{"id":11520,"date":"2025-05-07T05:00:13","date_gmt":"2025-05-07T05:00:13","guid":{"rendered":"https:\/\/www.rbc.com\/en\/?post_type=rbc_tl&#038;p=11520\/"},"modified":"2025-08-19T21:30:06","modified_gmt":"2025-08-19T21:30:06","slug":"climate-crunch-carneys-climate-corridors","status":"publish","type":"rbc_tl","link":"https:\/\/www.rbc.com\/en\/thought-leadership\/climate-action-institute\/climate-crunch\/climate-crunch-carneys-climate-corridors\/","title":{"rendered":"Climate Crunch:\u00a0Carney\u2019s Climate Corridors"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-b-hlf mob-pad-b-hlf\" style=\"border-radius:0x\">\n<p class=\"has-grey-color has-text-color\">Issue #12<\/p>\n\n\n\n<p>\u2794&nbsp;On Carney\u2019s to-do list: carbon capture project and transition bonds<br>\u2794&nbsp;Warren Buffett\u2019s successor built the company\u2019s energy empire<br>\u2794&nbsp;Struggling cleantech stars, and a Climate Fiction Prize<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-hot-takes\">Hot takes<\/h2>\n\n\n\n<p>\u2794&nbsp;<strong>Canada\u2019s EV policies are hurting farmers.<\/strong>&nbsp;Ottawa\u2019s tariffs on Chinese EVs has had the \u201cunintended consequence\u201d of Beijing slapping levies on Canadian canola, lobsters, and peas, etc., agriculture members of the&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107f38d7e19628fa06d09a7cfcd42b2d997e79df1c92e1c3d089b12ef721c03953649525806589c1aa801024798a7f657e6\">Canadian Federation of Independent Businesses\u2019 wrote in<\/a>&nbsp;a letter to three federal ministers. Canada\u2019s $62 billion in total subsidies to EV firms has also not triggered an investment boom as those firms have paused their plans in Canada, CFIB pointed out. The group wants some of those funds redirected to small businesses.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Did green power trigger Iberian blackouts?<\/strong>&nbsp;Some suggest \u201cnon-controllable\u201d resources\u2014i.e. solar and wind that can\u2019t be controlled or scheduled on demand\u2014were to blame. But it\u2019s not like fossil-fuels grids can\u2019t break down (Italy in&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107ede7fce48f186715ae3ba64d92ce378de0a63ee351bc4261d6a97e19672544a35db94797c55216cab309d4038850f969\">2003<\/a>, anyone?). But intermittent generation poses a different set of problems. While authorities remain in the dark for now, the Spanish&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107d117ce7e59e6078e742337f9d535f4b77e9d3790cea0c9c8880d66f98eedc0eda91ce3feebb1f517519ff1367adb80e5\">grid operator REE<\/a>&nbsp;had warned in February that reliance on renewables could lead to grid instability, especially if the government closes its nuclear power plants by 2027. Could the simple answer be: keep the energy mix diversified?<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Warren Buffett\u2019s successor is an energy empire builder.&nbsp;<\/strong>The Oracle of Omaha handpicked Edmontonian Greg Abel to succeed him at Berkshire Hathaway. As chairman of the company\u2019s energy and other non-insurance businesses, Abel runs a conglomerate that\u2019s among the largest operators of wind and solar energy in the U.S., electric utilities, and natural gas pipelines. While Berkshire Hathaway runs some of the dirtiest coal plants in the U.S.\u2014coal power now accounts for only 22% of Berkshire\u2019s power generation, compared to 71% in 2005.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Ontario is fast-tracking critical minerals development.<\/strong>&nbsp;The new proposed rules will boost investment in local&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a1072443649e6af9869f7df7ef88b719f8286f01894fb7b1480bc5673cea3110333756391fed23eadab86103d7137ea2852c\">supply chains&nbsp;<\/a>and reducing reliance on foreign imports would drive job creation, stimulate economic growth, and position Ontario as a leader in the green economy. The new rules also give the province wide powers to shield its strategic assets against \u201chostile foreign actors and regimes.\u201d The move comes as the U.S. is moving at a frenzied pace to lock in critical minerals, including a deal with&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107f2bdc203316a4f1c5a1388fd838aee51c9b1e53961bf366e2f96bcd4568af77a8c3f72bc18f3bc96059fa44b2acacb0b\">Ukraine<\/a>, fast-tracking of&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a10774d8c63e2dd083a2a8b880927ba9ea26f182eba1dd6a0896bf49bb7e5973b0cb0db8fb44c3da65f01a9fd70d39eed035\">supply chains<\/a>, and plans to accelerate&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107eb2f40a387793526b62b4cbffb0787487e931831beb47ea51f3731ded98856a4bd5787ea2d58618b6099ababc56db0c1\">deep-sea mining<\/a>.<\/p>\n\n\n\n<p><strong>CLIMATE POLICY<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-carney-s-climate-corridors\">Carney\u2019s Climate Corridors<\/h2>\n\n\n\n<p>Economy and trade tops the new federal government\u2019s priority list, but there\u2019s room to push through climate policies\u2014especially \u201cenergy corridors,\u201d that are seen as the path to an investment-led growth spurt.<\/p>\n\n\n\n<p>Here are some high-profile climate files on the new government\u2019s to-do list:<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Building a major carbon capture project in Alberta.<\/strong>&nbsp;How can a CCS project backed by Pathways Alliance\u2014a consortium of oilsands firms looking to build a carbon capture project\u2014get off the ground? Prime Minister Mark Carney said last week in Edmonton he is keen to see it built.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Strengthening industrial carbon policy.<\/strong>&nbsp;The Conservatives wanted to repeal the federal carbon pricing for industrial emissions, but it stays for now. Last year,&nbsp;<strong>Myha Truong-Regan<\/strong>, RBC Climate Action Institute\u2019s Head of Climate Research,&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107038f2ae66f913b83deafaacac2a33a3e862fb35e6e07c06f53b9c84da5476cb39c77a5d226c836692c208ffbac4d7b76\">co-wrote on<\/a>&nbsp;how industrial carbon markets can be central to Canada\u2019s efforts to accelerate energy transition.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>A Carbon Border Adjustment Mechanism.&nbsp;<\/strong>It was in the Liberal platform and could be Canada\u2019s version of a climate-tariff\u2014if it proceeds\u2014helping climate-compliant Canadian companies compete with high-emitting foreign rivals. The Europeans may nod approvingly, but a Canadian CBAM will likely face strong pushback\u2014and retaliation\u2014from the U.S. and other trade partners.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Carbon Contracts for Difference (CCfD).&nbsp;<\/strong>Carney is supportive of expanding the initiative, but the federal government is already dealing with a laundry list of other financial priorities.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Climate risk disclosure.&nbsp;<\/strong>The idea was floated on the platform just as&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a1079416937593bb33229f2c9909f3c5dab2e5fc65420a24cd529d08cbcc88d10b0efa40093229ed5c44d0e35860d466fe6c\">Canada\u2019s provincial securities commissions<\/a>&nbsp;suspended their work on making climate-related disclosure mandatory for public companies.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Transition bonds.<\/strong>&nbsp;The&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107aa2f7f7fc792cc9b6cadcbe104c5afe0d6d00009237c2d2c9e429d2a10a11f05e2fffeb325022f339741f033af5ea36b\">Liberal platform<\/a>&nbsp;suggests financing clean industrial and agriculture projects with $10 billion in bonds issued annually.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Oil and Gas Emissions Cap.&nbsp;<\/strong>There might be tweaks after&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107b34ea1fd89b669022645283fa0da5cb76ea324ed1d47ead18ad1b48b27df03b63a26e2d403197ec1a80306a6290e2b4d\">Carney&nbsp;<\/a>suggested he would work with industry and provinces \u201con specific ways to get those reductions, as opposed to \u2026 having preset caps or preset restrictions on preset timelines.\u201d<\/p>\n\n\n\n<p>\u2794&nbsp;For more, read&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a10732f98d7e4a57726e2607681ed04736956b5a01096287652018c46f8f888e4ca975aab47027fb37253109378d256b33be\"><strong>John Stackhouse\u2019s blog<\/strong><\/a>&nbsp;on Carney\u2019s energy options in the age of Trump.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-climate-treads-tech-science\">Climate treads, tech &amp; science<\/h2>\n\n\n\n<p>\u2794&nbsp;<strong>Li-Cycle is running out of road.<\/strong>&nbsp;The Toronto-based company\u2019s woes persist with its CEO departing after a takeover deal with Swiss miner Glencore collapsed.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Quebec won\u2019t save Lion Electric Co.<\/strong>&nbsp;No white knight yet for the electric bus and truck maker that has struggled amid delays in subsidy and incentive programs in Canada and the U.S., and supply-chain disruptions.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Nova Scotia-based Planetary Technologies won US$1 million XPrize.<\/strong>&nbsp;The ocean-based CO2 removal tech firm beat 1,300 rivals to win a slice of the US$100-million competition backed by Elon Musk. Mati Carbon, an American-Indian-African company, won the $50-million grand prize for its carbon-removal tech.<\/p>\n\n\n\n<p>\u2794&nbsp;Listen to&nbsp;<strong>Mike Kelland<\/strong>&nbsp;of Planetary Technologies, Jim Mann of UNDO who won US$5 million from XPrize, Dr. David Keith, a pioneering climate scientist and co-founder of Carbon Engineering, speak to RBC Disruptors hosts&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107898ce490fef648f1c9a31cd53dd8ac24840ada3bc2ea72da3060f59b533f3dee634bed0352ee905c44abb473a39230f4\"><strong>John Stackhouse&nbsp;<\/strong><\/a>and Sonia Sennik, on the innovation race to scale carbon removal technologies.<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Nunavut welcome solar power.<\/strong>&nbsp;A tiny community on the&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a1070f9b5c54b4146e7adcd1ddfa4d5f767ed75427f4b4f687679426a7bc3af3cdade654924164bba7692a88cbfcce481024\">Arctic Circle<\/a>&nbsp;will be able to ditch diesel generators\u2014in the summers at least\u2014once 2,500 solar panels are switched on soon.&nbsp;<\/p>\n\n\n\n<p>\u2794&nbsp;<strong>Climate Fiction Prize.<\/strong>&nbsp;Boy meets girl amid climate change, and love in the time of wildfires are among the themes explored in the five novels short-listed in the first-ever \u00a310,000&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a107f91a56733861fa277758999986ebc3688a8a8f2c16bee3e4769cfae9ff82da3061c4aaf29460174cf6f496bd7a2092ab\">Climate Fiction Prize&nbsp;<\/a>. The winner will be picked at the Hay Festival later this month in Wales.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-institute-in-action\">The Institute In Action<\/h2>\n\n\n\n<p>\u2794&nbsp;Many of Canada\u2019s top Indigenous leaders came together for the RBC-sponsored 8th annual First Nations Major Projects Coalition conference, to see how we can better mobilize capital for Indigenous-partnered projects. RBC also published a report,&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a10750c0a350df6668bb28bd58ebc6f96de16e968d42a6abf0b2bcc2a534f0f03732bf52a12f2aeb066b5b1d49fc8fce9abf\">Building Together&nbsp;<\/a>, and hosted a private roundtable with 30 Indigenous leaders and CEO\u2019s around building Canada\u2019s economic resilience, and the central role of Indigenous partnerships and inclusion.<\/p>\n\n\n\n<p>\u2794&nbsp;<em>Grow Ontario Food Summit<\/em>&nbsp;brought together agriculture and food leaders from across Ontario. RBC Thought Leadership\u2019s John Stackhouse and Lisa Ashton delivered the keynote address on Canada-U.S. trade relations and its impacts on agriculture and food, and highlighted key insights from our latest research report,&nbsp;<a href=\"https:\/\/click.communication.rbc.com\/?qs=1fc1ba9e9538a1074dd5e45d14dc7633f0b665d6f9ed236cb785efa6724cd6cb26d19fa080447887d83f48b3260343b33afc016267f6dd74\">Food First<\/a>. On the team\u2019s reading list:&nbsp;<em>Just Earth: How a Fairer World Will Save the Planet by Tony Juniper<\/em>; What\u2019s Left: Three Paths Through the Planetary Crisis,&nbsp;<em>by Malcolm Harris; Values: Building a Better World for All<\/em>, by Mark Carney;&nbsp;<em>Abundance<\/em>, by Ezra Klein and Derek Thompson.<\/p>\n\n\n\n<div class=\"wp-block-columns has-cool-white-background-color has-background is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column mar-t-hlf mob-mar-t-hlf mar-l-hlf mob-mar-l-hlf is-layout-flow wp-block-column-is-layout-flow\">\n<p>Curated by&nbsp;<strong>Yadullah Hussain<\/strong>, Managing Editor, RBC Climate Action Institute.<\/p>\n\n\n\n<p class=\"mar-t-qtr mob-mar-t-qtr\">Climate Crunch would not be possible without&nbsp;<a href=\"https:\/\/www.linkedin.com\/in\/john-stackhouse-a113419\/\">John Stackhouse<\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/in\/myhatruong-regan\/\">Myha Truong-Regan<\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/in\/sarah-pendrith-26b65621\/\">Sarah Pendrith<\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/in\/panahov\/\">Farhad Panahov<\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/in\/lisa-ashton-a78b6656\/\">Lisa Ashton<\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/in\/shazmerwat\/\">Shaz Merwat<\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/in\/vivan-sorab-4a503623\/\">Vivan Sorab<\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/in\/capricebiasoni\/\">Caprice Biasoni<\/a><em>&nbsp;and&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/in\/frances-dawson-58743142\/\">Frances Dawson<\/a><em>.<\/em><\/p>\n\n\n\n<p class=\"mar-t-qtr mob-mar-t-qtr\">Have a comment, commendation, or umm, criticism? Write to me here (<a href=\"mailto:yadullahhussain@rbc.com\">yadullahhussain@rbc.com<\/a><em>)<\/em><\/p>\n\n\n\n<div class=\"wp-block-columns mar-r-hlf mob-mar-r-hlf mar-b mob-mar-b has-border-color has-grey-border-color is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column mar-t-hlf mob-mar-t-hlf mar-b-hlf mob-mar-b-hlf is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-text-align-center has-text-major-reg-font-size\">Climate Crunch Newsletter<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button  is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbc.com\/climate-action-institute\/subscribe.html\" data-dig-id=\"LP-11520-8bf8183e\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Sign Up-https:\/\/www.rbc.com\/climate-action-institute\/subscribe.html \">Sign Up<\/a><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>On Carney\u2019s to-do list: carbon capture project and transition bonds.<\/p>\n","protected":false},"author":79,"featured_media":11521,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"disable_focal_point":true,"featured_image_focal_point":{"x":0.5,"y":0.5},"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"rbc_tl_category":[175],"rbc_tl_tag":[],"class_list":["post-11520","rbc_tl","type-rbc_tl","status-publish","has-post-thumbnail","hentry","rbc_tl_category-climate-crunch"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Climate Crunch:\u00a0Carney\u2019s Climate Corridors - RBC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/climate-action-institute\/climate-crunch\/climate-crunch-carneys-climate-corridors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Climate Crunch:\u00a0Carney\u2019s Climate Corridors\" \/>\n<meta property=\"og:description\" content=\"On Carney\u2019s to-do list: carbon capture project and transition bonds.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/thought-leadership\/climate-action-institute\/climate-crunch\/climate-crunch-carneys-climate-corridors\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-19T21:30:06+00:00\" \/>\n<meta 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