Mark Carney, Canada’s newly elected PM, has a very squishy climate plan

Liberal Leader Mark Carney ’s plan to address climate change is something of a Rorschach test.

The platform includes commitments to advance major “nation-building” projects like high speed rail, an east-west power grid, producing hydrogen in Edmonton , and prioritizing clean and Canadian procurement for these projects.

But the platform also leaves lots of room for interpretation about the role of fossil fuels in the Canadian economy.

The risk to the Canadian economy by staying in the oil and gas business is severe.

The very expensive infrastructure will become stranded, meaning investors won’t recoup costs.

Carney has said he does not support legislation like the Climate Aligned Finance Act that would require federally regulated financial institutions, such as banks and pension funds, to align their portfolios with Canada ’s emission reduction targets.