Once a climate leader, Canada is now doubling down on oil
Canada's Prime Minister Mark Carney has shifted the country's focus from ambitious climate policies to supporting the fossil fuel industry. This change comes amid economic pressures and political challenges, including trade disputes and regional secession threats. Critics argue that this approach is short-sighted and contradicts global trends toward clean energy.
- ▪Mark Carney has rolled back several climate initiatives from the previous administration.
- ▪He has struck a deal with Alberta to support its tar sands oil industry.
- ▪Carney claims that investing in oil and gas can lead to economic security while still addressing carbon emissions.
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Published May 20, 2026 Topic Climate + Business Share/Republish Copy Link Republish Copy Link Email SMS X Facebook Republish Reddit LinkedIn Bluesky Before he became prime minister of Canada, Mark Carney was perhaps one of the world’s biggest supporters of the idea that climate action was good business. He led the clean energy investment fund for Brookfield, one of the world’s largest financial firms, and founded a global alliance of bankers and politicians who wanted to channel their resources toward green energy. When he took over from outgoing Prime Minister Justin Trudeau, many expected that he would follow the previous Liberal leader’s ambitious climate agenda, which included taxing fossil fuels and subsidizing clean technology.
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