Fact Check: There is no question Mark Carney is a brilliant business man and has a very impressive resume. But does he give a shit about you, and for that matter other Canadians? I didn't know anything about Mark Carney a couple of weeks ago and yesterday, I decided to do a little research project. This is what I discovered with about 1 hour of research. Lets take a bit of a dive in… Mark Carney is the UN special envoy on climate change pushing governments around the world to adopt “clean energy”. A great position, no? Interestingly, right up until he entered the Liberal leadership race, he also conveniently sat on the board of Brookfield Asset Management at the same time as he sat in this position with the UN. Brookfield owns $1 trillion in assets under management and many of their portfolios are across renewable power & infrastructure. Hmm, sounds a little conflicty? He has directly profited off of the shutting down and blocking of fossil fuel projects in Canada which he advised Canada to do (and other nations) while making sure so called “green energy” options are pushed and approved, which line his own pockets with green. One of Mark's acts as Chair of the board was to move the head office of Brookfield from Toronto to New York, because of the impending tariff war. Sounds like he has a lot of faith in his ability to put Canada first...and then he lied about the whole situation claiming that he was not chair when Brookfield moved. Maybe true, but he approved the move and voted for it at the first hint of tariffs from Trump, while he was still chair… Let’s look further at Mark’s role with Brookfield though. While he was doing all this “good work”, or rather making western governments do all this good work while he profits off of them, he was also directing Brookfield to act completely contrary environmentally when it suits the firm and their shareholders. While Brookfield manages green companies, they also acquire and invest in “dirty” fossil fuel projects and “carbon releasing” in other parts of the world. “One of Brookfield's collection of assets was 267,000 hectares in Brazil. producing soybeans, sugar, corn and cattle. between 2012 and 2021 Brookfield's subsidiaries deforested around 9,000 hectares on eight large farms in the Cerrado region of Brazil, a vast area bordering the Amazon rainforest. The report estimates that 600,000 tonnes of CO2 was emitted by deforesting these areas, the equivalent of 1.2 million flights from London to New York. A spokesperson for Brookfield said: "Brookfield made limited investments in Brazil's agriculture sector during the last decade. The decision to sell these businesses was taken several years ago because the fund they were held in was reaching the end of its life, and we therefore had an obligation to return capital to investors." Global Witness claims that this decision to sell clashes with public statements subsequently made by Mr. Carney as a global leader on climate policy, which call upon companies not to sell off climate-damaging assets, but to hold onto them and either clean them up or close them down”. - Ben King, BBC 15, Dec, 2022 They cut 9000 hectares of prime forest on the border of the Amazon to expand their GMO farming operations. Wow! How about the $16 billion acquisition of Inter Pipeline by Brookfield”? An oil pipeline, yes. Just two of the many "CO2 emitting" actions that Mark Carney has directed Brookfield on as Chair to the Board while he pushes green energy where it benefits his own books… A 2023 report on Brookfield by “Private Equity Climate Risks” paint a pretty bleak picture. "The combined current fossil fuel investments of Brookfield and Oaktree emit an estimated 159 million metric tons (mt) of CO2 equivalent (CO2e) annually. This is an order of magnitude more than the 11.8 million mt CO2e disclosed in Brookfield’s sustainability reports". So… will Carney be good for Canada? Well all of the above makes me think he is a wolf in sheep's clothing and let’s keep in mind he has been a close financial advisor to Trudeau since 2020. All of the great results of Trudeau’s tenure are the direct result of Carney. Doubling of house prices Record inflation Doubling of Canadians in the line of the food bank Our now crippling national debt and $60 billion deficit One of the biggest red flags for me is that Mark refuses to disclose his own personal financial situation. A guy who just a couple of months ago sat on 20 different corporate boards, including many American companies, promises he has a lot to gain by becoming PM. He is an ultra elite globalist who is 100% a part of the decisions that have led to Canada’s downfall and left us so vulnerable and if he remains as PM for any length of time, I feel Canada may end up bankrupt. The media will tell you that Mark is the guy to take on Trump, but the truth is not hard to uncover if you just do a little digging. Centrum

The Claim: Analyzing Mark Carney's Role and Allegations of Conflict of Interest

1. Introduction

The claim regarding Mark Carney, the UN Special Envoy on Climate Change, raises questions about his integrity and motivations as he advocates for clean energy while simultaneously holding a significant position at Brookfield Asset Management, a company reportedly involved in fossil fuel investments. The assertion suggests a potential conflict of interest, questioning whether Carney genuinely prioritizes the interests of Canadians or if he is primarily driven by personal financial gain. The claim also critiques his leadership decisions and the environmental impact of Brookfield's operations.

2. What We Know

Mark Carney has held several high-profile positions, including Governor of the Bank of England and currently serves as the UN Special Envoy on Climate Change. His role involves promoting climate action and sustainable finance. As of 2023, he has been vocal about the need for financial institutions to support the transition to a low-carbon economy 15.

Brookfield Asset Management, where Carney served as Vice Chair, manages approximately $1 trillion in assets, including investments in both renewable energy and fossil fuels. Reports indicate that Brookfield has been involved in controversial practices, such as deforestation in Brazil, where it has been linked to significant carbon emissions 24. A report from "Private Equity Climate Risks" highlights discrepancies between Brookfield's reported emissions and its actual carbon footprint, suggesting that the company has substantial fossil fuel investments that contradict its public commitments to sustainability 48.

Additionally, Carney's tenure at Brookfield has raised eyebrows, particularly regarding the company's acquisition of fossil fuel assets, such as Inter Pipeline, which has been criticized for its environmental implications 29.

3. Analysis

The sources used to support the claims about Carney and Brookfield vary in credibility and potential bias. For instance, the BBC article 2 provides a well-researched account of Brookfield's activities and Carney's involvement, making it a reliable source. However, it is essential to consider that media outlets may have their own editorial slants, which can influence how information is presented.

The report from "Private Equity Climate Risks" 4 offers a critical perspective on Brookfield's environmental claims but should be evaluated for potential bias, as it may be produced by organizations with specific agendas regarding climate policy. Similarly, Greenpeace's Unearthed report 8 is known for its advocacy against fossil fuels, which could color its portrayal of Carney's actions.

Carney's statements regarding the need for finance to support emissions-heavy sectors in their transition to cleaner practices have been met with skepticism. Critics argue that his dual role creates a perception of hypocrisy, as he promotes climate action while overseeing investments in fossil fuels 19. However, supporters might argue that engaging with these sectors is necessary for meaningful change.

The claim that Carney has directly profited from fossil fuel projects while advocating for clean energy is complex and requires further substantiation. While it is true that Brookfield has made investments in both sectors, the extent to which Carney personally benefits from these investments remains unclear. The assertion that he has not disclosed his financial situation also raises questions about transparency, but without specific evidence, this remains an unverified assertion.

4. Conclusion

Verdict: Partially True

The claim about Mark Carney's potential conflict of interest is partially true. Evidence indicates that while Carney advocates for climate action as the UN Special Envoy, he has also been associated with Brookfield Asset Management, a firm that has significant investments in fossil fuels. This dual role raises legitimate concerns about the integrity of his advocacy and the motivations behind it.

However, the extent to which Carney personally profits from these investments is not clearly established, and the available evidence does not definitively prove that he is acting solely out of self-interest. Additionally, the sources of information vary in reliability and may carry biases that affect their portrayal of Carney's actions.

It is important to recognize the limitations of the evidence presented. While there are credible reports highlighting Brookfield's controversial practices, the complexity of the situation means that definitive conclusions about Carney's motivations cannot be drawn without further substantiation.

Readers are encouraged to critically evaluate the information presented and consider the nuances involved in claims of conflict of interest, particularly in the context of climate advocacy and financial investments.

5. Sources

1. Mark Carney argues that finance needs to go where the emissions are. The Economist. Link
2. Climate boss Carney's firm linked with deforestation. BBC. Link
3. Seize your chance to fight climate change, U.N. envoy Carney tells investors. Reuters. Link
4. Brookfield’s Climate Paradox: Climate Pledges vs. Fossil Fuel Reality. Private Equity Climate Risks. Link
5. Mark Carney: Investing in net-zero climate solutions creates value and rewards. United Nations. Link
6. A Report from COP26 with Mark Carney, UN Special Envoy on Climate. ICE. Link
7. News Release: Report Exposes Brookfield Corporation’s Fossil Fuel Investments and Emissions Reality. Americans for Financial Reform. Link
8. Mark Carney’s ‘net-zero’ firm has billions in coal and oil sands projects. Unearthed. Link
9. Mark Carney's big stumble at Brookfield intensifies focus on net-zero emissions claims. Financial Post. Link
10. Mark Carney - UN Special Envoy on Climate Action and Finance - United Nations. LinkedIn. Link