SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
climate change
Canada Rebukes Trump—But That May Just Be the Start of Mark Carney's Role in History
I’ve been watching Carney for a long time and there's a few things you should know about this man, especially as the U.S. president tries to drag the world back onto the dead-end street of fossil fuels.
Apr 29, 2025
I want to tell you today about two potential bright spots.
The most obvious joy, of course, came last night in Canada, where citizens of the not-51st-state rejected a Trump-lite figure named Pierre Poilievre (who had been leading by 23 points on January 20!) and instead elected Mark Carney to lead their country. This has been correctly interpreted by all as a reaction to the ham-handed bullying of the canned ham currently resident in the White House. But though he was elected a little by accident (albeit after a brilliant campaign) it means something far more: in Carney we now have the world leader who knows more than any of his peers about climate change. And who knows roughly twenty times as much about climate and energy economics as anyone else in power. He may turn out to be a truly crucial figure in the fight to turn the climate tide.
If it wouldn’t strain you financially to take out a modestly priced and voluntary subscription, then thank you! If it would, no worries
I’ve been watching Carney for a long time. A graduate, of course, of both Harvard and Goldman Sachs, he was governor of the Bank of Canada during the 2008 financial crisis and performed admirably enough that the queen asked him over to run the Bank of England. (It’s probably not quite how that works, but close enough). While in that job, he had the fun of trying to deal with the UK’s Brexit decision, and by all accounts again performed better than one might have expected. So now he gets the task of cleaning up after Trump’s insane tariffs.
But actually it’s the much bigger mess—the one in the atmosphere—that I suspect has long interested him most. In 2014, at a World Bank panel, he quite forthrightly pointed out that we would need to leave the “vast majority” of fossil fuel reserves in the ground if we were at all serious about holding the increase in the temperature of the planet below two degrees. This was, on the one hand, clearly obvious to anyone who had looked at the physics, but on the other hand not something that most leaders were willing to say at the time, or to this day. Those of us who had recently launched the fossil fuel divestment campaign found it to be a great boost—one of three or four crucial moments that turned this into one of the largest anti-corporate campaigns in history.
A year later, wearing a tux and speaking at an opulent dinner to the “names” who run the premier insurance brokerage Lloyds of London, Carney went further, giving one of the most important speeches of the climate era. It is well worth reading in its entirety, but here is the crucial section
Climate change is the Tragedy of the Horizon.
We don’t need an army of actuaries to tell us that the catastrophic impacts of climate change will be felt beyond the traditional horizons of most actors – imposing a cost on future generations that the current generation has no direct incentive to fix.
That means beyond: - the business cycle; - the political cycle; and - the horizon of technocratic authorities, like central banks, who are bound by their mandates.
The horizon for monetary policy extends out to 2-3 years. For financial stability it is a bit longer, but typically only to the outer boundaries of the credit cycle – about a decade.
In other words, once climate change becomes a defining issue for financial stability, it may already be too late.
This talk came in the run-up to the Paris climate talks, and it was one important reason they succeeded; Carney’s sober warning, and his insistence on the need for disclosure by countries and companies of their emissions, helped smooth the way for what is still the high water mark of climate progress.
And the next year, in 2016, he gave the Arthur Burns Memorial Lecture in Berlin. Again, it is worth reading in its entirety, but for a man who is now fully a politician, here is an important passage.
Underpinning the Paris Agreement is recognition that the stock of greenhouse gases in the atmosphere should not exceed the remaining carbon budget, which according to the Intergovernmental Panel on Climate Change (IPCC) amounts to 1000 gigatonnes of CO2 from 2011 onwards.
Countries have set their ambitions by submitting their Nationally Determined Contributions (NDCs). At present, these commitments are of varying degrees of specificity, and most still need to be fleshed out to be consistent with the aggregate carbon budget. The Paris Agreement requires that NDCs be updated regularly and that each should be a progression on the last.
Crucially, the Paris Agreement provided an objective assessment that, even if all of the policies implied by the Agreement were implemented, global temperatures would rise by at least 2.7 degrees by 2100. In other words, the world has committed to do something, but not yet enough to meet its stated goals.
The man who said those clear and bold words now finds himself leading a nation hard hit by climate change: Canada has a front row seat the melt of the Arctic, which is the fastest-heating part of the earth; it has watched its boreal forests burn like never before in recent years.
But the man who said those bold words also finds himself leading a nation that contains Alberta, whose vast pool of tarsands makes its one of the biggest carbon deposits on planet earth.
His predecessor Justin Trudeau could never figure out how to square those facts, because they are not easy to square (and also because Trudeau was a nepo baby to the max). But also because he came into power at a moment when fossil fuel was still cheaper than renewable energy, and hence clearly valuable. Carney comes into power when that equation has flipped: we now live on a planet where wind and sun provide energy more cheaply than gas and oil (and where the sane if brutal superpower, China, has clearly figured that out). That fact may give him room to move his country decisively in the right direction.
So here’s the second good thing I wanted to talk about, one that underscores the point I’m trying to make about Carney’s opportunity.
Over the weekend, American officials were in London as part of a large International Energy Agency Summit on the Future of Energy Security. It wasn’t about climate, really, though it did begin with a letter from the King pointing out that “events over recent years have shown that, when well-managed, the transition to more sustainable energy systems can lead itself to more resilient and secure energy systems.”
The U.S. was having none of that. Our man—someone named Tommy Joyce whose biography points out that he has sailed his monohull across the Pacific ocean with his wife, so that’s good—used the occasion to criticize renewables because they depended on China. He recommended that everyone buy a lot of American LNG to power their countries instead. As he put it:
“A typical offshore wind turbine requires four tonnes of a permanent magnet made in the form of rare earth elements and, since China, the supplier of nearly all of them, restricted their sale, there are no wind turbines without concessions or coercion from China.”
Which, true enough. But if your point is that countries don’t want to rely on undependable foreign nations for their energy supply, have you noticed that America has gone crazy in the last hundred days? China is ruthless, but they’re not erratic. (And they’re busy shoring up their climate bona fides). No one was going to say so to his face, but Joyce was describing last year’s world.
More to the point, even if you need to rely on China to build your wind turbine or your solar panel, you need to rely on them once. Because once it’s up, then you’re relying on the wind, the sun, and your stock of batteries, all of which seem eminently more dependable than Donald Trump or J.D. Vance.
And so, as Politico put it, Joyce received a “shrug.”
Joyce’s speech was met with silence. The “awkward but unanimous” moment was “telling,” said one European official who was in the room.
Responding to Joyce’s comments, U.K. Energy Secretary Ed Miliband told POLITICO: “I think overall, I would say that the general tenor of these discussions indicates where people are going, which is toward a clean energy transition.”
The U.S. won’t want to hear that—Trump’s plan is all about “energy dominance” through our control of hydrocarbons. And he’s still got people buying into it: LNG exporter Woodside today announced a $17.5 billion investment in new export terminals, with its CEO exulting over its “asset lifespan of more tha forty years.” Trump will do his best to help—he’s essentially compelling Asian nations to sign up for more LNG contracts on the threat of being tariffed. But my guess is that countries will look to buy as little as they can get away with, while they build up their renewable portfolios as fast as they can. For instance, here’s what Barbados’ energy minister Lisa Cummins explained to the London summit:
She added that, as well as suffering from fossil fuels through the climate crisis, Barbados spent over $1 billion importing fossil fuels to generate electricity in 2024. The Caribbean country’s biggest fossil fuel suppliers are Trinidad and Tobago and the US, but it aims to generate all of its electricity from renewables in 2030, using solar, wind and battery storage.
In the very short run, Trump’s insanity may help Alberta—if I had no choice but to depend on LNG, I’d rather buy it from Carney’s Canada, confident that a longtime central banker realizes a deal is a deal. (He seems unlikely, say, to put judges in jail when they disagree with him). But over the slightly longer term the same logic applies to Canada as the U.S., and it all complements Carney’s original 2014 insight: this stuff needs to stay in the ground. It will wreck the climate, and now it will wreck your economy.
I’d say that the rest of the world is going to recognize Carney as the most likely person to midwife us through this transition. I think he’s not done playing a world-historical role, and for that if nothing else we can thank Donald Trump.
Keep ReadingShow Less
Earth Action Day: Unleashing Our Power for Our Planet
Last year was a disaster for the planet and its people. In 2025, we must all strive to do so much better.
Apr 21, 2025
Tomorrow — Tuesday, April 22nd — will mark the 55th anniversary of Earth Day. The power of those 20 million voices that came out on the streets on that first Earth Day decades ago led the U.S. to create the Environemental Protection Agency and the first generation of environmental laws addressing clean air, clean water, and the threat of toxics.
Fast forward to today. Under the “Our Power. Our Planet” banner, EARTHDAY.ORG, the global organizer of Earth Day, is calling on people from all walks of life to join in “Earth Action Day”—an effort to once again mobilize people power to tackle the current generation of environmental crises.
Last year was a disaster for the planet and its people. According to NASA, 2024 was the warmest year since temperatures began being recorded in 1880. In the U.S. alone, there were 27 climate and weather events resulting in at least a billion dollars of damage — second only to 2023 with 28 such events.
While a number of factors have contributed to the increase in these catastrophic events, research demonstrates that "human-caused climate change is increasing the frequency and intensity of certain types of extreme weather that lead to billion-dollar disasters—most notably the rise in vulnerability to drought, lengthening wildfire seasons in the Western states, and the potential for extremely heavy rainfall becoming more common in the eastern states.”
The news about plastic pollution is similarly dark. Earth Action reported that on last September 5 – Plastic Overshoot Day – the amount of plastic waste exceeded the capacity of waste systems to manage. An estimated 220 million tonnes of plastic waste were expected to be produced in 2024, with 66 percent of the population living in places where the amount of waste exceeds local capacity. While negotiation of a strong global treaty on plastics last year held forth the promise of handling some of these issues, negotiators failed to reach an agreement and the talks drag on while the industry continues to pollute year after year.
All of this is taking place in the face of increasing scientific news about the harmful impacts of plastics on humans and their health. World Wildlife Federation reported that humans could be ingesting up to 5 grams of plastic each week and a recent report found that high levels of plastics have been found in human brains. Additional research has shown that plastics are associated with everything from cancer to endocrine disruption, which can impair reproduction, growth, and cognitive abilities. Wildlife is also suffering, with plastic ingestion and entanglement contributing to starvation and strangulation, among other issues.
For years we have been told by the plastics industry that we can clean up and recycle our way out of this problem , but continued use of plastics however means continued use of fossil fuels and recycling has been demonstrated to be largely myth due to factors including quality degradation, contamination, and non-recyclable content.
What is the common thread of all these challenges facing our planet and the survival of its people ? The cause of all of these threats can be traced to one source: human greed and disregard.
But the encouraging and hopefully inspiring news is that the solutions to these problems also rest in the hands of the people. We have the collective power not only to protect our planet but also to improve lives and livelihoods.
The link between greenhouse gas emissions and climate change is now scientifically indisputable. According to the United Nations, fossil fuels make up 75% of greenhouse gas emissions and 90% of carbon dioxide emissions. The good news from the International Renewable Energy Agency is that 90% of global electricity can and should come from renewable sources by 2050.
Slowing the climate crisis is only one of many reasons to switch to renewables. Renewable energy prices are falling, and in most places of the world today, it is the least expensive option. Other benefits range from preventing unhealthy air associated with the burning of fossil fuels to creating up to 30 million jobs to supporting energy security.
Whether you choose to power your home or vehicle with renewable energy, support community solar, or call on government leaders for more research and investment, the options for taking action to accelerate the transition to renewables are many. Similarly, as consumers we can choose plastic-free products, demand a reduction in the use of plastics from businesses, while at the same time pressuring government leaders to reduce production globally, end the use of toxic ingredients, and improve waste management systems.
So this Earth Action Day exercise your power! We need to demonstrate to our leaders in government and business that we are still here, we are a witness to their actions, and we will hold them accountable to do right by our planet and its people.
Keep ReadingShow Less
Donald J. Trump, President of Bankruptcy and Decline
On living in the burn-baby-burn world of this monstrous individual.
Apr 08, 2025
From childhood, I think I had some eerie sense of just how bad it could get in America. After all, in junior high and high school, I was riveted by this country’s Civil War. Among all my toy soldiers — cowboys and Indians, British marching troops in red jackets, and plastic Army-green World War II soldiers (from my father’s war) — and those Landmark Books on American history that I piled up on my floor to create hills and valleys where I could play out the cowboy and Indian ambushes and battles I had seen at local movie theaters, my favorites were always the blue and grey lead soldiers of the Union and Confederacy, including Commanding General Ulysses S. Grant on a horse. (He’s still in the saddle on a small shelf beside the computer where, almost 70 years later, I’m writing this.)
In those days, thanks to my parents, I also subscribed to the history magazine American Heritage, whose editor was Bruce Catton, while, in my spare time, I feverishly read the Civil War histories for which he won a Pulitzer Prize. (I still have my ancient copies of Glory Road, This Hallowed Ground, and A Stillness at Appomattox.) At some point in those youthful years, my father even drove me to Gettysburg to see firsthand the site of perhaps the most crucial and devastating battle of that war.
I don’t think I ever truly imagined, though, what it might be like for this country to be at its own throat again, especially in the eerily strange way it is today. I never dreamed that the world I grew up in (despite Senator Joe McCarthy) could truly ever — yes, ever — begin to come apart at the seams. And yet, at this very moment, that very country, the United States of America, is at the edge of who really knows what, but nothing — I can guarantee you — that our children or grandchildren would be thrilled to play out on the floors of their rooms (or even their video screens). In truth, how in the world would you play Donald J. Trump and crew? To my surprise, I find that there are indeed Trump toys and an Elon Musk bobblehead, and even — can you believe it? — a Pete Hegseth action figure (or am I being conned?). Still, tell me how, on the floor of your childhood room, you would sort out Trumpworld and an America that appears to be coming apart at the seams, not in ancient history but right before our eyes on a planet where the same distinctly holds true.
“Drill, Baby, Drill”
I don’t know who the Bruce Catton of the future will be or what he or she (or, yes, in the age of Trump, they) might write, but I do know that there will be no Bull Run, no Gettysburg or Appomattox, no glory on that distinctly unglorious road to… well, who knows what. Count on one thing, though: it ain’t going to be pretty.
No, Donald Trump isn’t Jefferson Davis (and he certainly isn’t Abraham Lincoln), nor is he even, I suspect, a Benito Mussolini or Adolf Hitler in the making. He’s distinctly his own strange and strangely disturbed character. He’s the man who, until he was suddenly elevated to the presidency, was known mainly for being the host of the TV show, The Apprentice, in which contestants battled for jobs in his companies (“You’re fired!”), while he pulled in the dough; for a series of books written in his name by others; and, of course, for overseeing six companies that, with remarkable consistency, all went bankrupt before he was elected — yes! — president of the United States! Elected a second time no less, even after having been told “You’re fired!” by American voters in 2020. Under the circumstances, in the Trumpworld of this moment, no one should be surprised if bankruptcy once again becomes a subject of interest.
Think of him, in fact, as President Bankrupt. Though I have no way of knowing whether he’ll literally bankrupt this country as he and Elon Musk attempt to take it apart at the seams (while globally putting tariffs of all sorts on a striking variety of goods and sending the stock market plunging), there is indeed something distinctly bankrupt about the world he represents.
And in that sense of bankruptcy, he’s a far less singular figure than he so often seems. After all, in my grown-up lifetime, the way was prepared for Donald Trump in a striking fashion, whether you’re talking about making war on this planet (in this century, Afghanistan, Iraq, etc.) or all too literally making war on this planet. We’re talking, of course, about the man who won the presidency the second time around on the slogan “drill, baby, drill,” and whose representatives are now doing their damnedest to take apart the Environmental Protection Agency, not to speak of the environment itself. In the end, loud as he is, however incessantly he babbles on, he may be overseeing a future “stillness,” if not at Appomattox, then across this planet itself.
Like every American president since George W. Bush invaded Afghanistan in the wake of the 9/11 attacks, President Trump is now engaged in his own war (guaranteed to end in a fashion no better than the others of this century), this time in Yemen. He’s already sworn that the bombing campaign he recently launched there (though Joe Biden’s administration did some of the same) won’t end anytime soon. As he put it, “I can only say that the attacks every day, every night… have been very successful beyond our wildest expectations… We’re going to do it for a long time. We can keep it going for a long time.” A long time, indeed, before there is ever again a stillness in Yemen.
And sadly, when it comes to wars, that’s the least of it for Donald Trump (and the rest of us). After all, though it’s seldom thought of that way, he’s at war with the planet in a fashion that’s no less brutal than what he’s now doing in Yemen. Of course, to put him in a proper wartime context, humanity is now essentially engaged in World War III (though no one thinks of it that way) on this planet, at least as a livable place for us and so many other species. And in that war, President Trump is distinctly a warrior first-class of a devastating sort.
In fact, just imagine for a moment, on that toy floor in your brain, how Americans could twice elect (slim though those majorities were) a man whose most significant “plank” in the last election was indeed the phrase “drill, baby, drill” and the promise that he would essentially fight the slightest attempt to bring this already desperately overheating planet of ours under any sort of control. He would instead do his damnedest to dismantle the Environmental Protection Agency as a functional workplace, while “walking away from virtually every important climate policy on the books.” (After all, why would anyone want to protect the environment in which we all live???) He is, of course, also doing away with any efforts to deal with climate change, including almost instantly reversing some of Joe Biden’s relatively modest attempts to respond to global warming. Instead, he’s preparing to go all out to take the country that already produces more oil than any other on Earth (or in history), and also exports more natural gas than any other, into a blazing future.
Nothing is too remote for him to take a hammer to, not when it comes to the climate. His administration has even typically ended “a flagship foreign aid program to support renewable energy projects and increase electricity access across Africa” run by the now largely dismantled U.S. Agency for International Development. And all of what he’s done so far is only the beginning of what should be considered his climate war — which will also be a war against the rest of us and, above all else, against the future.
Despite the progress that has indeed been made globally when it comes to producing clean energy, the use of greenhouse-gas-producing fossil fuels remains on the rise on Planet Earth, even without Donald Trump in the White House. Now, of course, he’s intent in his own striking fashion and — the second time around this is indeed an appropriate word — tradition on bankrupting the planet itself as a livable place for the rest of us. And yes, he did indeed oversee those six bankruptcies earlier in his life, but historically they will prove to be nothing compared to the bankruptcy he’s likely to oversee in the next three years and nine months before he leaves office (if he does), while saying, “You’re fired!” to the American people and the world. In a country that distinctly seems to be coming apart at the seams — if not in a literal civil war, then in some kind of civil dissolution — think of him indeed as President Bankrupt (and that bankruptcy is going to play out on Planet Earth in a way that might once have been unimaginable).
Down, Down, Down
Not surprisingly, Donald Trump has already spent the first days of his second term in office, as Robert Reich put it recently, attempting “to intimidate lawyers, law firms, universities, the media, and every other institution of civil society.” And just to add one more thing to that list, he’s doing his best to devastate this planet.
The Earth is already feeling the heat. In 2024, the hottest year on record, according to the U.N.’s World Meteorological Organization (though these days you can say that of more or less any year, since the last 10 have been the hottest ever), there were a record 151 extreme weather events — heatwaves, floods, and storms — planet-wide that were worse than any previously recorded in whatever regions they hit. Take that in for a moment and then think about the fact that Donald Trump won the 2024 election by what may prove to be the most devastating 1.6% of the vote in history.
Madness, right? Imagine what those extreme weather figures might look like three years and nine months from today, after ever more record heat. And then try to imagine what books your grandchildren (or mine) might be reading in their rooms some years from now: The Road to Hell? This Damned Earth? A Stillness at [you fill in the blank, but be sure to make it loud and terrifying]?
Think of Donald Trump, then, not only as President Bankrupt, but President Decline. After all, he’s the leader of the country that, only 30-odd years ago, after the collapse of the Soviet Union, was considered the “lone superpower” on planet Earth and now is anything but. In that sense, Donald Trump represents something that might be considered old hat in this world of ours: the decline of empire. After all, the country that once, all too long ago, was led by a crew that liked to think of themselves as “the best and the brightest” is now led by a crew that could certainly qualify as the worst and the dumbest, and seems intent on creating an America that will prove to be a bankruptcy first class.
Not that there’s anything strikingly new about that in the history of empires. What’s new, of course, is that Donald Trump may, in his own fashion, be overseeing and intensifying a planetary bankruptcy as well, a kind of decline and fall that until now hasn’t been part of the human experience.
Of course, it’s possible that public opinion might just be starting to turn against him and the Republicans. And the civil-war-style mood might even be toning down a bit (though I wouldn’t count on that). Nonetheless, it’s not happening faintly soon enough to matter on a planet already heating to the boiling point.
For the foreseeable future, unfortunately, we will all be living in a burn-baby-burn world whose climate will be set by that expert in bankruptcies, Donald J. Trump.
Keep ReadingShow Less
Most Popular