"CLIMATE CARTEL" CARNEY?

Why he quietly left floundering net zero investing.

I’ve been working on this for a few days and allusions to it are beginning to break on social media so I’ll dump what I have, give you more on this week’s podcast and keep it moving. It’s complicated but stick with me as the allegations are serious and offer a framework to view Mark Carney’s possible thinking and understand why he sidestepped social impact high finance to “rescue” lowly Canada from the economic catastrophe he and the Liberal government created and will perpetuate. The net zero movement is in trouble, including a group he founded. Troubling allegations have been made about Carney and many other net zero organization by an American congressional committee.

I’ve added a linguistic explainer further down.

The gist is that on December 13, 2024 a Congressional Committee headed by Republican Jim Jordan said it found evidence of substantial “collusion and anticompetitive behaviour” by the financial industry to “impose radical ESG-goals” on US companies.

Critical Explainer: ESG is environmental, social, and governance (ESG) and shorthand for an investing principle that prioritizes environmental, and social issues and governance. This is the movement that brought us net zero and Dylan Mulvaney’s face on beer cans. (The congressional report makes me wonder how voluntary Bud Light’s disaster was).

Mark Carney’s name and the GFANZ organization (Glasgow Financial Alliance for Net Zero) which he founded, comes up in the report multiple times and he was asked to give evidence, which is footnoted. I am working on locating it. GFANZ is labelled by the committee as a “convening” and “collaborating” group.

FROM THE CONGRESSIONAL REPORT:

And more named including the Big Three: BlackRock, Vanguard, State Street.

The report also states that it was forced to issue document subpoenas to many of the above, including Carney’s GFANZ and The Big Three for not producing evidence in a “fulsome and timely” fashion.

I read the full report last night and to put it in the simplest terms, activists and powerful asset managers colluded (they would argue “partnered”) to punish and take down corporate leadership and even companies entirely for not toeing the net zero party line.

From the report:

Here are some Carney - GFANZ references, including one that explains how far they will go to win. The words “partner” and “engagement” are used and to sanitize behaviour that the committee labelled troublesome.

The above statements are attributed to Carney and GFANZ vice chair Mary Schapiro.

In a section titled Keep it in the Ground (fossil fuels) - the report quotes it’s interviews with Carney and Schapiro.

Here is another GFANZ/Carney reference that would utterly destroy Alberta’s economy. I suspect Premier Smith may have read this.

More GFANZ dogma.

Since this committee began releasing it’s findings, the reach of the net zero “partners” has diminished substantially — leaving open the possibility that Carney was available to run for prime minister — because his net zero project was falling apart.

Here is a timeline:

• June 11, 2024 Interim Report, Judiciary Investigation Announcing a “Climate Cartel”

• December 17, 2024 70 big investment houses bail from “cartel” leader Climate 100+

• January 6, 2025 GFANZ restructures

• January 13, 2025 announcement that BlackRock and others have left Carney’s GFANZ group

• January 15, 2025 Carney steps down from GFANZ

• January 16, 2025 (three days after the GFANZ exodus), Carney announces leadership run

I am not naive and understand this is a Republican dominated investigation and of course politics do play into these reports and their framing. But this was pretty shocking reading and can’t be dismissed as partisan maneuvering. Even if one is all-in for net zero, the tactics outlined here are antidemocratic and even, antihuman. Never a word for the working people who are harmed by this powerful, ideologically driven group. And there is evidence in the report some of them hold ordinary people in disdain.

A climate zealot who is a named “partner” in the report says this about the future — read down to the last sentence in this screenshot. A war will be fought by white Christians…..

It would be great if just one legacy reporter asked Carney about the future of net zero which it seems it’s most enthusiastic “partners” are running from — with a follow-up about the timing of Carney’s leadership announcement. Journalism 101, folks.

This also raises serious questions about a conflict of interest for a prime minister who has been investigated by a Republican committee at a time when the American president is from that party. If this report is responsible for net zero’s demise — no wonder Carney feels so threatened by the Trump administration. Maybe someone should ask about that, too. Mark Carney who was Vice Chair, is no longer listed on the website.

More from the report soon.

Stay critical.

#truthovertribe

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