During the first leaders' debate on Wednesday, April 16, 2025, Liberal Leader Mark Carney praised nuclear energy, highlighting its potential benefits for Canada. His comments came as part of a broader discussion about the future of energy in the country, particularly in light of significant investments made by the federal government in the nuclear sector earlier this year.
Carney's remarks were notable given his background in the investment world, particularly during his tenure at Brookfield Asset Management, where he served as an executive from 2020 until early 2025. Under his leadership, Brookfield formed a partnership with uranium mining firm Cameco to acquire the Westinghouse Electric Company in 2023. This deal saw Brookfield purchasing 51% of Westinghouse, while Cameco took the remaining share.
"It's a great opportunity," Carney stated during the debate when asked about nuclear energy. He emphasized Canada's unique advantages, including its abundant uranium resources and major nuclear companies like CANDU, Westinghouse, and Cameco. He also touched upon the emerging technology of small modular reactors, which several firms, including Westinghouse, are currently developing.
However, Carney's comments have sparked controversy, particularly regarding his financial ties to Brookfield. According to documents released by the firm, as of December 31, 2024, Carney held stock options valued at $6.8 million US. This connection has raised ethical questions, especially after his public endorsement of nuclear energy companies during the debate.
Political scientist Geneviève Tellier from the University of Ottawa expressed concerns about Carney's financial interests, suggesting that the public deserves clarity on whether any of his assets are still linked to Brookfield. "To directly mention companies in a leaders' debate, when he perhaps has interests in these companies or has benefited from these companies, raises major ethical questions," she remarked.
In response to concerns about transparency, the Liberal Party defended Carney, stating that he has complied with current ethics laws. Liberal spokesperson Mohammad Hussain explained that Carney is a beneficiary of a blind trust, meaning he is unaware of the current composition of assets held within it. "By definition, he does not know the activity of the blind trust, including any sales or divestments," Hussain noted.
Despite this defense, Conservative MP Michael Barrett issued a statement criticizing Carney for not disclosing whether he maintains any ongoing financial interest in Brookfield. Barrett asserted that Carney's comments during the debate seemed designed to promote nuclear energy and Westinghouse, potentially benefiting him financially if the company were to secure substantial government contracts. He urged Carney to disclose all his assets and any potential conflicts of interest before the upcoming federal election on April 28, 2025.
The debate also saw NDP Leader Jagmeet Singh questioning Carney's loyalty to Canada, particularly regarding his use of tax shelters while serving as chair of Brookfield. Singh's inquiry added another layer to the scrutiny surrounding Carney's financial dealings and his commitment to Canadian interests.
As the election approaches, the focus on Carney's past ties to Brookfield and his current stance on nuclear energy is likely to intensify. With the federal government having invested hundreds of millions of dollars in the nuclear sector, the implications of Carney's comments and his financial connections could play a significant role in shaping voter perceptions.
In the context of the ongoing debate about energy policy in Canada, Carney's praise for nuclear energy reflects a broader trend towards exploring alternative energy sources as the country seeks to balance economic growth with environmental sustainability. The success of this strategy depends not only on technological advancements but also on the transparency and integrity of those leading the charge.
As the election date draws near, Canadians will be watching closely to see how Carney navigates these complex issues and whether he can reassure voters of his commitment to the public interest over personal gain.
