The National Telegraph - Wyatt Claypool - Carney's Green bank alliance collapses after Trump ends support!

00:00:00.080 Hey guys, Wyatt Claypool here. We have a funny story to go over today that I think gives a lot

00:00:06.200 of insight into Mark Carney's business record over time, as well as how his liberal government

00:00:11.540 is probably going to perform like over the next couple of years. Mark Carney has been a long-time

00:00:17.820 proponent of an energy transition, wanting to move away from oil and gas and towards things like

00:00:23.780 solar and wind. He supports subsidizing EV plants, battery factories, all that sort of thing. He was

00:00:30.460 pushing it when he was Justin Trudeau's economic advisor, and I don't think he's going to stop now

00:00:35.100 that he is prime minister himself. But this is a story that came out of the CBC yesterday that I

00:00:40.960 honestly didn't see a lot of people cover. The headline here reads, Green Banking Alliance Carney

00:00:46.020 helped create pauses activities, holds vote on his future. Now, when they say he helped create it,

00:00:51.940 it very much was that he was like the quarterback to this entire idea. And as the subhead indicates,

00:00:58.020 several members, including Canada's major banks, left group after Trump's re-election. Now, what does

00:01:03.460 that tell you about the Green Banking Alliance that President Donald Trump being re-elected in the U.S.

00:01:10.700 would cause it to effectively collapse because he doesn't want to subsidize green energy and EVs

00:01:16.480 anymore? It should tell you that this entire thing is kind of scammy. The idea is that the

00:01:21.760 only way this whole Green Banking Alliance works is not if the members just really believe in it and

00:01:27.500 want to back, you know, green projects and whatnot, and it's good for the environment. So let's do it.

00:01:32.480 The only reason they were doing it was because it was profitable because governments like the United

00:01:37.760 States back when Joe Biden was the president were dumping money into these initiatives. So they can be

00:01:43.400 grossly inefficient. But if there's money pouring in, there's a lot of money to be made.

00:01:47.800 And the fact that this was considered a great idea of Mark Carney, and now we've just seen it

00:01:53.360 collapse, is really telling about his business history. Brookfield Asset Management is heavily

00:01:58.860 invested into EV plants, into battery plants, into green energy. The thing is that all of this is run

00:02:06.960 off of green subsidies. It's not because these are great growing industries. Whenever people talk about

00:02:13.200 how the industry is growing, just look at the subsidy chart that comes along with it.

00:02:19.200 Oh, wow, green energy is really going up. And then you look at the subsidy chart on how much money the

00:02:23.900 government is giving to green energy projects, and it will be skyrocketing too. It's no coincidence.

00:02:29.580 It's a very scammy industry that only exists off of taxpayer money for the most part. Obviously,

00:02:35.460 some people want solar panels on their houses. Obviously, in some areas, maybe a wind farm makes

00:02:40.920 sense, but not in the proportions that we've been seeing it. But let's read a little bit of this

00:02:46.340 article. And then I want to cut over to the interview attached to the CBC article where Rosemary Barton

00:02:51.620 four years ago had Carney on to talk about this. It says,

00:02:55.860 An international green banking alliance that Prime Minister Mark Carney helped establish

00:03:00.340 is now suspending its activities and holding a vote to determine its future.

00:03:05.300 The Net Zero Banking Alliance, NZBA, is the industry-led banking element of the Glasgow Financial

00:03:11.740 Alliance for Net Zero that was created when Carney was the UN Special Envoy on Climate Action and

00:03:17.740 Finance. The NZBA is a global alliance of banks that has worked to help financial institutions make

00:03:25.040 green investments that will help the transition to Net Zero society and mitigate the impacts of

00:03:30.040 climate change. Obviously, there's no conflict of interest there, seeing as Mark Carney was the

00:03:35.160 chair of Brookfield, and he was heavily investing them into green initiatives, and then he's getting

00:03:40.740 every other bank on board to basically invest in the same ones. So much of his career is just

00:03:46.200 networking. It's just networking and getting people to stick money in the same stupid thing that he's

00:03:51.420 sticking money into. It's not because he's good at finding value. I think we've already seen that as

00:03:56.520 Prime Minister. A $92 billion deficit, no real substantial tax cut, and no ability to actually

00:04:04.060 pay down the debt in the future should tell you about his business acumen. When you're the government,

00:04:11.140 you can't rely on the government coming to subsidize you because you are literally the government.

00:04:15.840 You are now the entity that is taking it on the chin to subsidize all these stupid initiatives,

00:04:20.120 and now he's going to either have to desist from his green energy transition beliefs and actually

00:04:25.260 take public finance seriously, or he's going to keep going down this road and we're going to keep

00:04:29.400 racking up debt for no real economic benefits. I know he says he wants to build ports and pipelines

00:04:35.620 and whatnot, but still, as many people are pointing out, other than announcing that he's creating a

00:04:40.820 body that may announce something someday, he hasn't done anything. And yeah, he's only been Prime Minister

00:04:46.300 for over 160 days. But at some point, you think early on, he would have announced that he was in

00:04:51.880 favor of a certain project. Well, let's keep going down this article, then we will get to the interview.

00:04:58.700 It says, while it started with just 43 member banks in 2021, it rose to have as many as 120 before the

00:05:06.260 re-election of President Donald Trump saw the US abandon many of its climate initiatives.

00:05:10.840 Canada's five largest banks all dropped out of the alliance in January. In a statement,

00:05:15.780 NZBA said it will hold a vote on its remaining members on a proposed transition from a membership

00:05:20.860 based alliance to a, quote, a new framework initiative, unquote. The result of the vote will

00:05:27.300 not be shared publicly until the end of September. Now, the hilarious thing is I read down and heard

00:05:32.620 what the new sort of format of the group will be. Basically, they're saying, okay, the group's

00:05:38.340 dissolved. And how about we all just do our own thing? And we just say that we've basically evolved

00:05:43.160 past the need for this group. They didn't evolve past it. The group died because the US is no longer

00:05:49.360 subsidizing inefficient energy projects. It's no longer subsidizing the purchase of EVs. It's no longer

00:05:56.060 subsidizing battery plants. Now, I don't like government subsidies. But I will admit at times,

00:06:02.040 you may need to subsidize something, something that is critical for a nation's survival,

00:06:07.480 if you ever lose a trade route. You know, like, I actually don't mind Joe Biden's Chips Act in the

00:06:13.320 United States, how they're going to subsidize the creation of very complex microchips within the US,

00:06:19.860 so that if the flow of microchips from Taiwan ever gets cut off, the US does have its own homegrown

00:06:25.920 supply. That's fine. So, you know, to be fair to Joe Biden, that was actually a good policy on his part,

00:06:32.060 didn't have very many good ones. But you know, that makes sense. The green subsidies are not

00:06:37.900 safeguarding us. We have oil and gas products in this country, and we're working very hard to keep

00:06:42.720 them in the ground. That's a problem. And everything Mark Carney has been indicating since

00:06:46.900 he started running for prime minister, and he became prime minister, has said that the green energy

00:06:52.120 subsidies are going to stay, even though that is a massive area of cost savings that we could just

00:06:58.000 cut down in order to actually get our public financing back in line. But now let's drop down

00:07:03.840 here and get to this interview he had with Rosemary Barton. You know, general objectives to meet the

00:07:09.680 Paris Accord or to have sustainability. But once you have a net zero objective in a country, it is a

00:07:15.440 reasonable question to ask a bank or a business, well, what's your plan? What's your plan to get to net

00:07:20.520 zero? And use that logic and that imperative to build up the necessity to have a plan to work

00:07:28.200 together in order to support the type of investment that's needed to get to a sustainable economy that

00:07:34.120 has net zero emissions.

00:07:35.940 And he's talking about how we need to support the necessity in order to invest more in these like

00:07:42.020 green initiatives and reduce emissions. It's like, no, that's called like coercion. Him saying that

00:07:47.860 we need to get governments on board to basically make this a requirement so that people will do it.

00:07:52.320 If you need to make it a requirement, it means that it's a bad plan. You shouldn't have to require

00:07:57.780 people to do something that's supposedly such a great thing.

00:08:00.860 You've touted the alliance as representing 130 trillion US dollars, but obviously those are assets.

00:08:07.080 Not all of that money is being used to fight climate change. How do you, how much do you expect of

00:08:12.820 that money that will be actually gearing towards green investments? Is it over a long period of

00:08:18.780 time? Will they have to quantify that at some point?

00:08:22.300 Well, they'll have to quantify it. They'll have to quantify it on an annual basis. So they'll have to

00:08:26.440 account every year for how much of their money is being invested in a, or being lent in the case of a

00:08:34.060 bank, consistent with the transition to net zero and consistent with the transition to one and a half

00:08:39.560 degrees. So the strictest objective that we have, you know, the nature of investment, the nature of

00:08:47.240 lending is that it turns over. And as money becomes available, it gets reinvested. Of course, that can

00:08:53.040 happen quite quickly in equity markets. It happens more slowly. When you have outstanding loans, people

00:08:57.940 have to pay them back and then you decide where to put the money. But to put this in context, again,

00:09:03.300 the estimates of how much it's going to cost the world to get from where we are today, which is a

00:09:09.200 bad place, to where we want to get to tomorrow, which is a net zero, one and a half degree economy,

00:09:15.840 those estimates are about a hundred trillion dollars. So we have the assets, we have the

00:09:21.800 commitments. And what you're listening to here is effectively a green zealot. The idea that we are

00:09:29.020 going to have to worldwide try and incentivize the pouring out of $100 trillion in order to meet this

00:09:36.420 goal by investing in inefficient energy is insane. And the idea that this guy was touted as a great

00:09:43.380 businessman because Brookfield Asset Management did well was stupid. Brookfield Asset Management

00:09:49.400 is not a good company. It doesn't make a lot of money. Sure. But it very much has cornered the market

00:09:55.540 on subsidy industry. Anything that is subsidized, Brookfield will try and get involved in. And you

00:10:01.840 could say any financial institution, any investment firm would love to be invested in something where

00:10:06.280 the government basically guarantees success by pouring in money. But when that is almost his

00:10:11.080 entire record is messing up as the governor of the Bank of England, doing a good job as the

00:10:15.920 governor of Bank of Canada because he was listening to what Flaherty and Stephen Harper were telling him

00:10:19.500 to do. And then when he went off on his own with Brookfield, the only reason he had success was

00:10:23.640 because the government was guaranteeing it. And now as he's prime minister and he's flopping all

00:10:28.180 over the place, you have people being like, oh, I thought he would, you know, I thought, like,

00:10:33.180 why is he messing up on the trade deal? Why can't he get a budget out? It's because he's not that

00:10:37.540 competent. He needs training wheels from the government in order to make any of his plans

00:10:41.560 come to fruition. And now that he is in the seat of the government, he can't rely on another government

00:10:46.080 doing the work for him. He has to do it himself. But anyways, that was just a short video. I just

00:10:51.680 wanted to go over this story that not a lot of other people had covered. Hopefully you'll like

00:10:55.760 this little insight into a Kearney initiative that went south. But if just, you know, wrapping up here,

00:11:02.100 just wanted to mention if you like the videos, make sure to give a like on this video,

00:11:05.800 comment on what you think and subscribe if you are not yet a subscriber. See you guys later.

The National Telegraph - Wyatt Claypool - August 29, 2025

Carney's Green bank alliance collapses after Trump ends support!

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