Who’s talking
2 speakersTranscript
46 turns · 24 minAnd so the calculation has been in the Carney administration very clearly is we're gonna put, for the time being, um, um, the geopolitical stresses and challenges at the top of the list, and climate change is taking a backseat. Now, it's, it's tough for them politically, uh, as well as just as a policy challenge because a good part of their coalition, uh, is extremely concerned about, uh, climate change, um, and may desert them if they don't feel like the government is placing a high enough priority on that. [gentle music]
Welcome to the Munk Dialogues, our regular Friday show with Globe and Mail journalist and bestselling author Andrew Coyne. Andrew, great to see you.
Nice to see you, Roger.
A lot of different stories to check in on this week, but I want to try to kind of mash them together, Andrew, 'cause I feel like there's a bit of a trajectory or theme emerging over this summer. Uh, so bear with me. I... On one hand we have a big, uh, national push to, uh, reawaken Canada's resource and, and kind of energy, uh, superpowers from pipelines to different types of extraction, the oil sands in particular. And on the other hand, there's a lot of politics and a lot of public concern, Andrew, I think bubbling up around the environment. Particularly around the wildfires that have, uh, really dominated the news, and frankly, uh, have hit historic highs, uh, in terms of the number of sites burning in Canada. And then the images coming out of Europe, Spain, France, Greece. Um, we're seeing an uptick in the polls, Andrew. Climate has suddenly leaped, almost doubled according to a recent Angus Reid poll from 11 to over 20% of Canadians identifying it as their top issue or priority. Let's go big picture here with you. How do you think these two themes are playing out and, and can they be reconciled by policymakers or are they inherently in conflict with each other? This ambition by the government, the Carney government, to make Canada into an energy superpower versus the realities of climate change and more, maybe more importantly, the growing public reaction to the symptoms of, uh, a warming planet.
So we're faced with a couple of urgent priorities, uh, and they're both equally valid and equally important. Uh, and it's a question of what you place first in terms of the, the, the most immediate test. Arguably, the more, the more immediate challenge that we're facing, um, is that we now have a regime in, in Washington that is unlike anything we've ever faced, is weaponizing our, our historic dependency on the United States against us, uh, and we are having to scramble, frankly, to, to diversify our markets generally to become less dependent on them. Um, and that involves not just, uh, um, products in general, but energy in particular. So we are placing a priority on, um, getting our energy to market, uh, so that we're not as heavily ent- to, to foreign markets, to Asian markets in particular, so we're not as heavily dependent on the United States. So that's one urgent priority on one side of the table. And similarly on that side of the table is you've got Europe that is trying to lessen its dependence on Russia, uh, needs to be able to find other sup-
Episode notes
Andrew and Rudyard open the show by examining the competing priorities confronting Prime Minister Carney's government. On one hand is the immediate geopolitical imperative: reducing Canada's dependence on a U.S. trading partner that President Trump has shown a willingness to weaponize, making export diversification an urgent national priority. On the other is the growing threat of climate change, underscored by devastating wildfires in Canada and across Europe. Carney appears to have concluded that geopolitical security must come first, pushing climate policy down the agenda. But can he do so without alienating a significant portion of the Liberal coalition, for whom climate action remains a defining issue?
In the second half of the show, Andrew and Rudyard turn to new U.S. Federal Reserve Chair Kevin Warsh's first significant decision: keeping interest rates unchanged for a seventh consecutive month. Markets reacted sharply, with investors selling off 30-year Treasury bonds and pushing yields to a 19-year high. While former Fed Chair Jerome Powell won praise for defending the Fed's independence in the face of pressure from President Trump, Warsh's decision has reinforced critics' fears that he is too closely aligned with the White House. Has the Federal Reserve begun to sacrifice its independence—or is Wall Street overreacting?
Become a Munk Donor ($50 annually) to get