Carney’s Green Funds at Brookfield: Leveraging Bermuda Tax Haven to Draw Investors

Liberal Leader Mark Carney oversaw $25 billion in investment funds at Brookfield Asset Management aimed at achieving a net-zero carbon economy. These funds, the Brookfield Global Transition Fund ($15 billion) and Brookfield Global Transition Fund II ($10 billion), were established in 2021 and 2024 and registered in Bermuda, raising eyebrows due to the tax advantages associated with such jurisdictions.

Experts highlight that while many companies utilize offshore tax structures, Carney’s connection to these funds complicates his narrative on fiscal policy. Silas Xuereb from Canadians for Fair Taxation notes the irony of environmental funds operating from a tax haven and calls for stricter regulations against such practices. Conservative MP Michael Barrett demands transparency, questioning why Carney chose offshore accounts for the funds he managed.

Despite Carney’s previous commitments to responsible investment, critiques surface regarding the ethics behind using entities like BGTF Bermuda GP Ltd. for significant tax benefits. Political sentiments have often revolved around tax havens, with the NDP pointing to the billions in lost corporate taxes as a consequence of Brookfield’s strategies.

As Carney transitions into a political role, observers will be watching closely for shifts in his priorities around taxation and corporate responsibility.