Mark Carney, new Liberal leader, faces criticism over Brookfield Asset Management’s sale of deforestation-linked farms in Brazil during his tenure, contradicting his environmental advocacy. The deforestation activities released significant CO2 emissions, raising concerns about the integrity of his climate rhetoric.
Mark Carney, the new Liberal leader and prospective Prime Minister, faces scrutiny regarding his environmental commitments, particularly in light of a BBC article discussing his tenure at Brookfield Asset Management. An investigation revealed that while Carney was serving as a senior executive, Brookfield sold farms in Brazil that were linked to deforestation, raising questions about his transparency regarding environmental matters.
Carney’s financial interests in Brookfield reportedly ranged into the millions, yet the land sales conflict with his public pronouncements urging companies to retain and rehabilitate assets that contribute to climate change, rather than divest them. According to a report by Global Witness, Brookfield’s subsidiaries deforested over 9,000 hectares of Brazil’s Cerrado region between 2012 and 2021, converting it into soybean farms before the sale in 2021.
The deforestation activities resulted in the release of approximately 600,000 tonnes of CO2, an amount comparable to 1.2 million flights from London to New York. This ecosystem, the Cerrado, is crucial for maintaining the climate and is deemed essential in efforts to limit global warming to 1.5°C, as stated by the World Wildlife Fund.
Since joining Brookfield in 2020 as vice chair and subsequently as chair of its asset management arm, Carney has championed decarbonization and net zero initiatives. He founded the Glasgow Financial Alliance for Net Zero (GFANZ) in 2021 and has continuously encouraged corporations to adopt managed phase-outs of carbon-intensive assets instead of opting for outright sales.
Brookfield defended its decision to sell the farms, claiming that the sale had been planned well before Carney’s joining. They explained that the sale was part of fulfilling obligations to investors as the fund reached its end. While acknowledging challenges in reforesting profitably, the company stated it was collaborating with GFANZ to find solutions. Critics, such as Veronica Oakeshott from Global Witness, have pointed out that Brookfield should have considered reforestation, emphasizing the disparity between Carney’s stated environmental principles and the actions of his former company.
In conclusion, Mark Carney’s environmental advocacy comes under scrutiny due to Brookfield Asset Management’s sale of deforestation-linked land in Brazil during his tenure. This situation contrasts sharply with his consistent calls for retaining and rehabilitating climate-damaging assets. As a leading figure in climate action, Carney’s financial ties to Brookfield raise essential questions about the authenticity of his commitment to environmental sustainability.
Original Source: www.westernstandard.news
