Business
US firms like BlackRock are dropping their climate obsession while Europe ramps theirs up

Larry Fink on stage at the 2022 New York Times DealBook on November 30, 2022. in New York CityPhoto by Thos Robinson/Getty Images for The New York Times
From LifeSiteNews
By David James
As U.S. firms such as BlackRock and JPMorgan Chase continue to distance themselves from the ESG and ‘climate change’ agendas, Europe has been moving aggressively in the opposite direction, suggesting a rift is forming on the global economic landscape.
The climate change debate is usually thought to be focused on scientific analyses of the earth’s atmosphere. But that is only what is on the surface. It is also very much about money and politics and there has been a big shift that looks likely to threaten support for the net zero initiative. It may lead to a deep economic and political rift between the U.S. and Europe.
Estimates of the cost of decarbonizing the economy by 2050 have varied, but it is generally agreed that it is a financial bonanza. Goldman Sachs is at the low end with a modest $80 trillion while Bank of America estimates an extraordinary $275 trillion, about 10 times the current value of the U.S. stock market.
The finance sector, dizzy with the prospect of a huge investment opportunity, imposed a metric on corporations called Environmental, Social and Governance (ESG), a mechanism for demanding that companies go down the net zero route – and also comply with diversity equity and inclusion (DEI) requirements, the “S” part of ESG. Corporations that did not cooperate were threatened with a loss of support in the market and lower relative share prices.
That trend is starting to reverse. BlackRock, JPMorgan Chase, and State Street recently exited from Climate Action 100+, a coalition of the world’s largest institutional investors that pledges to “ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.” The passive fund Vanguard, the world’s second largest, exited over a year ago.
These four fund managers oversee assets of about $25 trillion, which is approximately a quarter of the entire funds under management in the world.
They are changing direction for two reasons. First, there was an implicit bargain with ESG, whereby compliant companies would not only get to save the environment but also get to see their share prices outperform non-compliant companies. It is not turning out that way. In fact, better returns have come from investing against ESG-compliant companies.
More compellingly, 16 conservative state attorneys general in the U.S. have demanded answers from BlackRock’s directors regarding the Climate Action and ESG initiatives. Other fund managers and banks have also attracted unwanted scrutiny.
Nothing concentrates the mind of fund managers more than the prospect of clients withdrawing their funds – in this case state government pension money. Larry Fink, chief executive of BlackRock, is now saying he does not think it is helpful to use the term ESG, having been one of the most aggressive advocates. In his 2022 letter to CEOs he was issuing veiled threats to companies not complying with ESG. In 2024, he omitted the term entirely.
Meanwhile in Europe, very different choices are being made. The European Union (EU) is looking to impose sustainability reporting standards on all medium and large businesses. The intention is to have European companies set up a new accounting system by the end of the decade. Rather than recording financial transactions, it will instead aggregate data related to climate, pollution, especially carbon dioxide emissions, biodiversity and social issues.
As one (anonymous) analyst writes: “It is a very detailed control system for European companies where the European Commission can, in the future, dictate anything it wants – and punish for any violations any way it wants. Apart from the crazy regulatory load, this initiative can only be seen as a direct seizure of operational control of European companies, and thereby the European economy.”
So, while the U.S. looks to restore an unsteady version of capitalism, Europe is heading towards some kind of climate-driven socialism.
The EU plan seems to be to eventually direct their banks’ lending, which would radically undermine the region’s free-market system and establish something more like communist-style centralized control.
This does not mean U.S. governments and bureaucrats will stop pushing their climate agenda. A court case brought by the city of Honolulu, for example, is one of several attempts to bankrupt the American energy industry. But when the big institutional money changes direction then corporations and governments eventually follow.
The situation is further complicated by the emergence of the expanded BRICS alliance, which will soon represent a bigger proportion of the world economy than the G7. Saudi Arabia, Iran, United Arab Emirates, Ethiopia and Egypt will be added to the original group of Brazil, Russia, India, China and South Africa.
The BRICS nations will not allow the West’s climate change agenda to reshape their polities. Most of them are either sellers or heavy consumers of fossil fuels. Both India and China are increasing their use of coal, for instance, which makes Western attempts to reduce emissions largely pointless.
The promise that hundreds of trillions of investment opportunities would come from converting to net zero was always just a financial projection, mere speculation. The scale of transiting to a decarbonized economy would be so enormous it would inevitably become a logistical nightmare, if not an impossibility.
Energy expenditure represents about an eighth of the world’s GDP. Oil, natural gas and coal still provide 84 percent of the world’s energy, down just two per cent from 20 years ago. Production of renewable energy has increased but so has overall consumption. Oil powers 97 percent of all transportation.
Relying solely on renewable energy was never realistic and now that the financial dynamic is changing the prospects of achieving net zero have become even more remote. As the finance website ZeroHedge opines: “Both the DEI and ESG gravy trains on Wall Street are finally coming to an unceremonious end.” Financial markets continually get seduced by fads; the ESG agenda is starting to look like yet another example.
Business
Manitoba Must Act Now To Develop Its Northern Ports

From the Frontier Centre for Public Policy
With U.S. trade risks rising, Manitoba has a fleeting shot to turn Churchill into a year-round Arctic shipping hub. Without bold investment, the North’s economic and strategic promise will slip away.
The window to turn Manitoba’s northern coast into a year-round shipping hub is closing fast
Rising trade tensions with the United States have given Manitoba a rare second chance to develop its northern ports. But if the province doesn’t act decisively, it will miss a historic opportunity to gain a permanent place in global trade—and reinforce Canadian sovereignty.
Manitoba exports billions in agricultural, mineral and manufactured goods to the U.S., so any disruption in that relationship has ripple effects across the province’s economy. Diversifying trade routes isn’t just smart policy: it’s an economic necessity.
Churchill, a small town on the western shore of Hudson Bay in northern Manitoba, is Canada’s only deepwater port connected to the Arctic. Churchill requires regular dredging in an ecologically sensitive area at the mouth of the Churchill River. While most attention has focused on Churchill, its potential will remain limited without serious investment to make it a year-round operation. Right now, it’s only usable during the summer months.
Premier Wab Kinew recently highlighted Churchill as a strategic asset for asserting Canada’s northern sovereignty. That may be true, but symbolic importance alone won’t sustain it. Economic value and operational reliability will. The port’s rail accessibility gives it an advantage if it can handle the volume and meet international trade demands year-round. However, the railway to Churchill is challenged because of unstable permafrost, affecting long-term reliability.
Feiyue Wang, a University of Manitoba professor and Canada Research Chair, sees Churchill as a potential game-changer. As climate predictions see a reduction in sea ice in the Canadian Arctic, shipping lanes that were once blocked for most of the year could become viable trade routes. That’s already happening.
The Arctic Gateway Group has shipped zinc concentrate through Churchill. Alberta Premier Danielle Smith and others have promoted sending oil through it. These aren’t just theoretical opportunities: they’re early evidence of what’s possible. But for Churchill to become a true supply chain hub, it needs infrastructure, investment and long-term political commitment.
Governments have already put money into the port and its rail link. But they must finish the job. That means building the capacity for four-season shipping, attracting private investment, and showing that the port will be viable over time. Manitoba should also press Ottawa to maintain a military presence in the region and use the port to reinforce northern sovereignty.
But if Manitoba is serious about developing northern trade infrastructure, it should also consider a second, ambitious alternative.
The Neestanan utility corridor, an Indigenous-led initiative, proposes a new infrastructure route—rail, roads and energy pipelines—across northern Alberta, Saskatchewan and Manitoba. The corridor would terminate at a year-round, multi-modal port on Hudson Bay, north of the Nelson River. Led by First Nations and Métis communities, Neestanan offers a broader vision for economic reconciliation and northern opportunity. Port Nelson is a deeper water port and its railway line is not in a permafrost zone, making it more feasible for year-round operations.
A century ago, Prime Minister Wilfrid Laurier’s government debated whether Churchill or Port Nelson should serve as the main northern terminal. Ottawa initially backed Port Nelson but later abandoned it due to silt accumulation. Churchill became the chosen site.
Today, both locations deserve a fresh look. With modern engineering, sediment shifts and Indigenous-led proposals, what wasn’t feasible in 1910 may now be not only possible, but necessary.
Churchill was originally built to ship Prairie grain to global markets. But its future lies in more than grain. With the right investment, it could handle a much wider range of goods and help secure Canada’s place in the evolving Arctic economy.
In short, the opportunity lies in developing both ports based on their practical and feasible characteristics, aiming to attract private investment.
This is Manitoba’s moment. But the window of opportunity won’t stay open forever. Other jurisdictions are moving faster. Manitoba must act swiftly—before the opportunity is lost.
This is a revised version of an earlier commentary published here
Banks
Debanking Is Real, And It’s Coming For You

From the Frontier Centre for Public Policy
Marco Navarro-Genie warns that debanking is turning into Ottawa’s weapon of choice to silence dissent, and only the provinces can step in to protect Canadians.
Disagree with the establishment and you risk losing your bank account
What looked like a narrow, post-convoy overreach has morphed into something much broader—and far more disturbing. Debanking isn’t a policy misfire. It’s turning into a systemic method of silencing dissent—not just in Canada, but across the Western world.
Across Canada, the U.S. and the U.K., people are being cut off from basic financial services not because they’ve broken any laws, but because they hold views or support causes the establishment disfavors. When I contacted Eva Chipiuk after RBC quietly shut down her account, she confirmed what others had only whispered: this is happening to a lot of people.
This abusive form of financial blacklisting is deep, deliberate and dangerous. In the U.K., Nigel Farage, leader of Reform UK and no stranger to controversy, was debanked under the fig leaf of financial justification. Internal memos later revealed the real reason: he was deemed a reputational risk. Cue the backlash, and by 2025, the bank was forced into a settlement complete with an apology and compensation. But the message had already been sent.
That message didn’t stay confined to Britain. And let’s not pretend it’s just private institutions playing favourites. Even in Alberta—where one might hope for a little more institutional backbone—Tamara Lich was denied an appointment to open an account at ATB Financial. That’s Alberta’s own Crown bank. If you think provincial ownership protects citizens from political interference, think again.
Fortunately, not every institution has lost its nerve. Bow Valley Credit Union, a smaller but principled operation, has taken a clear stance: it won’t debank Albertans over their political views or affiliations. In an era of bureaucratic cowardice, Bow Valley is acting like a credit union should: protective of its members and refreshingly unapologetic about it.
South of the border, things are shifting. On Aug. 7, 2025, U.S. President Donald Trump signed an executive order titled “Guaranteeing Fair Banking for All Americans.” The order prohibits financial institutions from denying service based on political affiliation, religion or other lawful activity. It also instructs U.S. regulators to scrap the squishy concept of “reputational risk”—the bureaucratic smoke screen used to justify debanking—and mandates a review of past decisions. Cases involving ideological bias must now be referred to the Department of Justice.
This isn’t just paperwork. It’s a blunt declaration: access to banking is a civil right. From now on, in the U.S., politically motivated debanking comes with consequences.
Of course, it’s not perfect. Critics were quick to notice that the order conveniently omits platforms like PayPal and other payment processors—companies that have been quietly normalizing debanking for over a decade. These are the folks who love vague “acceptable use” policies and ideological red lines that shift with the political winds. Their absence from the order raises more than a few eyebrows.
And the same goes for another set of financial gatekeepers hiding in plain sight. Credit card networks like Visa, American Express and Mastercard have become powerful, unaccountable referees, denying service to individuals and organizations labelled “controversial” for reasons that often boil down to politics.
If these players aren’t explicitly reined in, banks might play by the new rules while the rest of the financial ecosystem keeps enforcing ideological conformity by other means.
If access to money is a civil right, then that right must be protected across the entire payments system—not just at your local branch.
While the U.S. is attempting to shield its citizens from ideological discrimination, there is a noticeable silence in Canada. Not a word of concern from the government benches—or the opposition. The political class is united, apparently, in its indifference.
If Ottawa won’t act, provinces must. That makes things especially urgent for Alberta and Saskatchewan. These are the provinces where dissent from Ottawa’s policies is most common—and where citizens are most likely to face politically motivated financial retaliation.
But they’re not powerless. Both provinces boast robust credit union systems. Alberta even owns ATB Financial, a Crown bank originally created to protect Albertans from central Canadian interference. But ownership without political will is just branding.
If Alberta and Saskatchewan are serious about defending civil liberties, they should act now. They can legislate protections that prohibit financial blacklisting based on political affiliation or lawful advocacy. They can require due process before any account is frozen. They can strip “reputational risk” from the rulebooks and make it clear to Ottawa: using banks to punish dissenters won’t fly here.
Because once governments—or corporations doing their bidding—can cut off your access to money for holding the wrong opinion, democracy isn’t just threatened.
It’s already broken.
Marco Navarro-Genie is vice-president of research at the Frontier Centre for Public Policy and co-author, with Barry Cooper, of Canada’s COVID: The Story of a Pandemic Moral Panic (2023).
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