Mark Carney, Net Zero, and Canada's Pensions
Mark Carney, Net Zero, and Canada's Pensions
Author: Canadian Freedom Alliance
Introduction
This report provides a concise overview of the financial architecture established by Mark Carney, which leverages Canadian pension funds for "net zero" investments. This structure, built over a decade, facilitates a significant transfer of wealth from Canadian taxpayers and retirees to global financial firms, including Brookfield Asset Management, where Mr. Carney has held a lucrative leadership position. The core of this strategy is a "de-risking" mechanism that uses public money to guarantee profits for private investors, while Canadians bear the financial risk and economic costs.
The De-Risking Mechanism: Public Risk, Private Profit
The strategy hinges on using public funds to absorb the financial risks of speculative "green" projects, making them attractive to private capital. The $15 billion Canada Growth Fund (CGF), a public entity managed by the Public Sector Pension Investment Board (PSP Investments), is the primary tool for this.
The CGF's mandate is to use investment instruments that absorb certain risks in order to encourage private investment in low carbon projects. [1]
A Case Study: The Entropy Deal
A clear example is the CGF's investment in Entropy Inc., a carbon capture company controlled by Brookfield. The deal illustrates how public and private funds are combined:
| Entity | Investment | Outcome |
|---|---|---|
| Canada Growth Fund (Public) | $200 million | Absorbs risk via a 15-year, fixed-price contract to buy carbon credits. |
| Brookfield (Private) | $300 million | Becomes the largest shareholder and gains control of Entropy. |
This structure provides Entropy (and by extension, Brookfield) with a guaranteed revenue stream of up to $1.3 billion over 15 years, backed by taxpayers. [2] This removes the investment risk for Brookfield and places it squarely on the public.
The Financial Stake: Brookfield and Carney
Mark Carney's transition from global finance to Canadian politics is marked by significant financial conflicts of interest. His role as Vice Chair and Head of Transition Investing at Brookfield Asset Management (2020-2025) positioned him to directly benefit from the policies he is now implementing.
Brookfield's Windfall:
- Transition Funds Under Management: Brookfield has raised $35 billion across two Global Transition Funds under Carney's leadership. [3]
- Annual Management Fees: At a standard 2% fee, this generates $700 million annually for Brookfield.
- Performance Fees: With a 20% share of profits, Brookfield stands to make an additional $700 million or more annually if targets are met.
- Total Annual Revenue: An estimated $1.4 billion per year from these funds alone.
Mark Carney's Personal Wealth:
- Brookfield Compensation: Before entering politics, Carney held over $10 million in Brookfield stock and options. [4]
- Ongoing Conflict: He placed these assets in a blind trust instead of selling them. This means his personal wealth is still directly tied to Brookfield's stock performance, which is heavily influenced by the success of its government-backed transition funds.
The Staggering Cost to Canadians
While private investors and well-connected insiders profit, the Canadian economy and its citizens face severe negative consequences. Analysis from the Fraser Institute paints a grim picture of the economic impact of pursuing net zero policies.
| Economic Indicator | Impact of Net Zero Policies |
|---|---|
| GDP | -7% (a loss of $189 billion annually) |
| Jobs | -250,000 jobs lost |
| Wages | -$8,000 on average per worker |
| Consumer Costs | Gas prices to increase 2-4x; electricity and heating costs to soar |
Cost-Benefit Analysis: The analysis shows that for every dollar of climate benefit, the policies cost Canadians between $574 and $693. This represents an annual net loss of over $6,000 per Canadian. [5]
How Your Pension is Being Used
Canada's pension funds, collectively worth over $4.5 trillion, are the primary capital source for this agenda. The Canada Pension Plan (CPP), with over $777 billion in assets, is a key target. [6]
- Direct Management: The CGF is managed by PSP Investments, a major pension manager.
- Capital Outflow: A significant portion of these investments is directed to global projects, not Canadian ones. Historically, 88% of CPP funds are invested outside of Canada.
- Risk to Retirees: Pensions are being invested in speculative, unproven technologies like large-scale carbon capture, with the downside risk covered by taxpayers. This exposes the retirement savings of 22 million Canadians to potentially catastrophic losses.
Conclusion: A Decade of Planning
This financial structure was not accidental. It is the result of a ten-year plan initiated by Mark Carney, starting with his "Tragedy of the Horizon" speech in 2015. From creating the TCFD and GFANZ to joining Brookfield and finally becoming Prime Minister, each step has built the infrastructure for this wealth transfer.
The result is a system where public pension funds and taxpayer dollars are funneled into a high-risk, low-return agenda that enriches a small group of global financiers while imposing immense costs on the Canadian economy and its citizens.
References
[1] Canada Growth Fund Inc. - cdev.gc.ca [2] Canada Growth Fund Announces Strategic Investment in Entropy Inc. - globenewswire.com [3] Brookfield Raises $20 Billion for Record Transition Fund - bam.brookfield.com [4] Carney Held $6.8 Million of Brookfield Options Before Quitting for Political Run - finance.yahoo.com [5] Net zero’s cost-benefit ratio is crazy high - fraserinstitute.org [6] CPP Investments Net Assets Total $777.5 Billion at Second Quarter Fiscal 2026 - cppinvestments.com