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Google must give UK publishers choice to block AI search summaries, says competition watchdog
Rolling coverage of the latest economic and financial news
Beastie Boys DJ Mix Master Mike, Voices Of Service Join 50 Cent for 2026 United Bowl Presented by Credit One Bank
Sponsored by Dynasty Financial Partners, Mix Master Mike to perform throughout United Bowl with extended sets pregame and leading into 50 Cent halftime performance, and postgame trophy presentation
Google Challenges AI Rivals With Its Financial Muscle | AI & Business for June 2
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Metro Health offers free diabetes prevention programs, financial assistance for patients
The work you can't always see: Beer is political, part 2
Recently I published a piece about beer, politics, and the question of who speaks up and who doesn’t. I meant every word of it. I still do. And then my inbox opened up. Cleveland Prost is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe I’ve been writing about beer since 2014. For most of that time, I kept things deliberately light — taproom profiles, new releases, the people behind the pints. Gradually, over years of building this thing, you gave me something I didn’t expect: permission. Permission to go deeper. To say what I actually saw in this industry and what I actually believed about it. That trust isn’t something I take lightly. It’s why that piece existed at all, and it’s why this one does too. I’m not walking anything back. But I want to go further. In that piece, I wrote that beer has never existed outside the system. That immigration policy affects who staffs breweries and harvests ingredients. That labor policy affects taproom workers. That civil rights policy affects who feels safe walking into a taproom. That “beer does not exist in a vacuum. The idea that it does is comforting. It is also false.” I believe that as much now as I did when I wrote it. But one idea came back at me, in different forms, over and over (from reader emails, comments, and conversations): that beer itself isn’t political — that it only becomes political when someone decides to make it that way. That what we’re really seeing is a choice by individuals to inject division into something that doesn’t inherently require it. It’s a comforting idea. It’s also wrong — and I think it’s worth being precise about why. That framing assumes that breweries operate outside the conditions shaping everything else. That politics is something you choose to bring into a room that was, until then, clean and neutral. That if you stay quiet, you stay clear of it. But the room was never neutral. It was never clean. Politics is already in the room. It’s in who walks through the door comfortably and who hesitates. It’s in whether a space can be used for organizing without fear. It’s in whether helping someone quietly might carry consequences you have to think carefully about in advance. It’s in who staffed the brewery, who harvested the grain, who can afford to be a regular. The idea that you opt out of all that by staying quiet is an illusion. You only change how visible your response to it is. This is, I realize, a hard thing to hear if you came to a beer newsletter for something lighter. I wrote recently that “beer, for me, has always felt like a refuge — a third place in an increasingly fractured world.” I meant that. I still do. But a refuge is not an escape from reality. It’s a place to gather strength to face it. Here’s what I actually missed — and what I want to correct. Multiple people in the industry reached out to me. I’m not naming them and I’m not identifying their businesses, because that’s not my call. If and when they want to be loud about what they’re doing, that agency belongs to them. What I can share is the substance of what they said, because it complicated something I presented too cleanly. The overall message: *You don’t know what we all are doing.* And they’re right. I don’t. One example involved a collaboration brewed quietly to support another business facing serious challenges in a whole different region, with proceeds directed toward solidarity, community, and keeping operations afloat. No announcement. It could have been broadcast widely. The point was never publicity. Another example involved logistical support for community efforts: organizing safe transportation, providing space for meetings on otherwise closed days, facilitating gatherings under difficult conditions. All of it happening while balancing real financial pressure and genuine concern for personal safety. None of what they described is a brewer “deciding to make beer political.” It’s people responding to the conditions around them — conditions that are already shaping who feels safe, who has access, who can gather, who needs help, and who has the capacity to offer it. Politics, again, already in the room. Already shaping choices. Whether anyone announced it or not. I’ve spent decades in taprooms, at barrel releases, at festivals, in back offices and brewing floors, talking to the people who built this industry from nothing. I know how much happens that never makes it onto social media. I know the owner who quietly comp’d a tab for someone having a crisis. The brewer who drove an hour to pick up a stranger who needed a safe ride. The taproom that stayed dark on a Tuesday so a community group could use the space without it becoming A Whole Thing. None of that gets a post. Most of it never will. So when I wrote recently about silence — when I said that “silence right now doesn’t feel neutral, it feels like complicity” — I was writing about what I could see. And I was right about what I saw. The public silence of breweries that have the platform, the stability, and frankly the safety to say something and choose not to? That still troubles me. I’m not softening that. But some of what I read as silence is actually something else entirely. It’s people doing the work with their hands instead of their phones. It’s people who are genuinely afraid — not of being canceled, but of real consequences for their families, their employees, their ability to keep the doors open at all. That deserves more than a footnote. It deserves to be named clearly. Here’s the tension I want to sit with honestly: public statements matter. They matter because people can’t rally around something they can’t see. Visibility creates awareness and solidarity. It helps people find each other. It tells someone standing outside your taproom door, uncertain whether they’ll be welcomed inside, something they need to know — or whether it’s even safe for them to be in public at all. That’s not performative. I wrote recently that the craft beer movement “was built on collective defiance. It was built on rejecting consolidation. On pushing back against homogeneity.” I believe that too. And I’ll extend it: breweries should be at least as loud about their values as they are when they drop a new seasonal. Your hazy IPA gets a full rollout — the label art, the tap handle photo, the countdown post. Human dignity deserves the same energy. Be as loud about human rights as you are about your beer. There is no reason those two things should require different levels of courage from you. But visibility isn’t the only form of courage. And not everyone can be visible right now without real consequences — financial, personal, sometimes physical. There are people in this industry doing hard, unglamorous, sometimes risky work in the background, and announcing it would compromise it or paint a target on someone who’s already stretched thin. That’s not silence as complicity. That’s operational discipline under pressure. What I want to push back on — clearly, not gently — is the idea that behind-the-scenes action and public visibility are in competition with each other. The person organizing quietly in the back room and the person posting a statement of solidarity on a Tuesday morning are both doing something real. We need both. We need the quiet infrastructure and we need the visible signal. We need people to know that this industry — at its best, at its most independent, and human — gives a fuck. I closed that piece with a question: “Reactive and fearful? Or clear and values-driven?” That question still stands. But having heard from you, I’d add a corollary: the values-driven path isn’t always the loudest one. Sometimes it’s a phone call and a recipe. Sometimes it’s a room made available on a closed Tuesday. Sometimes it’s a drive across town for someone who needed a safe ride home. All of it is political. All of it was always political. You don’t get to opt out of that — you only get to decide what you do with it. I’ve spent more than a decade writing about this industry because I believe it can be exactly that. I’ve been lucky enough to build an audience that lets me say so plainly. That’s a privilege I intend to use. The work is happening. Some of it you’ll see. Some of it you won’t. Support it either way. Cleveland Prost is a reader-supported publication covering beer and brewing across New York state. To receive new posts and support this work, consider becoming a free or paid subscriber. Cleveland Prost is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
Mastercard appoints Ling Hai CFO, moves Mehra to new business role
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Dave & Buster’s Entertainment, Inc. to Report First Quarter 2026 Financial Results on June 15, 2026
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Australian state regulator fines Star Sydney $7.2 million for risk management failures
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Adient plc (ADNT) Releases China Business Update
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HCA Healthcare’s Far West Division hires Rodriguez
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Stephen A. Smith says he ‘inherited’ sports debate format
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The full financial details of Anthony Gordon’s transfer to Barcelona
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Report Shows People With Medicare Feeling Pinch of Rising Health Care Costs
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Highmark Health's first quarter results rebound compared to 2025
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Garner Health Raises $100 Million to Expand Best-Doctor Ranking
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Tony Cannon Joins Life Science Connect as Chief Financial Officer
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Bournemouth want to keep key trio
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Bond breakout? Big effects of bad data. Immigration and thermostatic politics & dad-chat is coming for dad-books.
Thank you for opening your Chartbook email. Anna Airy, A Shell Forge at a National Projectile Factory, Hackney Marshes, London, 1918 Bond breakout - John Authers Across the developed markets, bond markets are staging a slow-motion car wreck. Looking at the drastic moves in the US, Japan, the UK and France, Barclays’ Ajay Rajadhyaksha commented: “Last week, long bonds broke. Not in one country. In all of them. Simultaneously. Four countries. Four different political systems. Four different central banks. But the same trade — “get me out of duration!”” Each country has its own contributing political problems, but the uniformity of the shift out of long-term bonds with high duration makes clear that something broader is afoot. For Rajadhyaksha, it is “simple and uncomfortable.” The developed world “has too much debt, too little fiscal discipline, and no political appetite for fixing either.” If there’s a trigger, it has been the Iran war and the resulting shock to oil supply. Source: Bloomberg G7 countries are now borrowing at rates that were enjoyed by EM in the early 2020s For contributing subscribers only. Subscribe Trade between China and Russia has grown in recent years For contributing subscribers only. Subscribe Big effects of bad data A decade ago nearly nine in ten Americans, when approached, agreed to fill out the Current Population Survey, which is administered to about 60,000 households each month and asks about, among other things, employment. Fewer than seven in ten do so now (see chart 1). For the Consumer Expenditure Survey, which tries to capture 3,700 households monthly, the response rate is down from 68% to 40%. … When the information becomes less reliable, investment decisions get more difficult to make. Some may be delayed, creating a potential drag on the economy. A new working paper by Nicholas Bloom of Stanford University, Erica Groshen, former head of the Bureau of Labour Statistics (BLS) now at Cornell University, and Duncan Hobbs and Michael Strain of the American Enterprise Institute, a think-tank, hazards an estimate. Preserving trust in “the integrity and quality of official statistics”, the authors claim, generates economic benefits of about $25 for every $1 spent on the BLS, the agency with an annual budget of $700m that is responsible for many of these data. To arrive at their conclusion the quartet analysed an ignoble episode in the BLS’s recent history. On August 1st 2025 Donald Trump sacked Erika McEntarfer, appointed as the agency’s commissioner by his predecessor, Joe Biden. The president alleged, without evidence, that the BLS’s steep downward revision to recent jobs numbers had been “RIGGED in order to make the Republicans, and ME, look bad”. In fact, it was the wanton dismissal that looked bad in the eyes of many observers. In the following seven days there was a 50% leap, relative to the week before, in the average value of the index of Economic Policy Uncertainty (EPU), which tracks the number of articles mentioning such uncertainty that are published daily in American newspapers. This was a discernible jump even when compared to the chaos caused by Mr Trump’s trade war in April 2025 and his real one in Iran in the past two months (see chart 2). Based on Mr Bloom’s earlier study with other colleagues of the EPU’s impact on business investment, industrial production and employment, the authors estimate that the jump reduced American GDP by over $100bn (0.3%) and non-farm payrolls by 168,000 (0.1%). Source: The Economist Immigration and thermostatic politics (Sarah O’Connor in the FT) A strange thing happened a year and a half ago. No sooner had Americans elected Donald Trump as president on an explicitly anti-immigration platform than US public opinion began to swing much more favourably towards immigration. … to political scientists who study “thermostatic” politics, this development is no surprise at all. Public opinion often moves against the prevailing party, especially if they are perceived to have gone “too far” in one direction. The phenomenon was first explored in the 1990s with reference to fiscal policy, but in recent years it has been particularly evident in the realm of immigration policy. While these swings in opinion polls can make it seem as if people don’t know their own minds, they can be a useful democratic check on governments by sending bright flashing warning lights when policies stray too far from the public’s comfort zone. The problem comes when politicians misinterpret those signals. When people tell pollsters they want less immigration, or think it is bad for the country overall (or the converse), they are often expressing an opinion about how things appear to be going in that moment relative to their preferences, rather than a deep shift in their underlying views. According to Alexander Kustov, a political scientist, most Americans’ views are quite stable and moderate: they support immigration that is controlled and in the national interest, and oppose flows that are disorderly or under-enforced. In the US, he argues the Trump administration over-interpreted dissatisfaction with high immigration under Joe Biden, and implemented policies that went too far for many voters. “People don’t necessarily change their idea about their ideal immigration policy, but they can react to what the government is currently doing,” he told me. “A lot of people are not happy with what the Trump administration are doing — right now we’re not talking about border enforcement, we’re talking about people not just getting harassed, but killed.” But similarly, he added, pro-immigration advocates would be making a mistake to interpret the recent, more favourable swing towards immigration as a deep-seated ideological shift in attitudes. The recent history of UK immigration policy offers another cautionary tale. After the 2016 Brexit referendum, public concern about immigration fell. This was partly because net migration statistics declined, but also because people felt a sense of catharsis and control, says Sunder Katwala, director of British Future, a think-tank. By 2019, the public ranked immigration as only the ninth biggest issue of concern, according to Ipsos polling. But when the Conservative government liberalised visa routes for students and care workers between 2019 and 2022, that helped net migration to surge. And so, too, did public concern. Today’s Labour government has implemented another sharply restrictive turn in immigration policy. As Kustov and researcher Caitlyn Yates argue, thermostatic public opinion should be a useful check on politicians. Instead it seems to have helped to magnify the pendulum swing in the UK. The government over-interprets and overreacts to a change in public opinion, which reacts in turn, prompting a sudden swing the other way. Source: Financial Times HEY READERS, THANK YOU for opening the Chartbook email. I hope it brightens your day. I enjoy putting out the newsletter, but tbh, what keeps this flow going is the generosity of those readers who clicked the subscription button. If you are persuaded to click, please consider the annual subscription of $50. It is both better value for you and a much better deal for me, as it involves only one credit card charge. Why feed the payments companies if we don’t have to. Subscribe Anna Airy, Shop for Machining 15-Inch Shells: Singer Manufacturing Company, Clydebank, Glasgow, 1918 Racing for a vaccine … we have been here before! The deadly Ebola outbreak in two African countries driven by a virus species with no vaccine has triggered an urgent search for a potential jab, in a test of troubled global efforts to avert threats posed by emerging diseases. A World Health Organization advisory group is due to would meet on Tuesday to recommend candidate jabs to prioritise for clinical trials, the global health body said. It will assess data including an analysis by the Coalition for Epidemic Preparedness Innovations (Cepi), which was set up after failures in the international response to a previous Ebola crisis. The latest Ebola outbreak in Democratic Republic of Congo and Uganda has infected hundreds of people and killed more than 80, health authorities say. Cepi’s reaction will be a crucial indicator of its progress towards its wider goal of producing vaccines for pandemic threats in just 100 days, despite steep cuts to international health funding. “If there was ever a time that we could show the world why Cepi is needed and show the world why the 100-day mission is needed, it’s now,” Nicole Lurie, the organisation’s executive director for preparedness and response, told the FT. “We’re happy to accept that responsibility, but obviously we need help from partners — particularly financial help in the long run.” DR Congo and Uganda would make the final decision on whether to press ahead with any vaccine candidates endorsed for clinical trials by the WHO experts, the global health body said. “Other ethical and community acceptability issues will be considered,” said the WHO, which declared the latest outbreak a public health emergency of international concern on Sunday. “This will be important to make sure that the trial, if it happens, will be adequately communicated to the population.” Lurie said Cepi had provided information from a survey of research teams and companies working on drugs that might be effective against the Bundibugyo virus behind the outbreak. The organisation hoped soon to announce partners in the quest for a jab, she added, although she declined to give a timescale for when one might be developed. Cepi’s Nicole Laurie said global health bodies were ‘getting some live-fire drills’ with hantavirus and the latest Ebola outbreak. The hunt for a vaccine should be helped by scientific advances including the use of artificial intelligence to find drugs active against viruses, Lurie said. Existing jabs against the Zaire Ebola virus responsible for many previous outbreaks might provide a basis for tackling the Bundibugyo species, she added. “We’ll see how far and how fast we can get,” Lurie said, adding that Cepi had done preliminary work recently on a possible jab for the rat-borne hantavirus responsible for a recent fatal outbreak on a cruise ship. “Both with hantavirus and now with Ebola, [we] are getting some live-fire drills.” Source: Michael Peel in the Financial Times Dad-chat is coming for dad-books. (By Pamela Paul and Jeffrey A. Trachtenberg in the WSJ) They were the go-to gifts for Father’s Day: a book about some little-known chapter of World War II, the sweeping narrative of a shipwreck, perhaps the latest presidential biography. These days, dad books are a dying breed. Nonfiction book sales have been in decline for the past four years, and are now the most challenged segment of the print book market. Publishers say certain types of books still fare well—including celebrity memoirs and religious titles. But in recent years, print sales in such categories as biography, current affairs and business and economics—what publishers refer to as “serious nonfiction” and which tend to resonate especially with men—have fallen considerably. Sales of nonfiction print titles were down nearly 8% through May 9 this year, and sales of books about politics and current affairs were down 19%, according to book tracker Circana BookScan. Publishing has long been subject to cyclical changes, with trends in format and genre taking over bookshelves in grand sweeps. (Remember the adult coloring-book craze? Or the stratospheric rise of romantasy?) But many in publishing believe the decline in serious nonfiction is more existential. “The trend couldn’t be clearer,” said Jonathan Karp, the former chief executive of Simon & Schuster and publisher of the new Simon Six imprint. “This is a sea change and people should wake up and realize we’re living in a new world.” One culprit for the shift: a new media diet for fans of more serious nonfiction. … Sixty-two percent of men and 54% of women consumed a podcast in the prior month, according to a recent survey by Edison Research at SSRS, up from 46% and 39%, respectively, in 2023. “When we have internal meetings to talk about this problem, it always comes around to podcasts,” said Jonathan Burnham, president and publisher of the Harper Group at HarperCollins Publishers. “The man who wants to read American history is now tuning into one of the many good podcasts about history that lends the quiet attention to a serious subject he’s looking for. It makes the idea of sitting down with a 700-page Ron Chernow book less appealing. You’ve scratched that itch.” Source: Wall Street Journal Remarkable report by Novara from the nationalist rally in London in mid May. Anna Airy, Leopard Moth and Plums, 1915 If you’ve scrolled this far, you know you want to click: Subscribe
Should You Lend Money to Friends? More People Are Open to the Arrangement.
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Kudos to Cheer Club, College of Business faculty, Cybersecurity team and more
Becky Cottrell, Ph.D., Department of Social Work, and Bridget Arend, Ph.D., School of Education Becky Cottrell from the Department of Social Work and Bridget Arend, Ph.D., from the School of Education co-authored an article recently published in an international journal. Read the article. Biff Baker, Ph.D., College of Business Biff Baker, Ph.D., received a Best in Track award from the Society for Advancement of Management for research examining bureaucratic inefficiencies within Section 8 subsidized housing programs. The study focuses on how administrative delays and communication breakdowns can create housing instability for families and discourage landlord participation. It also offers recommendations to improve accountability and trust in public housing systems. Brendan Fry, Ph.D., Department of Mathematics and Statistics Brendan Fry, Ph.D., professor in the Department of Mathematics and Statistics, co-authored the article “Modeling the Impact of Venous Collapsibility on Retinal Oxygenation,” published in the Journal of Theoretical Biology. The interdisciplinary research brought together scholars from the University of Delaware, Indiana University Indianapolis, McGill University and the Icahn School of Medicine at Mount Sinai Hospital. Access the article. Bridget Arend, Ph.D., School of Education Bridget Arend, Ph.D., professor in the School of Education, co-published the book “Facilitating Seven Ways of Learning: A Resource for More Purposeful, Effective, and Enjoyable College Teaching, Second Edition” with James R. Davis. The book explores practical approaches to improving college teaching and student learning experiences. Buy the book. College of Business Faculty At the 2026 Western Decision Sciences Institute international conference, Sally Baalbaki-Yassine, Ph.D., Debora Gilliard, Ph.D., and David Lynn Hoffman, Ph.D., from the College of Business received the Best Case Study Paper Award for “Oreo: A Global Success Story in Brand Evolution and Market Leadership.” Lisa McVicker, Ph.D., and Apryl Brodersen, Ph.D., also had their paper, “Electronic Performance Monitoring: Employer Panacea or Legal Quagmire?” accepted for publication in the Journal of Business Leadership. Community Engagement Exchange Program Metropolitan State University of Denver was selected to host international Fellow Aleja Henao Espitia of Bogotá, Colombia through the Community Engagement Exchange program funded by the U.S. Department of State. View Espitia's LinkedIn profile. David Varel, Ph.D., College of Letters, Arts and Sciences MSU Denver historian David Varel, Ph.D., has been awarded a 2026 ACLS Fellowship by the American Council of Learned Societies. The fellowship program supports outstanding scholarship in the humanities and social sciences, and selected just 63 scholars from more than 2,000 applicants this year. Varel’s project, “The Black Chicago School: Academic Activism in the Age of American Apartheid,” explores the work of Black scholars who challenged scientific racism, built alternative institutions and helped lay the foundation for the modern civil rights movement. The fellowship provides up to $60,000 to support full-time research and writing. Learn more about the fellowship. MSU Denver Office of Financial Aid Team Several MSU Denver employees were recognized for leadership and service during the Colorado Association of Financial Aid Administrators (CAFAA) conference held in May in Crested Butte. Don Holtzen, interim associate director of systems, chaired the conference and was recognized for his service as CAFAA conference chair and technology chair during the 2025-26 term. Holtzen also received the Postsecondary Institution Professional of the Year award, which recognizes financial-aid professionals who have made significant contributions to their institutions and to CAFAA. Tori Pacheco, associate director of Student Services, helped design décor and facilitate the conference and was recognized for her service as CAFAA secretary during the 2025-26 term. Destiny Candelaria, call center coordinator, served on the conference planning committee and presented on One Stops during the event. Michael Nguyen, executive director of Financial Aid and Scholarships, assisted as a CAFAA board member and was recognized for serving as president-elect during the 2025-26 term. Richard Balbag, program assistant I, received the Distinguished Support Staff Member of the Year award, honoring staff members who have made exceptional contributions to their financial-aid offices. Military Friendly Recognition Military Friendly has awarded MSU Denver Gold Status as a military-friendly university and ranked the University No. 7 nationally for military spouses. The recognition reflects MSU Denver’s strong support systems for veterans and military spouses, including transfer credit assistance and retention-focused resources. As of 2026, 1,050 military-connected students are enrolled at the University, advancing institutional priorities around serving veterans and supporting student retention. MSU Denver Cheer Club The MSU Denver Cheer Club earned third place in the 4-Year College Small Coed Intermediate division at the USA Spirit Nationals. Celebrate the win on Instagram. MSU Denver Cybersecurity Team An MSU Denver cybersecurity team earned first place in the Strategist category at the 2026 CYBER RECon National Competition hosted at Fort Meade, Maryland, by U.S. Cyber Command. Led by Jeffrey London, Ph.D., and undergraduate student Matthew Bopp, the team competed against universities and law schools nationwide with its 30-page legal analysis on cybersecurity and free speech titled “Freedom of Speech and MDM: Misinformation, Disinformation, and Malinformation.” The paper also earned Bopp a personal invitation to apply to the University of Maryland School of Law. MSU Denver Debate Team MSU Denver Debate won the 2026 Sierra Sustainability Summit hosted at Yosemite National Park in April. Students Kat Conte and Simon Bernhard bested teams from George Washington University, Gallaudet University, Cal Poly San Luis Obispo, the University of San Francisco and Tennessee Tech in the modified present-and-defend style competition. Their proposal recommended adapting Colorado’s Keep Colorado Wild Pass model to support California state parks facing budget constraints. Learn about the summit. MSU Denver Women’s Golf MSU Denver Women’s Golf was represented on the national stage this month as junior Neige Dunn competed as an individual at the NCAA West Regional. She became the first Roadrunner in 10 years to qualify for NCAA Regionals as an individual. Get the details.
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Now What? With Carbon Pricing Eroded and Pipeline Politics Advancing, Here Are the Pathways for Climate Success
At the end of a whirlwind week of news on carbon pricing and electricity strategy, capping a madcap year of pretty much non-stop, dramatic change, the word across much of Canada’s climate and energy transition community is that climate policy in this country has been shredded. Eviscerated. Hit with a sledgehammer by policy rollbacks that have pushed the country’s 2050 net zero target “well out of reach”. That means it’s never been more important to look for the rays of hope and glimmers of possibility. To glimpse the seeds of the next set of strategies to get Canada’s climate pollution under control and the country into the accelerating global dash away from fossil fuels. And then, once we’ve spotted those possibilities, get on with the hard, day-to-day slog of trying to make them a reality. Nothing takes away from the frustration and the deep disappointment so many climate and energy hawks are expressing, the sense of betrayal by the author of Value(s) and the former UN special envoy for climate action and finance. But we knew two things as the week drew to a close. We’re looking at the world as it most definitely is. And we don’t get to give up finding the pathways to confront climate change and deliver faster, deeper carbon cuts that leave no one else behind. So really, the first question we all have to ask ourselves is: What’s next? Subscribe All the Oxygen in the Room The outpouring of anger and grief over the carbon pricing deal between Prime Minister Mark Carney and Alberta Premier Danielle Smith has been absolutely understandable. So much of the climate community poured years, more than a decade, into dragging the current federal pricing regime across the finish line, then defending it from a deluge of three-syllable rhymes after the Trudeau government proved utterly incapable of delivering its own message. The policy foisted on us by neo-classical economists took up all the oxygen in the room, burned through years of climate response time that we won’t get back, while cornering climate hawks into the position that the best response to the crisis of our lifetimes is a new tax…in an era of historic anti-tax sentiment. I mean, really—what could possibly have gone wrong? Against that history, let’s appreciate columnist Max Fawcett’s point that even a modest carbon pricing agreement with a government as off-the-wall libertarian/conspiracist as Danielle Smith’s—those adjectives are mine, not Max’s—is a win worth savouring (as long as Smith keeps her promises for a change). But part of living in the world as it is (no, I’m not letting that go) is to be clear-headed about what we can and can’t control. And one thing we get to decide, after seeing this week’s carbon price festivities take up all the oxygen yet again, is whether we want to keep letting that happen. Particularly when success down that road depends on a factor that no one with a climate agenda can control or influence—a provincial carbon pricing mechanism that has been manipulated and eroded beyond its lowest possible denominator. Thankfully, that’s not the way it has to go. Not when we have so many other powerful, practical tools at our disposal, including the ones still available to us through this abominable Memorandum of Understanding (MOU) between Canada and Alberta. Tools In Our Toolbox When I started roughing out this list, I didn’t expect it to grow to nearly a dozen bullet points. It’s probably still incomplete. Some of the greatest hits in today’s climate solutions toolbox include: • No Carbon Capture, No Pipeline: On Friday, Prime Minister Mark Carney explicitly stated that there’s been no change to the MOU provision that there will be no West Coast pipeline without an industry commitment to build its massive, $16.5-billion carbon capture and storage (CCUS) hub in Northern Alberta, and vice versa. The two megaprojects were joined at the hip when the MOU was signed Nov. 27, and the implementation agreement this week affirmed that they still are. A parade of independent analysts have spent years pointing to the economic and technical flaws in CCUS, while the industry kept postponing its investment decision until it could arm-twist the government for more “clarity” (by which it meant even more lavish taxpayer subsidies) on the project. Now the industry itself is running away from the CCUS hub and insisting the pipeline should proceed without it, but Carney doesn’t seem to be budging from a central tenet of the MOU to which Smith has signed on. • No Subsidies, No Investors: Climate analysts and advocates have quite rightly been hammering away at Carney and his team, insisting that any new capacity the industry wants to build must proceed without new subsidies. The government has responded with a growing collection of funding and financing mechanisms for the very wide menu of industrial development and nation-building projects they say they want to take on, and that menu always includes fossil fuel infrastructure. But it’s hard to see how even the combined fiscal clout of the federal and supportive provincial governments will deliver the financial backing private investors would need when the business case for new fossil fuel development is evaporating before their eyes. Particularly when… • No Market, No Demand, No Investors: As our friend Markham Hislop at Energi Media (our apparently sleepless friend, given the massive volume of great material he’s been churning out) points out this morning, the biggest vulnerability in any pipeline deal is the assumption that Asian buyers will want the oil or liquefied natural ga that our fossil industry is so keen to send them. Hislop writes in part: Ottawa and Alberta are effectively betting that countries like China and India will continue increasing oil imports for decades as their economies grow and energy consumption rises. That assumption underpins the entire economic rationale for expanding oil sands production and building billions of dollars in new export infrastructure. But Asian energy systems are changing rapidly… China, India, South Korea, and other major hydrocarbon importers are now investing hundreds of billions of dollars into electricity systems built around wind, solar, batteries, nuclear, hydro, and expanded transmission infrastructure. Domestic “energy sovereignty” is increasingly replacing the old energy-security model based on stable oil and gas imports. Those investments are expected to sharply slow oil demand growth and eventually reverse it, even as overall energy consumption continues rising. There are also refining constraints. Many Asian refineries and petrochemical complexes are already optimized to process discounted heavy crude from the Middle East and Latin America. That raises serious questions about how much additional Canadian bitumen Asian markets can absorb at profitable prices. Small wonder that there’s still no private sector investor for the project, despite Smith’s government desperately beating the bushes to put together a deal. For now, Alberta is acting as proponent and covering early start-up costs for a pitch to the federal Major Projects Office, which could actually turn into the next tough hurdle for Smith and her pipeline to jump. • Canada Day Looms: How ironic that Canada’s birthday this year could become a major chokepoint for the provincial premier who’s been working so diligently to tear the country apart! The July 1 target date for Alberta’s pipeline proposal is baked into the MOU, was reaffirmed by the implementation plan, but it hadn’t dawned on me that it cuts both ways. As one very smart colleague wrote in an email yesterday, “they’ve thrown the ball into Alberta’s court to get the project proposal on the table really quickly and to have to do a whole pile of work to put together a massive, complicated project that would typically take years to assemble, and they’ve given them weeks to do it.” That makes July 1 a looming deadline that Smith won’t be able to run away from politically, especially with the separatists in her party and her caucus breathing down her neck. (See previous ref to off-the-wall.) But if Alberta comes in with a sloppy, incomplete submission, even after Carney bent over backwards to simplify the application process and the rules that govern it, it may be harder for the province or the industry to blame Ottawa and insist on the faster process they claim their investors are demanding. (Oh, wait—which investors would those be??) • We’ll See You In Court (Then We’ll See You Again): If Carney did cave, that would be just one more reason for Indigenous and other affected communities to take the government and the process to court—Just as Alberta First Nations did, successfully, in response to Smith’s half-baked separation referendum. Veterans of the Harper era have been warning that a shoddy process around fossil fuel infrastructure or other major projects will be a recipe for the very delays that process seeks to avoid. And now more than ever, with renewable energy and energy storage eating fossil fuels’ lunch in import markets around the world, a delayed pipeline or LNG terminal may be as good as a cancelled one. • Charged Up, Ready to Go: With its goal of doubling Canada’s electricity supply to meet a doubling of demand by 2050, the national electricity strategy that Carney unveiled Thursday has a lot to like. With its explicit language about speeding the shift from fuels to more efficient and affordable electricity, global investment and deployment patterns that already favour that shift, an emerging bidirectional power grid, the role of front-line options like rooftop solar and heat pumps, the emergence of electric vehicles as behind-the-meter energy storage, and the domestic jobs and manufacturing to make it all happen, the document doubles down on the essential cornerstone of a faster shift off fossil fuels. The strategy envisions a more prominent role for gas and nuclear power. But some of those provisions were already in the Clean Electricity Regulations that climate hawks are now fighting so hard to defend, inserted as a compromise in a futile attempt to mollify the industry and its political representatives in Alberta and Saskatchewan. But once again, gas will be a tougher sell when it’s more expensive and now so much more unpredictable than the clean alternatives. The new nuclear technologies are still speculative and deeply vulnerable to cost overruns. Increasingly, utilities, developers, and investors know it. Carney declared Thursday that “it doesn’t do us good to be sitting in court all the time with provinces. It doesn’t do us good to be talking past each other. What does do us good is to come together with specific projects.” There are no guarantees, but so much of the language and narrative-building in the electricity strategy suggests the lion’s share of those projects will be renewable. • The Party Has Already Started: The electricity strategy only rarely digs down to specific projects, but provinces representing three-quarters of Canada’s population are already embracing a faster transition. Hydro-Québec is working on a 10-year, $185-billion renewable energy and grid buildout by 2035. Ontario recently brought 10 provinces and territories together in a National Energy Corridor Agreement to boost interprovincial and -territorial transmission infrastructure. And the MOU implementation agreement commits Alberta to facilitate investment in renewable energy projects, a big step back from its continuing, punitive restrictions on renewables development. The electricity strategy envisions much of the financing and infrastructure that will be needed to pull those advances together into an integrated whole. • Delivering on Affordability: The MOU implementation plan has little or nothing to say about affordability (are you surprised?), but the electricity strategy does, with a top-line pledge to reduce home energy costs for seven out of 10 Canadian households by 2050, a total saving of $15 billion across the board. It’s just a start, but it puts affordability on the government’s narrative map. If they’re serious and deliberate about patching together a least-cost energy strategy, it’ll have little if any room for oil, gas, or nuclear—not with powerful evidence, for example, that electricity prices are higher when those prices are set by gas. • Smith Proves that Canada Works: By signing a deal that makes it harder to claim the federal government is blocking a new pipeline, Smith has helped prove Carney’s constant anti-separatist refrain that “Canada works”—incurring the rage, no doubt, of her own political base. Canada also needs to work for anyone who depends on a clean environment, healthy and thriving ecosystems, and safe, stable climate. But with Smith and her separatist constituents setting up as a fifth column for annexation by Donald Trump’s United States, let’s set aside any notion that 51st state status for Canada is a recipe for anything other than climate disaster (and so much else). Resisting and withstanding Trump (just 170 more sleeps until mid-term elections, which is a damn sight better than the 730 we started with) doesn’t mean a free pass for a pipeline, but we can still appreciate it that keeping Canada whole and sovereign is still Carney’s Job One. • The Words Not Spoken: Apart from a commitment to export a million barrels of “low-emission” Alberta bitumen per day (memo to Smith and Carney: You realize that that’s less than the industry is already exporting??), the MOU implementation plan says nothing about the international trade and economic sovereignty deals that Carney has been travelling the world to negotiate. It didn’t have to. Carney doesn’t need permission from Danielle Smith, her American enablers, or her separatist allies to continue building the alliances that will ratchet down our economic dependency on our unstable, unreliable neighbour to the south. But every connection he builds with countries outside North America helps align our economy and our future with a faster shift off fossil fuels. Little if any of this was on our bingo cards a year or two ago. But it’s the pathway that has opened up to us. And if it gives Canada any climate or energy gains at all in an era still dominated by Trump and his increasingly ridiculous tariffs, his loutish trade negotiations and his continuing annexation threats, we have to take the wins. Not least because they’ll be the point of departure for what we can achieve in 2027, 2029, and beyond, as Trump’s grip and this era begin to loosen and then fade. What is Carney Doing? If this line of thought is right—and it’s a possibility, not a prediction—it means that Carney’s actions and decisions are largely about buying time. Time for Trump’s power to wane. Time for Alberta’s separatist/conspiracist virus to spread, mutate, die out, or at least die back, with help from a vaccine of federal steadiness and calm (appropriate enough, for a movement populated largely by vaccine deniers) that no conspiracy theory can dismiss. And time for the government’s trade and investment agenda to deliver results—even knowing that some of those results will bring impacts that front-line communities will not and should not accept. In the immediate moment, none of this changes the way the wider climate community has to respond, from campaigners to investors to front-line practitioners. All of our voices are still essential. But those voices will be stronger and more confident if we have a clearer sense of the brutal game we’ve been pulled into, and a plausible path (or two it three) for playing it to the win we need. This conversation also underscores our biggest task for the remaining years of what was supposed to be the “decisive” decade for climate response: if we can shift the energy narrative in Canada, make it a mainstream view that the country’s preoccupation with oil and gas has us falling farther behind a changing world, we’ll see far better results in the 2030s and beyond. For many veteran climate advocates, taking on that part of the fight will begin with recognizing that most of our friends and family, neighbours and colleagues already understand that climate change is real and right in front of us: they’re looking away and staying silent because they don’t have what climate communicator Katharine Hayhoe calls “efficacy”. As Hayhoe recently pointed out in a feature interview with The Energy Mix, it amounts to science denial to keep hammering away at the dire news about global warming without also helping audiences understand what they can do about it, with multiple studies telling us why that won’t work. Far better to open those conversations with the dominant crises like energy security, food security, emergency preparedness and business continuity, affordability, and financial security that have knocked climate change far lower on the list of public priorities, and will likely keep it there. We Knew This Would Happen Climate hawks have always known this day would come. For decades, we warned that everyone had to pay attention to climate change right now, because it would be much tougher to respond once the crisis itself started affecting our daily lives. We were right, and here we are. But now, thanks to decades of hard work, communities and countries have an alternative to doubling down on fossil fuels. “In 10 years everyone will have ‘always known’ that solar and batteries were going to win,” Morgan Solar Executive Chair Mike Andrade writes on LinkedIn. With the disruption in the Strait of Hormuz roiling energy priorities around the world, Canada and the United States are among the shrinking number of countries that are still very keen on fossil fuel development. Understanding that gap is a first, essential step in spotting the opportunities ahead, and averting the deep economic as well as environmental and social risk we face if we don’t seize them. Thanks for reading The Energy Mix Weekender! Subscribe for free to receive new posts and support our work. Subscribe Mitchell Beer traces his background in renewable energy and energy efficiency back to 1977, in climate change to 1997. Now he and the rest of the Energy Mix team scan 1,200 news headlines a week to pull together The Energy Mix and The Energy Mix Weekender. Chart of the Week BYD Eyes 20 Dealership Locations After Canada Greenlights Chinese EV Imports ‘Sledgehammer’ Carbon Price Deal Boosts Emissions by 230Mt, Aims for Fall 2027 Pipeline Approval ‘Worse Than Harper’: Regulatory Rollback Would Stop Canada from Assessing Project Impacts, Critics Warn Electricity Strategy Aims for Doubling by 2050, Allows ‘Flexibility’ for Gas Power Plants Opposition Mounts as O’Leary’s Data Centre Approved in Drought-Stricken Utah Diluted Carbon Price Misses ‘Reality of the World We’re In’, Could Impede Diversified Trade: Climate Institute $200B in Clean Energy Investment Will Need On-Time Delivery, Reliable Policies, Trade Association Says ‘Sovereign Pipeline’: CEO Pitches to Keep Trans Mountain in Government Hands What a Supercharged El Niño Could Mean for Canada Canada’s future is electric, and here’s how a power grid superhighway would get us there (Toronto Star) The Perilous Waters of Hecate Strait (Globe and Mail) Saudi Aramco profits jump despite conflict in Middle East (The Guardian) Farmers confront rising cost of fertilizer and fuel as spring seeding under way (Canadian Broadcasting Corporation) Clarkson forecasts 24% decline in offshore oil, gas capital expenditures (Oil & Gas Journal) Pipe Dreams: How Oil and Gas Fail to Deliver Economic Development in Africa (Oil Change International) Developing countries must hold the pen to script the fossil fuel transition (Climate Home News) Iran war threatens the dream of a post-oil economy in the Gulf (Washington Post) U.S. Oil, Gas Work Force Hits Lowest Level Since 2022 (Rigzone) Why Polestar Is Doubling Down on Net Zero as Rivals Pull Back on EVs (Bloomberg) Why this Michigan utility plans to sell its hydro dams for $13 (E&E News/Politico) Levees can no longer save New Orleans (Vox)
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