What Mark Carney’s Win Means for Cleantech in Canada (and Beyond)

Canadians elected a Liberal minority government led by Mark Carney this April, following a dramatic 25-point comeback. While not a sharp departure from Justin Trudeau’s climate-forward approach, Carney’s win reinforces Canada’s clean economy ambitions, offering both global credibility and financial discipline at a pivotal time for the sector.

Carney’s Strategy for Clean Growth

In clear contrast to Conservative leader Pierre Poilievre, whose platform prioritized traditional energy development, Carney brings decades of international leadership on climate finance. He has served as UN Special Envoy for Climate Action, co-founded the Glasgow Financial Alliance for Net Zero (representing over $130 trillion in net-zero commitments), and helped launch the Network for Greening the Financial System.

A highly influential voice on climate-aligned investment, Carney has described the net-zero transition as “the greatest commercial opportunity of our time.” Now, as Prime Minister, he is expected to bring a stable, finance-savvy lens to climate policy, strengthening Canada’s position as a trusted cleantech partner on the global stage.

One of Carney’s first major policy endorsements came before the election, when he supported repealing the consumer carbon tax while reaffirming his commitment to industrial carbon pricing through the federal Output-Based Pricing System (OBPS), which has since been extended to 2035. Carbon pricing instruments now cover around 24% of global greenhouse gas emissions, with Canada’s OBPS projected to be up to three times more effective than the former consumer-facing tax.

The Carney government also plans to unlock capital through green transition bonds, encouraging private-sector investment in climate-friendly infrastructure. Clean Electricity Investment Tax Credits (ITCs) are likewise seen as critical to accelerating Canada’s shift to low-carbon business models.

Positioning Canada in Global Markets

Carney’s leadership of major financial institutions like the Bank of England and Bank of Canada is expected to bolster investor confidence, positioning him as someone capable of aligning economic growth with long-term climate goals.

That confidence matters now more than ever, as global cleantech markets face heightened volatility stemming from policy shifts in the United States. With proposed rollbacks of clean energy incentives and regulatory support under President Trump, the U.S. investment climate has grown increasingly cautious. In contrast, Canada’s stable and supportive policy environment under Carney positions the country as a more attractive destination for cleantech investment—a reliable alternative amid global market fluctuations.

As a trusted G7 figure, Carney is also expected to elevate Canada’s role in global climate finance. One early signal: discussions are underway to develop a national green and transition finance taxonomy – bringing consistency to project evaluations and aligning Canada with other top non-U.S. trading partners, all of which have adopted net-zero targets.

Harmonizing industrial carbon pricing across federal and provincial jurisdictions – and aligning with global frameworks like the EU’s Carbon Border Adjustment Mechanism (CBAM) – could strengthen Canadian exports of clean hydrogen, critical minerals, and low-carbon fuels. This strategy, particularly if paired with low-carbon trade partnerships in Europe and Asia, would help reduce Canada’s dependence on U.S. markets and protect its exports in an increasingly climate-linked trade system.

Talent and Workforce: A Critical Enabler

Carney’s win reopens long-term planning for Canada’s clean economy – but a key constraint looms: labour. According to Clean Energy Canada, more than 300,000 cleantech-related jobs will be needed by 2030. Without a rapid increase in training, recruitment, and skilled immigration, many projects may stall before they begin.

Industry groups are calling for expanded apprenticeships, targeted reskilling, and greater investment in programs like the Sustainable Jobs Training Fund. The government is also expected to prioritize skilled immigration pathways to help fill high-demand technical roles across the sector.

Strategic Outlook for Cleantech Leaders

Cleantech leaders are poised for a wave of new project announcements and capital inflows, but successful delivery will depend on how quickly permitting, talent, and grid infrastructure can scale. The government’s “one-project-one-review” approach may streamline approvals, particularly for hydrogen, Carbon Capture, Utilization and Storage (CCUS), and critical mineral developments.

If funding rollouts and regulatory coordination keep pace, Canada’s ambition to become a clean energy superpower could begin to take shape, positioning it as a global hub for clean manufacturing and low-carbon resource development.

According to Clean Energy Canada, success will depend on improved permitting timelines, modernized grid interconnectivity, and stronger domestic procurement policies. With investor confidence holding firm, institutions like the IMF and Smart Prosperity are likely to continue supporting the sector’s growth trajectory.

Leadership Will Define the Next Chapter

For Canadian cleantech firms, a new era of opportunity is emerging – but capitalizing on it will require strategic leadership, specialized expertise, and sector-aligned talent.

At Bedford Group, we partner with cleantech leaders as they scale, evolve, and adapt to a shifting policy and investment landscape, helping organizations align vision with execution as Canada strengthens its role in the global clean economy.

If your organization is navigating leadership transitions or executive planning in the cleantech space, let’s connect.