Prime Minister Mark Carney has for decades preached climate virtue to a global audience while quietly profiting from oil, gas and airline giants — the sectors he claims threaten the planet.Carney, upheld along with his wife Diana Fox Carney by the Liberal establishment and media as a so-called visionary of sustainable finance, is the former UN Special Envoy for Climate Action and Finance and vice-chair of Brookfield Asset Management’s Global Transition Fund.Yet, behind the net-zero rhetoric lies a massive personal fortune rooted in industries he publicly attacks, tucked away in a blind trust allegedly since he became Liberal leader in March.The prime minister’s newly released financial disclosure to the Ethics Commissioner reveals that more than 95% of Carney’s holdings are based in the US in industries like oil, tech and finance. A mere handful of companies out of more than 600 on the disclosure list were based in Canada, including oil and gas and railway holdings, as well as Brookfield Asset Management (formerly a Canadian company before it transferred its primary listing to the US)..'I OWN NOTHING!': Carney grilled on Carney’s Brookfield holdings, using Bermuda as tax haven.Carney’s legally mandated March 14 disclosure shows a broad portfolio that includes investments in dozens of oil and gas firms, big tech companies, Wall Street banks and defense contractors.The disclosure comes after Carney, just weeks into his role as prime minister, warned Canadians of a “time of crisis” and demanded “austerity and responsibility from government,” as he said in a March 17 press conference.For years, Carney has urged financial institutions to divest from fossil fuels and warned that oil and gas companies risk becoming “stranded assets” in a net-zero economy. In his 2021 book Values, he wrote, “Capitalism has to be part of the solution, not the problem.”In a November 4, 2021 speech at the UN COP26 conference in Glasgow, he declared: “The financial sector must pull forward the risks and opportunities of climate change, and redirect capital accordingly.”Despite his proposed global dismissal of oil and gas, the investments he held prior to his blind trust suggest his "values" can be found in financial interests rather than environmental..UPDATED: Brookfield secured $250M loan from Bank of China under Carney’s oversight.His portfolio included shares in:ExxonMobil, Chevron, ConocoPhillips, Marathon Petroleum, Valero Energy and Halliburton — some of the largest oil producers and services companies in the worldOvintiv and Canadian Natural Resources, both major players in Alberta’s oil sands, a frequent target of leftist environmental criticismPhillips 66 and Targa Resources, US refiners and midstream operators that profit directly from fossil fuel infrastructureWhen asked about potential hypocrisy on March 6, Carney snapped back at reporters: “I have more than complied with all the rules,” according to CBC.Despite decrying the growing power of Silicon Valley and calling for tougher regulation of data and privacy, Carney held investments in Apple, Amazon, Google, Microsoft and Meta (Facebook).He’s also publicly supported banking reform and warned against risky lending practices — yet invested heavily in JPMorgan Chase, Bank of America, Goldman Sachs, Capital One and Morgan Stanley..BLIND TRUST: Carney claims ethics compliance while still holding Brookfield assets.The timing of the disclosure is politically sensitive. As Carney navigates a spiraling trade crisis with US President Donald Trump — who proposed 25% tariffs on Canadian exports — questions have emerged about whether Carney’s US-heavy investment portfolio stands to benefit from policies that hurt Canadian businesses.More than 95% of his public holdings are in American companies, many of them direct competitors to Canadian firms that would be hit hard by tariffs.“What if he is profiting from insider knowledge or power at your expense?” remarked Tory leader Pierre Poilievre on March 7 when Carney's Brookfield conflicts were exposed.Carney served at Brookfield until January. Despite branding itself as a climate-friendly investor, the firm’s Global Transition Fund — which Carney co-led — invests heavily in natural gas infrastructure.Carney’s stake in Brookfield-related entities was valued at approximately $6.8 million in stock options and other assets, as the Western Standard reported at the time.In total, Carney declared over 80 corporate conflicts — a record for any Canadian cabinet member — many of them operating internationally. The US has the lion's share, along with about two dozen in the UK and some scattered across countries such as Europe, Paris, Japan and China.Carney’s international holdings are not all direct stock purchases, but come through exchange-traded funds (ETFs) and mutual funds. Carney’s exposure to companies in countries abroad are therefore sometimes indirect, though still significant..Liberal ministers rally around Carney amid Brookfield trickery.“This screen will prevent me from giving preferential treatment to any of the companies while I exercise my official powers, duties and functions,” said Carney in submitting to an ethics screening.“We are working very closely with the Prime Minister’s Office to manage all the conflicts he has declared," Christiane Fox, deputy Privy Council clerk, testified on June 18..Carney silent on Brookfield’s tax avoidance as MP calls it 'obscene' .Geographic breakdown of Carney’s investments, including ETFs and direct holdings:United States: Dominant, with over 300 US-based companies and ETFs, primarily in oil, tech, finance and defense sectorsCanada: Significant holdings mainly via Brookfield Asset Management (originally Canadian but now also US-listed), energy companies and railwaysUnited Kingdom: Various direct stock holdings and ETFs representing UK companiesNetherlands: Exposure to tech and consumer firms, often via multinational corporations headquartered there for tax or operational purposesIreland: Many holdings linked to corporate headquarters for tax purposes, especially in tech and pharmaceuticals, mostly through ETFsJapan: Industrial firms, gaming companies and ETFs commonly part of global portfolio exposureDenmark: Pharmaceutical companies, such as Novo Nordisk, typically held through ETFs or direct sharesFrance: Aerospace and energy firms, often included in Europe-focused funds or direct holdingsGermany: Software and energy sector companies, both direct and via ETFsChina: Primarily tech sector and broader emerging markets exposure through ETFs, with limited direct stock ownership due to regulatory constraintsIndia: Financial sector and emerging markets exposure mainly through ETFs, with few direct holdingsCayman Islands: Legal domicile for companies such as Sea Ltd, included in the portfolioEmerging Markets: Broad exposure through ETFs covering countries like Brazil, South Korea, Taiwan and others.PIPELINE PARADOX: Brookfield to buy US pipeline giant as Carney refuses to repeal Bill C-69 pipeline ban
