Mark Carney’s Brookfield Global Transition Fund Raises $7.5 Billion, Becoming Largest ‘Net-Zero’ Bubble
June 27, 2021 (EIRNS)—Mark Carney joined the Toronto-based alternative asset manager Brookfield Asset Management as vice-chair and head of environment, social and governance (ESG), and impact fund investing in 2020. The Brookfield Global Transition Fund is now the largest such fund committed to a net-zero decarbonization transition by 2050.
Carney now co-manages BGTF with Brookfield Renewables’ Connor Teskey. Carney, UN Special Envoy for Climate Action and Finance, and before that Governor of the Bank of England until 2020, and until 2013, Governor of the Bank of Canada, stated today: “Brookfield is committed to achieving net-zero by 2050 or sooner, and to accelerating the global net-zero transition. As the world increasingly focuses on sustainability, the required capital and investable opportunities are expanding faster than originally expected, creating an even greater opportunity for large-scale investments that address climate change and generate attractive returns. Through this Fund, we are pleased to partner with best-in-class institutions to commit the capital required to scale clean energy and catalyze companies onto Paris-aligned net-zero pathways,” reported Brookfield reported in a news release.
Partnering “with best-in-class institutions” for Carney, means founding investors, the Ontario Teacher’s Pension Plan Board, and Temasek, a Singapore-based sovereign wealth fund; and two Canadian pension plans: Public Sector Pension Investment Board, and Investment Management Corporation of Ontario, which promotes itself as “the only investment management organization purpose-built to serve Ontario’s public sector.”
So, Mark Carney is basically taking the pension funds of two large unionized sectors, teachers and public employees of Ontario, and investing their money in green bubbles! Not to mention Public Sector Institutions of Ontario that will also see their funds invested in green boondoggles. Brookfield boasts that its renewable power business has “approximately $60 billion in assets under management, installed capacity of 21,000 MW and a 27,000 MW pipeline.”
The CBC reported on Aug. 26, 2020 that Brookfield had said Carney “will work on the development of a group of funds that will combine positive social and environmental outcome with strong risk-adjusted returns.”
The irony of Carney, who launched the Task Force on Climate-related Financial Disclosures (TCFD) for the Financial Stability Board with Michael Bloomberg in 2015, deciding to choose Brookfield becomes clear on examination of the company’s origin and unscrupulous behavior in the early 20th century: Brookfield got started in São Paulo, Brazil in 1899, and was then incorporated in Toronto in 1912, and financed out of London, as Brazilian Traction, Light and Power Company. The company was renamed Brascan in 1969; in 1979 the Toronto Bronfmans’ Edper Investments acquired a controlling interest in Brascan, and by 2000, Edper and Brascan combined, under the name of Brascan Corp.
It is rather coherent for Carney to be advocating “social change and responsibility” from the Brookfield pulpit: In the 1930s and ’40s, the Brazilian giant popularly known as The Light was the opposition to FDR’s Good Neighbor Policy and the successful physical-economic collaboration of Roosevelt and Brazilian President Vargas to modernize Brazil.