Uploaded February 2026 | Updated September 2026, 2 weeks ago
Prime Minister Mark Carney has not spoken much about climate change lately; he's also done things that seem to suggest he is backtracking from his climate stance - like cancelling the consumer carbon tax, pushing the EV mandate back and writing up an MOU with Alberta for a new oil pipeline. But maybe that's because he's letting other parties set the climate agenda for Canada, through changes to the financial system that most people probably are not even aware are taking place. The Nemeth Report Substack just issued an important commentary about how it seems Canada's financial services are being used to force complex climate change 'carbon accounting' and reporting on Canadian industry - especially affecting the oil and gas sector, including Small and Medium Enterprises (SME) serving those industries. While the oil/gas major corporations have the human resources and capital to pay for these exotic carbon accounting, reporting and verification services, SMEs will find this financially burdensome. The idea that Prime Minister Carney is relying on a different party to set the climate agenda became quite apparent with the Jan. 2026, release of the Standing Committee on Environment and Sustainable Development report "Impacts of Canada's Financial System related to the Environment and Climate Change." There are sweeping changes proposed, and some extreme legislation in the form of Bill S-238, sponsored by Senator Rosa Galvez, which will put the energy sector into a "climate finance green squeeze." Companies will be forced to comply with complex and expensive carbon accounting and verification or be denied financing. Even if financing is provided, it may be at an extreme premium, and may be denied if the company is deemed to be a climate "high-risk." Please watch this video explainer of Dr. Tammy Nemeth's report "Ottawa's Green Squeeze: The ENVI Report’s Climate Finance Push" to get a better idea of the potential impacts. For more information on climate science and related energy issues and policies, join Friends of Science Society and get our "Cli-Sci" and "Extracts" updates. Click "JOIN" on friendsofscience.org
Prime Minister Mark Carney has not spoken much about climate change lately; he's also done things that seem to suggest he is backtracking from his climate stance - like cancelling the consumer carbon tax, pushing the EV mandate back and writing up an MOU with Alberta for a new oil pipeline. But maybe that's because he's letting other parties set the climate agenda for Canada, through changes to the financial system that most people probably are not even aware are taking place. The Nemeth Report Substack just issued an important commentary about how it seems Canada's financial services are being used to force complex climate change 'carbon accounting' and reporting on Canadian industry - especially affecting the oil and gas sector, including Small and Medium Enterprises (SME) serving those industries. While the oil/gas major corporations have the human resources and capital to pay for these exotic carbon accounting, reporting and verification services, SMEs will find this financially burdensome. The idea that Prime Minister Carney is relying on a different party to set the climate agenda became quite apparent with the Jan. 2026, release of the Standing Committee on Environment and Sustainable Development report "Impacts of Canada's Financial System related to the Environment and Climate Change." There are sweeping changes proposed, and some extreme legislation in the form of Bill S-238, sponsored by Senator Rosa Galvez, which will put the energy sector into a "climate finance green squeeze." Companies will be forced to comply with complex and expensive carbon accounting and verification or be denied financing. Even if financing is provided, it may be at an extreme premium, and may be denied if the company is deemed to be a climate "high-risk." Please watch this video explainer of Dr. Tammy Nemeth's report "Ottawa's Green Squeeze: The ENVI Report’s Climate Finance Push" to get a better idea of the potential impacts. For more information on climate science and related energy issues and policies, join Friends of Science Society and get our "Cli-Sci" and "Extracts" updates. Click "JOIN" on friendsofscience.org
