{"id":66830,"date":"2025-06-26T10:21:14","date_gmt":"2025-06-26T17:21:14","guid":{"rendered":"https:\/\/energi.media\/?p=66830"},"modified":"2025-06-26T10:22:21","modified_gmt":"2025-06-26T17:22:21","slug":"exclusive-world-will-be-watching-carneys-fast-tracked-megaprojects-as-carbon-budget-shrinks","status":"publish","type":"post","link":"https:\/\/energi.media\/news\/exclusive-world-will-be-watching-carneys-fast-tracked-megaprojects-as-carbon-budget-shrinks\/","title":{"rendered":"\u2018World will be watching\u2019 Carney\u2019s fast-tracked megaprojects as carbon budget shrinks"},"content":{"rendered":"

This article was published by The Energy Mix<\/a> on June 23, 2025.<\/em><\/p>\n

By Mitchell Beer<\/a><\/strong><\/em><\/p>\n

With a wave of new \u201cnationally significant\u201d projects on the way after the Carney government\u2019s\u00a0Building Canada Act\u00a0<\/em>(Bill C-5) becomes law, the world will be watching how Canada meets its climate responsibilities, said the UK\u2019s former chief scientific advisor Sir David King.<\/p>\n

\u201cEvery country in the world is now wondering how to handle the new president in the United States. Every country feels under threat,\u201d King told\u00a0The Energy Mix<\/em>\u00a0in an exclusive interview Friday.<\/p>\n

But \u201cclimate change is the biggest challenge humanity has ever had to face up to, and because it\u2019s a global problem, every country needs to handle the problem,\u201d he said. \u201cIt\u2019s not something we can just put aside for a period. This is an issue that is right up front, something we cannot abandon, and I do think Mark Carney is somebody who understand that.\u201d<\/p>\n

So \u201cwe over in the rest of the world are going to be watching how Canada handles that problem,\u201d added King, who said he knew Carney well during the prime minister\u2019s term as governor of the Bank of England.<\/p>\n

Carbon Budget is Running Out<\/h2>\n

King was commenting after more than 60 of the world\u2019s top climate scientists warned that humanity is on track to exceed the available\u00a0carbon budget<\/a>\u00a0to limit average global warming to 1.5\u00b0C, in a paper published in the journal Earth System Science Data. By the beginning of this year, that budget \u201chad shrunk to 130 billion tonnes,\u201d the British Broadcasting Corporation\u00a0reports<\/a>, \u201clargely due to continued record emissions of carbon dioxide and other planet-warming greenhouse gases like\u00a0methane<\/a>, but also improvements in the scientific estimates.\u201d<\/p>\n

If countries keep up their current pace of about 40 billion tonnes of emissions per year, \u201c130 billion tonnes gives the world roughly three years until that carbon budget is exhausted,\u201d BBC adds.<\/p>\n

The remaining carbon budget for a 1.6\u00b0 or 1.7\u00b0 threshold could be exceeded within nine years, Phys.org\u00a0says<\/a>.<\/p>\n

\u201cThings are all moving in the wrong direction,\u201d warned lead author Piers Forster, director of the Priestley Centre for Climate Futures at the University of Leeds. \u201cWe\u2019re seeing some unprecedented changes and we\u2019re also seeing the heating of the Earth and sea-level rise accelerating as well.\u201d<\/p>\n

Those shifts \u201chave been predicted for some time,\u201d he added, \u201cand we can directly place them back to the very high level of emissions.\u201d<\/p>\n

\u201cUnder any course of action, there is a very high chance we will reach and even exceed 1.5\u00b0C and even higher,\u201d\u00a0added<\/a>\u00a0study co-author Joeri Rogelj, a professor of climate science and policy at Imperial College London. \u201cWe are currently already in crunch time for higher levels of warming.\u201d<\/p>\n

The news prompted an urgent call to action from King, now chair of the 18-member\u00a0Climate Crisis Advisory Group<\/a>.<\/p>\n

The findings \u201cmake one thing clear\u2014there is effectively no carbon budget remaining for either CO2 or methane emissions if humanity is to achieve a safe and manageable future,\u201d he said in an email release. \u201cPolicy-makers must adopt a comprehensive strategy focused on deep and rapid emissions reduction and removal, whilst also developing resilience against increasing extreme weather events.\u201d<\/p>\n

With this year\u2019s UN climate summit, COP30, just a few months away in Bel\u00e9m, Brazil, \u201cgovernments, financiers, and businesses must put this in focus,\u201d King added. \u201cWe do not have time to delay any further.\u201d<\/p>\n

\u2018Show That Canada Means Business\u2019<\/h2>\n

Carney must approach the dual challenges of climate change and Trump\u2019s aggression \u201cwith clarity, to demonstrate that Canada means business,\u201d King told\u00a0The Mix<\/em>.<\/p>\n

\u201cThere is a real culture in Canada that is distinct from the culture of the United States,\u201d he said. So \u201cprotect your culture. Do what you can. But don\u2019t do it at any cost.\u201d<\/p>\n

Climate change has been accelerating over the last five years, along with the\u00a0loss and damage<\/a>\u00a0from an uptick in extreme weather events, and \u201cthe result of the election in the United States producing Trump as the president means the onus is now on all other countries to make much better commitments.\u201d The United Kingdom has already reduced its emissions by 54% from 1990 levels, and has set a target of 81% by 2035.<\/p>\n

King said the Canadian prime minister \u201cunderstands very clearly that in the UK, we have reduced our carbon dioxide footprint from 12 tonnes per person in 1995 to something like six tonnes, whereas you guys in Canada are well over 20 tonnes per person.\u201d So \u201cCanada has an enormous amount of work to do to demonstrate that it understands why we\u2019re all suffering from these extreme weather events, and why the future of humanity is now severely at stake.\u201d<\/p>\n

The European Union has\u00a0set its sights<\/a>\u00a0on a 90% emissions reduction by 2040. And King rejected concerns that that target will be\u00a0undercut<\/a>\u00a0by reliance on questionable carbon credits, or by member states that don\u2019t deliver on their promises\u2014largely because renewable energy is now the cheapest form of electricity in any part of the world.<\/p>\n

\u201cThat\u2019s the big driver for change,\u201d he said. But \u201cwe\u2019re seeing a terrible future unless we get action now from all progressive countries,\u201d and while \u201cI have always admired Canada as a major progressive country, I can\u2019t say that on climate change,\u201d with its reliance on oil sands production that he cited as \u201cprobably the worst way of getting oil out of the ground.\u201d<\/p>\n

But judging by Carney\u2019s record with the Bank of England, where he took \u201ca very strong line\u201d against banks investing in fossil fuel projects destined to become\u00a0stranded assets<\/a>, \u201che understands the risks of climate change. He doesn\u2019t need a lecture on this issue. So you are very fortunate to have Mark Carney in place\u2026.For any economy that is now based on oil, gas, or coal, there has to be a shift away from that, and Carney is frankly the right person to lead it.\u201d<\/p>\n

King said he saw no need to connect trade and climate policy. But Carney\u00a0has been musing<\/a>\u00a0about replacing carbon pricing with a carbon border adjustment mechanism (CBAM) with other \u201clike-minded\u201d countries, and the Liberal Party platform in the recent federal election\u00a0said<\/a>\u00a0a Carney government would \u201cpromote fair competition with our trading partners\u201d through a CBAM.<\/p>\n","protected":false},"excerpt":{"rendered":"

This article was published by The Energy Mix on June 23, 2025. By Mitchell Beer With a wave of new \u201cnationally significant\u201d projects on the way after the Carney government\u2019s\u00a0Building Canada Act\u00a0(Bill C-5) becomes law, [Read more]<\/a><\/p>\n<\/div>","protected":false},"author":6,"featured_media":66831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[13,787,2973,80,14],"class_list":{"0":"post-66830","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-canada","9":"tag-climate","10":"tag-david-king","11":"tag-environment","12":"tag-featured"},"acf":[],"yoast_head":"\nCarney - Thoughtful Journalism About Energy's Future<\/title>\n<meta name=\"description\" content=\"After the Carney government\u2019s\u00a0Building Canada Act became law, the world will be watching how Canada meets its climate responsibilities.\" \/>\n<meta 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