Want to keep up with climate news, law, and policy? Sign up for the Green Economy Law Monthly Newsletter here.
On March 14, 2025, Mark Carney was sworn in as Canada’s 24th Prime Minister. He replaces Justin Trudeau, who announced his resignation earlier this year.
Although he has never held elected office, Carney won the Liberal Party’s leadership contest in a landslide, with his stellar financial background proving persuasive to party members at a time when Trump’s trade wars and threats of annexing the country are predicted to slow economic growth and raise inflation.
As Governor of the Bank of Canada, Carney helped Canada successfully navigate the 2008 financial crisis, winning accolades for “presiding over a banking system that didn’t need a single bailout.” He also steered the UK financial system through its post-Brexit fallout as Governor of the Bank of England, and played a “key role in the global response to the policies of the first Trump presidency” as chair of the international Financial Stability Board from 2011 to 2018. He then went on to work as chair and head of impact investing at Brookfield Asset Management, and as chair of the board of directors for Bloomberg L.P.
In addition to his impressive track record in the world of public and private finance, Carney boasts an extensive background in climate and environmental advocacy. Even prior to his 2019 appointment as the UN Special Envoy on Climate Change, Carney had been an outspoken proponent for a swift transition to a net-zero economy. His 2015 and 2016 speeches as governor of the Bank of England repeatedly emphasized the risks that climate change poses to global financial stability. He is on record as calling climate change an increasingly urgent “existential threat,” and demanding “more comprehensive action” aligning with scientific advice.
The extent to which Carney’s environmental convictions will survive the realities of his elevation to political office remains an open question. In one of his first acts as PM, he eliminated the consumer carbon price - thus “undoing Justin Trudeau’s signature climate policy” in view of taking the sails out of Conservatives’ “axe the tax” message. Meanwhile, the fate of his larger climate plan – which includes measures targeting big polluters, as well as implementing financial incentives for consumers to choose more energy-efficient goods – will likely be determined by the upcoming elections, the announcement of which appears imminent.
Conservative supporters of the fossil fuel industry are certainly not rejoicing in his appointment. In a (slightly hysterical) article for the Calgary Herald, political columnist Don Braid has gone so far as to brand Carney a “climate zealot,” noting in particular the new PM’s well documented conviction that “more than 80 per cent of current fossil fuel reserves…would need to stay in the ground” in order for global warming to remain below 1.5°C. Alberta Premier Danielle Smith was only slightly more restrained in her remarks, claiming that Carney was “responsible for net zero banking” and that “he’s been on the warpath against the energy industry for his entire career.”
Hyperbole aside, these attacks indicate that big oil, at least, believes Carney to be a major threat to their interests. We can only hope they’re right.
Please contact our firm at 647-725-4308 or info@greeneconomylaw.com for legal assistance in connection with climate policy or green business matters.