Oil executives once booed Canada’s prime minister. Now they cheer him

illuminem summarises for you the essential news of the day. Read the full piece on The Washington Post or enjoy below:

🗞️ Driving the news: Mark Carney, Canada's prime minister and former Bank of England governor, has faced growing criticism from environmentalists due to his shift in climate policy
• Carney's government is previously known for pushing green finance
• Now, it is embracing oil and gas projects, earning praise from the oil sector but alienating environmental allies

🔭 The context: Carney's 2015 warnings about the financial risks of climate change seemed prophetic
• However, as prime minister, his policies have pivoted toward supporting fossil fuel projects, such as LNG plants and carbon capture
• This move is seen as a necessary compromise in a divided Canada, particularly with oil-rich Alberta's demands for more energy infrastructure

🌍 Why it matters for the planet: Canada's continued reliance on fossil fuels and its support for new pipelines could delay essential climate progress
• Environmental groups argue that these decisions will make it harder for Canada to meet its emissions targets
• The challenge lies in balancing economic goals with the urgent need for emissions reductions

⏭️ What’s next: Carney's government will likely continue to face internal and external pressures to shift its policies toward a more sustainable future
• The effectiveness of the Alberta deal in reducing emissions while supporting the energy sector will be crucial in determining Canada's climate path

💬 One quote: “I think a lot of our disappointment stems from him just seeming to fall into the same behavior that we’ve seen government after government adopt that hasn’t worked so far.” — Catherine Abreu, climate advocate

📈 One stat: Canada's per capita emissions remain among the highest globally, posing significant challenges to meeting its Paris Agreement goals

See on illuminem's Data Hub™ the sustainability performance of Canada and leading global energy companies.

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