When Mark Carney first stepped into office as Prime Minister, it was clear he saw an opportunity—particularly in leveraging Donald Trump’s tariff threats. Videos even surfaced of Carney referring to himself as European, which makes sense when you consider that ESG (Environmental, Social, and Governance)—the framework he’s most aligned with—is largely a European Union concept. It was never designed with American interests in mind, and Donald Trump made that clear by adopting a radically different approach centered on energy independence: “drill, baby, drill.”
For many of us in the investment and policy space, it came as no surprise when Carney began signing a slew of EU-aligned trade agreements. These deals could have been negotiated independently by Canadian businesses, but weren’t—largely due to Canada’s bloated regulatory state and high operational costs, not to mention the EU’s own tariff-heavy, slow-growth environment.
So, when Prime Minister Carney moves to deepen economic ties with the European Union, it’s only logical for observers to raise concerns. Why? Because Carney is the former Chairman of Brookfield Asset Management—a $1 trillion firm heavily invested in green energy. And without government subsidies and regulatory protectionism, the green energy sector has little chance of survival on a free market. That’s not just a theory—it’s the business model.
This is exactly why Elon Musk has voiced frustration with Trump. Musk’s companies, including Tesla and SpaceX, benefit from both generous subsidies and regulatory barriers that insulate them from competition. With Trump cutting back ESG-related regulation and scrutiny, Musk’s public criticisms should surprise no one.
Now let’s bring the focus back to Europe. The EU may be massive, but it’s also deeply socialist, heavily censored, and increasingly hostile to market freedom. Countries that don’t toe the line risk exclusion from the eurozone or being forced back into national currencies—something most heavily-indebted EU members want to avoid at all costs.
When Carney talks about closer economic integration with the EU, Canadians should understand that they will likely foot the bill for any losses that follow. Europe’s sluggish growth, extensive red tape, and overbearing bureaucracy make it a poor partner for a nimble, innovative economy—which Canada desperately needs to become.
Adding to the concern is Carney’s sprawling list of conflicts of interest.
Carney’s 103-Company Ethics Screen
Shortly after becoming Prime Minister, Carney disclosed to the Ethics Commissioner that he would be recusing himself from any government dealings involving Brookfield Asset Management, Brookfield Corporation, Stripe Inc., and over 100 other affiliated companies.
This ethics screen was unprecedented. According to legal scholar Ian Stedman, it’s the broadest scope ever seen in Canadian political history. Administered by Carney’s Chief of Staff, Marc-André Blanchard, and the Clerk of the Privy Council, Michael Sabia, the screen is meant to prevent Carney from participating in any decision-making that could benefit his former firms.
The catch? Carney is still allowed to participate in broader policy discussions that may impact these companies—so long as the benefit to them is not “disproportionate.” But what qualifies as disproportionate? That remains vague and up to interpretation, raising major concerns about enforceability and public trust.
Among the notable companies affected:
- Westinghouse, one of the world’s largest nuclear companies, partially acquired by Brookfield during Carney’s tenure
- Indian green energy firms like Leap Green, Avaada Group, and CleanMax, linked to Brookfield’s Global Transition Fund
- U.S. tech giants in which Carney holds shares or options, including Amazon, Apple, Netflix, Uber, Pfizer, and more
His blind trust reportedly contains shares and options worth millions of dollars, including 409,300 options in Brookfield entities, valued at over $6.8 million as of December 31, 2024.
Conflict or Convenience?
Despite the ethics screen, Carney’s clean energy ambitions pose a clear conflict with his Brookfield past. His campaign promise to transform Canada into a clean energy “superpower” directly intersects with Brookfield’s investment thesis—particularly in ESG-heavy markets like the EU.
Critics argue Carney’s pivot to Europe appears tailor-made to benefit ESG financiers, regulators, and insiders—many of whom have personal or professional connections to him. And let’s be clear: ESG isn’t just about the environment—it’s a complex web of red tape that limits competition, centralizes power, and chokes out smaller players.
Even some oil and gas companies are jumping on the ESG bandwagon—not out of environmental concern, but because ESG regulations help shield them from new competitors. The results? Rising poverty in emerging markets, like Sri Lanka, which had to abandon ESG initiatives after they helped push the country into economic collapse.
Do Canadians Even Care?
Here’s the sobering truth: Most Canadians probably don’t care. Canada’s rate of entrepreneurship is already low compared to the U.S., and many voters are more concerned with image than economics. Carney’s biggest risk isn’t ethics—it’s that his lofty plans won’t deliver real results.
His supporters seem more focused on aesthetics: that Canada can appear more “progressive” than America, and that their leader is “smarter” or “richer” than Donald Trump. But appearance doesn’t pay the bills—and it certainly won’t grow the economy.
When people hand over their economic freedom in exchange for government promises, they rarely get what they bargained for. They get dependency, censorship, and stagnation.
That’s what’s really at stake here.
Consider making Jesus Christ your Lord and Savior today.
