The Carney Chronicles: Ep5, The Green Economy

We have been hearing for a decade that a new green economy will replace our post industrial economy bringing jobs and prosperity for all. I never felt inclined to follow it closely, partly because I never took it seriously. For a decade, the Liberals have been trying to implement it. Their failures have been far more notable than their successes.

Now, however, with Mark ‘net-zero’ Carney in charge, we must expect a government which will seriously drive this agenda. A harbinger is the EV vehicle sales quota system they are planning as discussed in The Carney Chronicles: Ep4, Housekeeping. With this in mind, I am introducing new topics, “The State of Canada File” and “The Green Economy File“. In the meantime, Support For Renewables Slides As Fossil Fuel Interest Grows.

Late Note: Canada Will Meet NATO’s 2 Percent Spending Target by 2026, Carney Says. Easy to do when you don’t have a budget.

The State of Canada File

Single Mandate Governance

In his cabinet meeting, May 21, Carney released a set of 7 priorities that will guide his government going forward. Presumably, all ministers are expected to function within this framework. The mandate can be found in the article Carney’s singular mandate letter a welcome change, promises ‘narrow’ focus for upcoming Parliament, say insiders and its 7 components are listed below.

1. Establishing a new economic and security relationship with the United States and strengthening our collaboration with reliable trading partners and allies around the world.
2. Building one Canadian economy by removing barriers to interprovincial trade and identifying and expediting nation-building projects that will connect and transform our country.
3. Bringing down costs for Canadians and helping them to get ahead.
4. Making housing more affordable by unleashing the power of public-private cooperation, catalysing a modern housing industry, and creating new careers in the skilled trades.
5. Protecting Canadian sovereignty and keeping Canadians safe by strengthening the Canadian Armed Forces, securing our borders, and reinforcing law enforcement.
6. Attracting the best talent in the world to help build our economy, while returning our overall immigration rates to sustainable levels.
7. Spending less on government operations so that Canadians can invest more in the people and businesses that will build the strongest economy in the G7.

How the demands of Smith and Moe which I have previously published, will be addressed is the question. They would fall largely in point 2. It also remains to be seen where net-zero comes in.

The State of the Canadian Economy

I have seen and skipped a lot of news about Canada’s economy relative to other countries. The average Canadian would be astounded at how far Canada has fallen among its peers over the last decade. This topic requires some research to find the source data and now that I have a forum to capture it, I will do this work. To start, consider:

• Canada’s finances deteriorated faster than any other G7 country. Fraser Institute, May 18, 2025.
• Canada had third-largest increase in total government debt (relative to the economy) among 40 high-income countries. Fraser Institute, May 15, 2025.
• Medical wait times cost Canadian patients almost $5.2 billion in lost wages last year. Fraser Institute, May 6, 2025.
• Canada’s Economy Will Be Among Those Most Affected by Global Downturn: OECD
• These Are The 50 Richest Countries By GDP Per Capita. We are #22.

The Green Economy File

The green economy as promoted by the Liberals for the last few years is supposed to provide the jobs in the post-industrial, post-fossil fuel era. To this end, the Liberals have facilitated several technologies considered to be instrumental to the green revolution. This topic will cover various aspects of this economy.

Company News

Going back two years, here are Canadian green tech companies either Canadian or Canadian operations of foreign companies, that have failed:

1. Canadian Battery Recycler Li-Cycle Files for Bankruptcy Protection. May 21, 2025.
2. London, Ont. cricket plant ordered into receivership amid $41M debt bill to creditor. May 13, 2025.
3. E-Bus Maker Lion Electric Faces Liquidation After Quebec Refuses Further Investment. May 5, 2025. Also read Top Biden EV Bus Maker Nears Bankruptcy, Leaving School Districts and Tens of Millions of Taxpayer Dollars in Limbo.
4. Northvolt declares bankruptcy in Sweden, raising concerns about Quebec battery plant’s future. Mar 12, 2025.
5. Wholly Veggie Inc., NOI. August 13, 2024.
6. Nexii Building Solutions saga ends with bankruptcy sale. Jul 3, 2024.
7. Sustainable Marine Energy enters voluntary bankruptcy, cites permitting issues. May 15, 2023.
8. Construction of $2.7B Battery Plant in Ontario Halts Amid Falling EV Demand

I don’t track US companies but these came to my attention recently. I know that there are many more.

• Another one bites the dust as Canoo files for chapter 7 bankruptcy
• Green Dominoes Fall: Sunnova Files For Bankruptcy After SunPower’s Collapse.
• Fisker Is Bankrupt. What Happens To Fisker Ocean EV Owners Now

Electric Vehicles (EVs)

The electric vehicle (EV) is a cornerstone of the net-zero paradigm. The sales quotas for EVs mentioned earlier in this post are a key policy to force the abandonment of gas and diesel-powered passenger vehicles, including hybrids, the popular form of vehicles with electric motive operational capability. I have a backlog of three dozen or more articles to process and will do so over the next few episodes. Following is a list of general articles that illuminate aspects of the implementation of an EV economy:

• EV Boosters Cannot Do Math There are surprising issues such as not enough electricians to ewwire homes for EV charging.
• Canada’s multibillion-dollar bets on the EV industry aren’t all working out
• EV transition stalls despite government mandates and billion-dollar handouts
• Germany’s EV Sales Sink 37% As Subsidies End
• HUGE NEWS! GM & Ford Just GAVE UP On EVs!
• ANALYSIS: How Ottawa’s EV Mandate Could Open a Pandora’s Box of China-Related Security, Industry Issues
• Nearly half of American EV owners want to switch back to gas-powered vehicle, McKinsey data shows
• “Millions” Wasted on Electric School Busses as Maryland Pivots Back to Diesel
• 11 Reasons why the “EV Transition” will NEVER happen | MGUY Australia
• Chinese-Owned Firm Halts Construction On Battery Plant In America’s EV Heartland

There are a number of problems associated with EV adoption. Below are some articles tht I have captured on critical issues.

Charging Stations

Here is a collection of early issues centred on the problem of building the charging station infrastructure:

• $2 Billion In Subsidies, Only 2 EV Stations Opened, The Holdup Is ‘Social Justice’
• Amazon Uses Huge Diesel Generator To Charge Electric Delivery Van Fleet
• EV Fleet Charging for Electric Delivery Vans: Charging Station Considerations

Grid and Generation Capacity

• Europe’s electricity grid is outdated and risks derailing fossil fuel phase out, report finds

Demand, Inventory and Pricing Issues

• Electric Vehicle Sales in Canada Down by 44% From Last Year: StatCan
• Consolidation coming in the Chinese and other EV markets: “Race To The Bottom”: BYD Price Slashing To Prompt Chinese EV Consolidation
• US Electric Vehicle Adoption Plummets
• U.S. Drivers Overwhelmingly Prefer Gasoline Cars to EVs
• Germany May Sales Of Electric Cars Plummet 30.6% Compared To Year Earlier
• “Returning To Petrol”: Volkswagen EV Sales Plunge 25% In Europe
• Europe’s Love Affair with Electric Cars Wanes as Sales Plunge
• Weak EV Market Dragged Down European Car Sales in March
• Toyota Chairman Says Electric Cars Will Fail to Dominate Market
• The EV Graveyard Reckoning, Hardly Anyone Wants to Buy a Used One
• Half of Buick Dealers Take Buyouts to Avoid Having to Sell GM’s Electric Cars
• ANALYSIS: Cost of EV Battery Replacement May Come as a Shock
• Affordability tops charging and range concerns in slowing EV demand
• Study: EVs ‘Up to Twice as Expensive’ to Run as Gas Cars
• 2024 Registrations Of New Electric Cars Plummet 27.5% In Germany…”Petrol Dominates”
• BYD Scales Back Production Amid Profit Concerns, Rising Inventory in China

Pipeline Update

According to the National Post, Minister of Canadian Identity Steven Guilbeault said on April 3 that the Trans Mountain Pipeline (TMX) was running at “about 40 per cent of capacity”. Guilbeault ‘s comments are all over the news as for example Canada must maximize use of existing pipelines before building more, minister says. Apart from being totally wrong apparently (read Trans Mountain Pipeline Running Close to Full Capacity: RBC), one might ask why he is speaking about pipeline policy at all, having been demoted from Environment Minister to his current portfolio of Minister of Canadian Identity. Maybe he has an identity problem.

The previous Liberal government bought the TMX for $5.4 billion and spent $30.9 billion on it, 5.7x cost overrun. This is why pipelines need to be left to the private sector to determine their feasibility and manage their construction. It really is not the government’s business and particularly Guilbeault ‘s. Further, Carney’s former company, Brookfield Management knows a thing about pipelines as it owns several and just bought more: Brookfield to buy pipeline owner in $9B deal.

The Alberta File

Martin Armstrong published a report focusing on the mechanisms of separation for Alberta. Go to How Alberta Can Actually Separate from Canada for purchase instructions.

Series Index

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