Fact Check: How nuts is Mark Carney? Perhaps nuttier than you think. Have a read of this piece in the Financial Post, by Matthew Lau. "Having left his gig as UN Special Envoy for Climate and Finance to lead the federal Liberal government, Mark Carney is now in a position to focus his and Greta Thunberg’s global climate crusade squarely on Canada. The crusade, Carney boasted back in 2021 while in his previous role, is worth many trillions of dollars. As he told CBC News at that year’s UN climate conference, “We have banks, asset managers, pension funds, insurance companies from around the world — more than 45 countries — and their total resources, totalling US$130 trillion” dedicated to transitioning the world’s economy away from fossil fuels. That dollar figure is higher than global GDP. Last month, Carney laid out Canada’s required contribution to his climate ambitions: “Canada must invest $2 trillion by 2050 — about $80 billion per year — to become carbon competitive and achieve Net Zero. However, investments in decarbonisation currently run between $10–20 billion annually.” The implication is that another $60-70 billion a year will need to be wrung out of Canadian businesses and consumers, either through direct taxation and government spending or with regulatory browbeating to push Canadians’ savings and investments into global warming initiatives. Carney has made no effort to hide his agenda to browbeat businesses into joining his and Greta Thunberg’s climate crusade. In a 2021 interview he declared, “We need a sustainable economy, and is your business aligned with that? Are your hiring practices consistent with that? Are you developing people in a way that’s consistent with that? Ultimately, what’s being asked of businesses when it comes to climate is, do you have a plan for net-zero? Canada has a legislated objective for net zero alongside another 130 countries.” “A Swedish teenager,” Carney continued, referring to Thunberg, “can figure out the carbon budget and that we have less than 10 years and you have to get to net-zero to stabilize it and if you’re a company and you have purpose, well, what’s your plan? And all these plans need to come together.” This is utter insanity: under Justin Trudeau Canada suffered rapidly declining business investment and now his successor wants the country’s business leaders to take financial planning directives from Greta Thunberg. While the federal government barrels down the road to net-zero impoverishment for Canada, everyone else is looking for the exit ramp. In January, six of the largest U.S. banks — JPMorganChase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley — quit the Carney-led net-zero banking alliance. Canada’s Big Six Banks — RBC, TD Bank, BMO, Scotiabank, CIBC and National Bank — have quit the initiative as well. Even Europe is beginning to back off on government piling climate obligations onto businesses in the name of fighting global warming. As the Wall Street Journal reports, the EU is watering down its climate accounting policies “amid pushback from member states and companies within the bloc over the new rules, which they say would have increased costs and reduced the competitiveness of their business.” Specifically, regulations previously scheduled for this year would have forced companies “to report in detail on their environmental, social and corporate-governance performance while making significant cuts to the emissions from within their supply chain.” The EU is now dropping, weakening or postponing many of these climate regulations, so that businesses will be able to better “grow, innovate, and create quality jobs.” This is effectively an admission that piling climate obligations and environmental reporting mandates onto businesses prevents them from growing, innovating and creating good jobs. Unfortunately, Mark Carney is all about climate obligations and reporting mandates. The road Canada is currently marching down for climate-related financial disclosures is based on a framework proposed by a task force Carney initiated in 2015. His aforementioned Thunberg-praising interview was not with an environmental journalist, but with Pivot Magazine, which is published by CPA Canada, the accounting industry’s national association. “We cannot get to net-zero without proper climate reporting,” he insisted, speaking of the need for “one core global standard” for climate accounting and reporting. A global climate reporting standard to help push trillions of dollars — yes, trillions with a “T” — from Canadian workers and taxpayers into Mark Carney and Greta Thunberg’s climate crusade? After a decade of Justin Trudeau’s ruinous policies weakening Canada from coast to coast, there could be little worse for the country and its economy than a Liberal government led by Mark Carney." The Financial Post Cape Breton Politics Jason Boudreau · 1h · Big numbers in unions. 😁😁

Claim Analysis: Mark Carney's Climate Agenda and Its Implications

1. Introduction

The claim under scrutiny discusses Mark Carney's role as a proponent of climate finance and his recent statements regarding Canada's financial commitments to achieve net-zero emissions by 2050. The assertion raises concerns about the economic implications of Carney's agenda, suggesting that it may lead to increased financial burdens on Canadian businesses and consumers. The claim also references Carney's past statements about the global financial commitment of $130 trillion towards climate initiatives and critiques his alignment with climate activist Greta Thunberg.

2. What We Know

Mark Carney, a prominent figure in global finance, served as the UN Special Envoy for Climate Action and Finance, where he advocated for significant financial commitments to combat climate change. At the COP26 climate conference, he announced that over 450 financial institutions from more than 45 countries had pledged a total of $130 trillion to transition the global economy away from fossil fuels 39.

In a 2021 interview, Carney emphasized the need for Canada to invest approximately $2 trillion by 2050 to achieve net-zero emissions, highlighting that current investments in decarbonization range between $10 to $20 billion annually, indicating a potential shortfall of $60 to $70 billion each year 68.

The claim also mentions that several major U.S. banks and Canada's Big Six Banks have withdrawn from the net-zero banking alliance, which Carney led, suggesting a shift in the financial sector's commitment to climate initiatives 68. Furthermore, it notes that the European Union is reconsidering its climate regulations due to pushback from member states and businesses, which the claim interprets as a sign of growing skepticism towards stringent climate obligations 6.

3. Analysis

Source Evaluation

1. Financial Post: The original claim comes from an opinion piece in the Financial Post, which is known for its conservative editorial stance. While it provides a platform for diverse opinions, its potential bias should be considered when interpreting the claims made about Carney's agenda 6.

2. Washington Post and New York Times: These sources report on the $130 trillion commitment and provide context about the challenges and criticisms associated with such pledges. They are generally considered reliable and well-researched, although they may have their own biases depending on the topic 35.

3. CBC News: This source provides a balanced view of Carney's initiatives and the financial commitments made by institutions. CBC is a public broadcaster in Canada and is typically regarded as a credible source, although it may also reflect Canadian governmental perspectives 8.

4. UN News: This source outlines Carney's role and the commitments made at COP26, providing an official perspective on climate finance. However, as a UN-affiliated outlet, it may emphasize positive aspects of climate initiatives while downplaying criticisms 7.

Methodological Concerns

The claim suggests that Carney's agenda will lead to significant financial burdens on Canadians. However, it lacks specific details on how these investments would be implemented and the mechanisms through which the additional funding would be sourced. The assertion that businesses will be "browbeaten" into compliance is also an opinion rather than a substantiated fact.

The withdrawal of major banks from the net-zero alliance is presented as evidence of a broader retreat from climate commitments. However, the reasons for these withdrawals are complex and may involve various factors, including economic considerations and differing priorities among financial institutions.

Conflicting Perspectives

While the claim emphasizes the potential negative economic impacts of Carney's climate agenda, other sources highlight the necessity of transitioning to a sustainable economy to mitigate the long-term risks associated with climate change. For instance, proponents argue that investing in green technologies can lead to job creation and economic growth in the long run 59.

4. Conclusion

Verdict: Partially True

The claim regarding Mark Carney's climate agenda contains elements that are substantiated by evidence, particularly his advocacy for significant financial commitments to combat climate change and the projected investment needs for Canada to achieve net-zero emissions. However, the assertion that these commitments will unequivocally lead to increased financial burdens on Canadians lacks comprehensive evidence and relies on subjective interpretations of the potential economic impacts.

While it is true that some financial institutions have withdrawn from the net-zero banking alliance, the motivations behind these decisions are multifaceted and not solely indicative of a retreat from climate commitments. The complexities surrounding climate finance and the varying perspectives on its economic implications necessitate a nuanced understanding of the situation.

It is important to acknowledge that the evidence available is limited and often subject to interpretation. The potential benefits of transitioning to a sustainable economy, such as job creation and long-term economic growth, are not fully captured in the claim. Therefore, readers should approach this topic with a critical mindset and consider the broader context when evaluating the implications of Carney's climate agenda.

As always, it is advisable for readers to critically evaluate information themselves and seek out diverse perspectives to form a well-rounded understanding of the issues at hand.

5. Sources

1. Mark Carney UN Special Envoy on Climate Action and Finance | Lamont-Doherty Earth Observatory https://lamont.columbia.edu/events/mark-carney-un-special-envoy-climate-action-and-finance
2. Mark Carney UN Special Envoy on Climate Action and Finance | Columbia University in the City of New York https://www.columbia.edu/content/events/mark-carney-un-special-envoy-climate-action-and-finance
3. Financial firms announce $130 trillion in commitments for climate transition, but practical questions loom - The Washington Post https://www.washingtonpost.com/us-policy/2021/11/03/climate-glasgow-bloomberg-carney/
4. Mark Carney - Wikipedia https://en.wikipedia.org/wiki/Mark_Carney
5. Global finance industry says it has $130 trillion to invest in efforts to tackle climate change. (Published 2021) https://www.nytimes.com/2021/11/03/world/europe/cop26-climate-change-finance-industry.html
6. Mark Carney is as climate crazy as Steven Guilbeault | Financial Post https://financialpost.com/opinion/mark-carney-climate-crazy-steven-guilbeault
7. COP26: ‘Not blah blah blah’, UN Special Envoy Carney presents watershed private sector commitment for climate finance | UN News https://news.un.org/en/story/2021/11/1104812
8. New net-zero alliance of banks, funds prioritizes green investment, but key emitters are absent | CBC News https://www.cbc.ca/news/world/cop26-130-trillion-net-zero-gfanz-1.6235060
9. Mark Carney Unveils $130 Trillion in Climate Finance Commitments - Bloomberg https://www.bloomberg.com/news/articles/2021-11-02/carney-s-climate-alliance-crests-130-trillion-as-pledges-soar
10. Episode 269: A Report from COP26 with Mark Carney, UN Special Envoy on Climate Action and Finance https://www.ice.com/insights/conversations/inside-the-ice-house/a-report-from-cop26-with-mark-carney-un-special-envoy-on-climate-action-and-finance