The Motherload of Conflicts

Conflicts of interest are defined by Brookfield and Mark Carney. The biggest alternative investment management firm, Brookfield, is involved in everything from artificial intelligence (AI) to nuclear power, fossil fuels, particularly LNG, essential minerals, and carbon capture and sequestration. The fact that Brookfield’s interests match with those of Mark Carney’s fast-track large projects is no accident. Brookfield is the economic future of Mark Carney. Pathways Alliance, a group of six tar sands oil companies, Canadian Natural Resources, Cenovus Energy, ConocoPhillips Canada, Imperial Oil, MEG Energy, and Suncor Energy, has been awarded Alberta’s $16.5 billion carbon capture and sequestration project. Patty’s Alliance is requesting between $16.5 billion and $24.1 billion from the federal government, in addition to $3.2 billion and $5.3 billion for this project alone. Pathways wants the public coffers to finance two-thirds of its expenses.

The cost of this project ranges from 16.5 billion to 24.1 billion. It is not yet viable to be used on a commercial basis. Even after 50 years of development, CCS only eliminates 0.1% of greenhouse gas emissions. It is rather obvious who controls whom when a contract is awarded to design and manufacture technology that is used to clean up the mess that the fossil fuels sector produced and is significantly supported by taxpayers. It’s similar to giving a thief money to compensate the individuals they defrauded and utilizing the victims’ funds to do it. Furthermore, according to the IPCC, CCS will be dreadfully insufficient to significantly reduce global greenhouse gas emissions.

 Pathways Alliance, often referred to as Brookfield’s asset, is the exact company that Mark Carney left to become Prime Minister of Canada. Mr. Carney is heavily invested in Brookfield’s prosperity. Brookfield is his economic future. His investment in Brookfield is a direct conflict of interest. It’s one of many occurrences rather than an isolated one. Brookfield’s significant projects are another name for fast-track major projects. The money is provided by taxpayers, and Brookfield keeps the profit. An estimated $16.5 billion to CAD $24.1 billion will be spent on this pointless endeavor. It is economically and environmentally disastrous to increase bitumen production and transfer it via pipeline.

Inter Pipeline Ltd. was acquired by Brookfield for about $6.7 billion in 2023. In Western Canada, Inter Pipeline has a significant presence. Brookfield’s green and clean credentials are contradicted by its involvement in the fossil fuel-driven energy sector. According to all available data, Brookfield has been securing the use of fossil fuels by growing its stakes in pipelines, carbon capture and storage, and the infrastructure needed to support these technologies. Brookfield asserts that it is dedicated to reducing the use of fossil fuels.

LNG, one of Methane Mark’s pet projects, is another enterprise Brookfield has deep tentacles into. The public was persuaded that LNG was a clean, environmentally friendly fossil fuel. Basic chemistry is defied by it. Massive amounts of methane are released during fracking and the LNG production process. Methane is LNG. Over the course of its 20-year natural life cycle, its emissions are 86 times more potent than CO2. It is 28 times more potent than CO2 even when extended over the same 100-year life cycle. Of the atmospheric greenhouse gases, 60% are produced by human activity, and 30% are methane emissions. Emissions are 1.5–2 times greater, oil sands emissions are 65% higher, logging emissions contribute 80–90 Mt CO2e to the mix, and methane is underreported or unreported by up to 50%.

Down the list, Brookfield has a significant stake in the mining of essential minerals. It is hardly surprising that vital mineral mining is one of Carney’s fast-track key projects on his gift list. Both the Nouveau Monde Graphite (QC) and the Crawford Nickel Mine (ON) support Brookfield’s objectives and are a component of Canada’s key minerals strategy. In order to support the project’s profitability, the Canadian government has agreed to give Nouveau Monde Graphite $77.84 million in subsidies in addition to a guarantee of the purchase of at least 15,000 tons annually.

In addition to a letter of interest from Export Development Canada up to $680 million in debt financing, Crawford Nickel Mine has received $3.4 million for their carnation technology, a commitment of up to $300 million (USD) from critical mineral mining funding, $815 million in refundable tax credits, and $6.8 million through the Critical Minerals Infrastructure Fund.

Brookfield is also interested in nuclear energy, so it shouldn’t come as a huge surprise that they’re participating in this industry. Mr. Carney recently praised the nuclear energy company Westinghouse Energy. Brookfield is the owner of Westinghouse (drum roll, please). What is on the major projects included in the fast-track major project is the Darlington Nuclear project.

Another significant investment that Brookfield is engaging in is the AI big project. Brookfield will work on the construction of data centers and AI infrastructure. Taxpayers in Canada have already contributed $2.4 billion to it.

The NorthRiver Midstream NEBC Connector Project, a about 215 km dual-pipeline system, is the last project (so far). Brookfield is the sole owner of NorthRiver Midstream. The federal Canadian Energy Regulator approved NorthRiver back in 2023, but the provincial equivalent (BC) did not approve it until recently, when the federal government stated that it would do so “only after it appealed to the federal CER to override the province.”

The environment is severely harmed by these undertakings. For these projects to be profitable, they must also be long-term. The projects in question are prohibitively expensive. The parties will flee as soon as the subsidies and profits stop flowing, leaving Canadians with yet another stranded asset and forcing them to pay for debt repayment and land reclamation out of their own pockets. As long as the welfare is corporate, neoliberalism welcomes it.

In addition to military growth and social programs that are already severely strained, all of the debt incurred from these investments is being reduced by 15%. The federal government is using our tax dollars to satisfy the voracious appetite of companies rather than to enhance the lives of Canadians. It is astounding how much an industry that has caused a climate emergency has been subsidized. Our foolishness will have a negative impact on our children’s and grandchildren’s health and financial security. I beg Canadians to view this as just another government swindle and remove the blindfold.

¹ Bennett, Nelson. 2025. “B.C. pipeline bottleneck breaks as province fast-tracks NEBC Connector.” BIV, February 19, 2025. https://www.biv.com/news/resources-agriculture/bc-pipeline-bottleneck-breaks-as-province-fast-tracks-nebc-connector-10252140.