Part 4 Encyclopedia of Global Governance

Mark Carney tries to strengthen the global control grid

Mark Carney, current Prime Minister of Canada, former head of the Bank of Canada and the Bank of England, as the United Nations Special Envoy on Climate Action and Finance initiated the Glasgow Financial Alliance for Net-Zero. GFANZ is a coalition of 450 financial institutions committing over $130 trillion in assets to helping to achieve Net-Zero targets. The financial institutions are banks, insurers, and asset managers/owners. In Carney’s own words he stated that “GFANZ is relentlessly, ruthlessly, absolutely focussed on the transition to NetZero.”

ESGs are integrated with UN SDGs, for example, reduction of carbon footprint relates to SDG 13: Climate Action, corporate board diversity to SDG 5: Gender Equality, and enforcing ethical supply chains to SDG 16: Peace, Justice and Strong Institutions.

In general, Carney sought to reshape the global financial system along environmental lines. He put the net-zero ideology above the interest of shareholders. Strong pushback developed as the realization that Carney’s organization controls more capital than the GDPs of all the nations on earth combined, and access to that capital is dependent upon compliance with NetZero. Most major members of the Net-Zero Banking Alliance, a sub-organization of GFANZ, withdrew because of concerns regarding legal risk, anti-trust issues, anti-ESG sentiment and regulatory pressure. The U.S. administration saw GFANZ as a threat to national security because of its control over energy policy, and called for its dissolution. To stay alive, GFANZ dropped Net-Zero and turned toward “transition finance”. It has become a stand-alone body focussing on emerging markets.

Federal government creates an opportunity

From 2021 to 2023, the Canadian Government allowed the country’s population to increase by 2.2 million without the infrastructure to support it. This caused a lack of housing affordability as well as a lack of availability.

Provincial government accelerates UN SDGs

Thinking that this was going to be a permanent federal policy change, many Provinces realized that there would not be enough housing units to accommodate projected increases. Many governments introduced bills to set targets for municipalities to build more homes. In order to increase housing density by allowing 3-4 units on lots previously zoned for single-family homes or duplexes more bills were passed. To speed up the approval process, public hearings would not always be required.

More Housing Statutes (Transit-Oriented Areas) Act were introduced to require municipalities to increase density around transit nodes in accordance with mandated regulations. Within 200m of a transit station, high-rise buildings are to be a minimum of 20 storeys, within 400m a minimum of 12 storeys, and within 800m a minimum of 8 storeys. Provision of parking spaces became optional. Municipalities were required to adopt bylaws designating TOAs within a specific time limit. These mandated changes to municipal bylaws accelerate UN Sustainable Development Goals such as SDG 1: No Poverty, SDG 7: Affordable and Clean Energy, SDG 9: Industry, Innovation, and Infrastructure, SDG 10: Reduced Inequalities, SDG 11: Sustainable Cities and Communities, and SDG 13: Climate Action.