It’s unlikely many Canadians are very familiar with the Group of 30, otherwise known as G30. This influential elite group describes itself as “an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors.” Sounds pretty reasonable, right? One of their reports, which dates back to late 2020, is entitled Mainstreaming the Transition to a Net Zero Economy and is not at all reasonable. The reason we should care is that the Steering Committee of the working group that produced the report was co-chaired by none other than Mark Carney, current candidate for Canadian Prime Minister.
The language in the report is very alarmist, presenting the viewpoint that the evidence is overwhelming that climate change is posing unprecedented risks to our livelihoods and that immediate and drastic action is essential. Our current path is deemed to be a climate catastrophe if not changed, which requires the adoption of green technologies in all sectors of the economy. The goal of course is to achieve net zero emissions by 2050, an objective that has been cited endlessly by the climate cabal.
The recommendation section of the report is where things get very scary. “Carbon pricing” is cited as a “cornerstone of any effective policy package,” and carbon prices should increase over time. Although Carney has said he will reduce the rate of the current consumer carbon tax to zero, expecting him to have given up on carbon pricing is a fantasy.
Another worrisome recommendation is that government delegate decisions to independent “Carbon Councils” to distance politicians from these decisions. It is highly undemocratic to leave such important decisions to unelected bodies that don’t have to be accountable to voters or for the results of their actions. There is also a lot of talk in the report about the necessity of “forcing” companies and individuals to incorporate the climate goals desired by the authors into their operations and lives. Corporations are to be responsible for the imposition of the climate transition plan on the company and its employees, whether it is in the best interests of the business or not.
The report goes on to say that transition plans must involve greater corporate disclosure so that investors can identify compliant businesses. As Carney has said elsewhere, non-compliant businesses will become “climate roadkill” by being cut off from accessing necessary funding and insurance, despite being perfectly viable, successful and responsible businesses. In addition, the complex disclosure requirements envisioned will add a costly level of red tape to any business, and will be especially punitive for smaller firms who lack the resource to comply with such measures. The report also discusses the billions of dollars in commercial opportunities that will arise from the pursuit of net zero, yet all that has been seen since these policies have been implemented by even a portion of the business community have been losses and a need for even more government subsidies.
Although this report is just a few years old, much of its content on the state of the “climate crisis” has since been found by experts to be exaggerated or just plain wrong. The past year has also seen many large banks and investment firms distance themselves from the net zero cause as its negative impacts have become clear. The concern is that although Carney has not said anything about his net zero aspirations on the campaign trail, there is no indication he has abandoned or even scaled back his enthusiasm. Indeed, the positions he has taken during the campaign on a number of issues involving the oil and gas industry would suggest he is still very much in the net zero club. And that’s bad news for Canada.
This author would not recommend attempting to read this turgid report unless you have a problem with insomnia, but it is worth taking into account that someone who aspires to the highest office in Canada was perfectly fine with these extreme recommendations just a few short years ago. Anyone signing on to something as drastic and authoritarian as this report would not seem to be an appropriate leader for a democracy like Canada.
She has published numerous articles in journals, magazines & other media on issues such as free trade, finance, entrepreneurship & women business owners. Ms. Swift is a past President of the Empire Club of Canada, a former Director of the CD Howe Institute, the Canadian Youth Business Foundation, SOS Children’s Villages, past President of the International Small Business Congress and current Director of the Fraser Institute. She was cited in 2003 & 2012 as one of the most powerful women in Canada by the Women’s Executive Network & is a recipient of the Queen’s Silver & Gold Jubilee medals.
