days ahead.

Thanks for reading William’s Substack!

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2025 Federal Election

In Defeat, Joe Tay’s Campaign Becomes a Flashpoint for Suspected Voter Intimidation in Canada

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Sam Cooper's avatar Sam Cooper

Canadian police initiated review of campaign complaint.

In one of the most closely scrutinized races of Canada’s 2025 federal election, Joseph Tay—the Conservative candidate identified by federal authorities as the target of aggressive Chinese election interference operations—was defeated Monday night in Don Valley North by Liberal Maggie Chi, following a campaign marred by threats, suspected intimidation, and digital suppression efforts.

The Bureau has learned that Canadian police last week reviewed complaints alleging that members of Tay’s campaign team were shadowed in an intimidating manner while canvassing in the final days of the race. The status of the incident review remains unclear.

With over 20,000 votes—a 43 percent share compared to 53 percent for Liberal Maggie Chi—Tay nearly doubled the Conservative Party’s 2021 vote total of 12,098 in this riding.

Last Monday, federal intelligence officials disclosed that Tay was the subject of a highly coordinated transnational repression operation tied to the People’s Republic of China. The campaign aimed to discredit his candidacy and suppress Chinese Canadian voters’ access to his messaging through cyber and information operations.

That same day, federal police advised Tay to suspend door-to-door canvassing, according to two sources with direct knowledge, citing safety concerns. Several days later, Tay’s campaign reported to police that a man had been trailing a door-knocking team in a threatening manner in a Don Valley North neighbourhood.

Following The Bureau’s reporting, the New York Times wrote on Sunday: “Fearing for his safety, Mr. Tay… has waged perhaps the quietest campaign of any candidate competing in the election. The attacks on Mr. Tay have sought to influence the outcome of the race in Don Valley North, a district with a large Chinese diaspora in Toronto, in what is the most vote-rich region in Canada.”

In a twist, in neighbouring Markham–Unionville, Peter Yuen—the Liberal candidate who replaced former MP Paul Chiang, who had made controversial remarks about Tay being turned over to Chinese officials—was defeated by Conservative candidate Michael Ma. According to Elections Canada’s results, Ma secured the riding by about 2,000 votes.

Tay and his campaign team had conducted extensive groundwork in Markham–Unionville earlier this year, where he publicly announced his intention to seek the Conservative nomination in January. However, the party ultimately assigned him on March 24 to Don Valley North—a riding that, according to the 2024 report of the National Security and Intelligence Committee of Parliamentarians (NSICOP), was the site of serious foreign interference by the People’s Republic of China during the 2019 election.

At 2 a.m., Tay posted a message to X thanking supporters: “By God’s grace, though we did not win tonight, we have already won something far greater—the courage to stand, to speak, and to dream together.”

Signaling he may run again, Tay added: “Our journey does not end here. I remain committed to upholding Canadian values—freedom, respect, and community—and will continue to serve and help build a wholesome, principled community in every way I can.”

Last Monday, SITE—Canada’s election-threat monitoring task force—confirmed that Tay was the target of a coordinated online disinformation campaign, warning in briefing materials that “this was not about a single post” but a “deliberate, persistent campaign” designed to distort visibility and suppress legitimate discourse among Chinese-speaking voters.

The tactics bore striking resemblance to interference allegations uncovered by The Bureau during the 2021 federal election, when Conservative MP Bob Saroya was unseated in Markham–Unionville amid allegations that operatives linked to the Chinese government had shadowed Saroya, surveilled his campaign, and sought to intimidate voters. Senior Conservative officials said CSIS provided briefings at the time warning of what they described as “coordinated and alarming” surveillance efforts.

In Tay’s case, official sources confirmed that Chinese-language platforms circulated disinformation framing him as a fugitive, invoking his Hong Kong National Security Law bounty—set at $180,000 CAD—to portray his candidacy as a threat to Canada.

Earlier this month, The Bureau reported that former Liberal MP Paul Chiang—who defeated Conservative incumbent Bob Saroya in 2021—withdrew as a candidate after the RCMP opened a review into remarks he made suggesting that Joe Tay’s election could spark “great controversy” for Canada because of Hong Kong’s national security charges, and that Tay could be handed over to the Chinese consulate to collect a bounty. Chiang later apologized, describing the comments as a poorly judged joke. However, prominent diaspora organizations and human rights groups condemned the remarks as a disturbing example of rhetoric echoing transnational repression.

According to SITE assessments reviewed by The Bureau, coordinated suppression efforts were particularly acute in Don Valley North, where Tay’s online visibility was sharply curtailed across Chinese-language social media ecosystems.

The status of the RCMP’s review into Chiang’s remarks—and a separate complaint to Toronto police alleging that Tay’s campaign staff may have been intimidated while canvassing—remains unclear.

With Mark Carney’s Liberals securing a narrow minority and Canada’s political landscape growing increasingly polarized—against the backdrop of an intensifying cold war between Washington and Beijing—some pundits predict voters could be heading back to the polls sooner than expected. Whether election threat reviewers will now dig deeper into China’s suspected interference in this and other ridings remains an open question.

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