From Energy Now

By Tammy Nemeth and Ron Wallace

It is high time that Canadians discuss and understand Mark Carney’s avowed plan to re-align capital with global Net Zero goals.

Mark Carney’s economic vision for Canada, one that spans energy, housing and defence, rests on an unspoken, largely undisclosed, linchpin: Climate Finance – one that promises a Net Zero future for Canada but which masks a radical economic overhaul.

Regrettably, Carney’s potential approach to a Net Zero future remains largely unexamined in this election. As the former chair of the Glasgow Financial Alliance for Net Zero (GFANZ), Carney has proposed new policies, offices, agencies,  and bureaus required to achieve these goals.. Pieced together from his presentations, discussions, testimonies and book, Carney’s approach to climate finance appears to have four pillars: mandatory climate disclosures, mandatory transition plans, centralized data sharing via the United Nations’ Net Zero Data Public Utility (NZDPU) and compliance with voluntary carbon markets (VCMs). There are serious issues for Canada’s economy if these principles were to form the core values for policies under a potential Liberal government.

About the first pillar Carney has been unequivocal: “Achieving net zero requires a whole economy transition.”  This would require a restructuring energy and financial systems to shift away from fossil fuels to renewable energy with Carney insisting repeatedly in his book that “every financial [and business] decision takes climate change into account.” Climate finance, unlike broader sustainable finance with its Environmental, Social, and Governance (ESG) focus would channel capital into sectors aligned with a 2050 Net Zero trajectory. Carney states: “Companies, and those who invest in them…who are part of the solution, will be rewarded. Those lagging behind…will be punished.”  In other words, capital would flow to compliant firms but be withheld from so-called “high emitters”.

How will investors, banks and insurers distinguish solution from problem? Mandatory climate disclosures, aligned with the International Sustainability Standards Board (ISSB), would compel firms to report emissions and outline their Net Zero strategies. Canada’s Sustainability Standards Board has adopted these methodologies, despite concerns they would disadvantage Canadian businesses. Here, Carney repeatedly emphasizes disclosures as the cornerstone to track emissions data required to shift capital away from “high emitters”. Without this, he claims, large institutional investors lack the data on supply chains to make informed decisions to shift capital to businesses that are Net Zero compliant.

The second pillar, Mandatory Transition Plans would require companies to map a 2050 Net Zero trajectory for emission reduction targets. Failure to meet those targets would invite pressure from investors, banks, or activists, who may pursue litigation for non-compliance. The UK’s Transition Plan Task Force, now part of ISSB, provides this standardized framework. Carney, while at GFANZ, advocated using transition plans for a “managed phase-out” of high-emitting assets like coal, oil and gas, not just through divestment but by financing emissions reductions. “As part of their transition planning, [GFANZ] members should establish and apply financing policies to phase out and align carbon-intensive sectors and activities, such as thermal coal, oil and gas and deforestation, not only through asset divestment but also through transition finance that reduces real world emissions. To assist with these efforts GFANZ will continue to develop and implement a framework for the Managed Phase-out of high-emitting assets.” Clearly, the purpose of this is to ensure companies either decarbonize or face capital withdrawal.

The third pillar is the United Nations’ Net Zero Data Public Utility (NZDPU), a centralized platform for emissions and transition data. Carney insists these data be freely accessible, enabling investors, banks and insurers to judge companies’ progress to Net Zero. As Carney noted in 2021: “Private finance is judging…banks, pension funds and asset managers have to show where they are in the transition to Net Zero.” Hence, compliant firms would receive investment; laggards would face divestment.

Finally, voluntary carbon markets (VCMs) allow companies to offset emissions by purchasing credits from projects like reforestation. Carney, who launched the Taskforce on Scaling VCMs in 2020, has insisted on monitoring, verification and lifecycle tracking.  At a 2024 Beijing conference, he suggested major jurisdictions could establish VCMs by COP 30 (planned for 2025 in Brazil) to create a global market. If Canada mandates VCMs, businesses especially small and medium enterprises (SMEs) would face much higher compliance costs with credits available only to those that demonstrate progress with transition plans.

These potential mandatory disclosures and transition plans would burden Canadian businesses with material costs and legal risks that constitute an economic gamble which few may recognize but all should weigh. Do Canadians truly want a government that has an undisclosed climate finance agenda that would be subservient to an opaque globalized Net Zero agenda?

Tammy Nemeth is a U.K.-based strategic energy analyst. Ron Wallace is an executive fellow of the Canadian Global Affairs Institute and the Canada West Foundation.

By Ken Macon

Alipay’s biometric PL1 scanner uses vein and palm-print data for processing payments, raising security concerns over the storage and use of permanent biometric data.

Alipay, the financial arm of Alibaba, has introduced a new palm-based biometric terminal, dubbed the PL1, which enables individuals to make purchases simply by presenting their hand – no phone, card, or PIN required. Positioned as a faster, touch-free alternative for payment, this system reflects a growing industry shift toward frictionless biometric transactions.

At the core of the PL1 is a dual-mode recognition system that combines surface palm print detection with internal vein mapping. This multi-layered authentication relies on deeply unique biological signatures that are significantly harder to replicate than more common methods like fingerprints or facial scans. Alipay reports that the device maintains a false acceptance rate of less than one in a million, suggesting a substantial improvement in resisting identity spoofing.

Enrollment is designed to be quick: users hover their palm over the sensor and link their account through a QR code. Once registered, purchases are completed in around two seconds without physical interaction. During early trials in Hangzhou, this system reportedly accelerated checkout lines and contributed to more hygienic point-of-sale environments.

The PL1 arrives at a time of rapid expansion in the biometric payments sector. Forecasts estimate that more than 3 billion people will use biometrics for transactions by 2026, with total payments surpassing $5 trillion. Major players are already onboard: Amazon has integrated palm authentication across U.S. retail and healthcare facilities, while JP Morgan is gearing up for a national deployment in the same year.

Alipay envisions the PL1’s use extending well beyond checkout counters. It is exploring applications in public transit, controlled access facilities, and healthcare check-ins, reflecting a broader trend toward embedding biometric systems in daily infrastructure. However, while domestic deployment benefits from favorable policy conditions, international expansion may be constrained by differing legal standards, particularly in jurisdictions that enforce stringent rules on biometric data usage and consent.

Despite the technological advancements and convenience the PL1 offers, privacy remains a major point of contention. Unlike passwords or cards that can be reset or replaced, biometric data is immutable. If compromised, individuals cannot simply “change” their palm patterns or vein structures. This permanence heightens the stakes of any potential data breach and raises long-term concerns about identity theft and surveillance.

Alipay’s approach, storing encrypted biometric templates locally on devices and restricting data flow within national border, does address certain regulatory demands, especially within China, but the broader implications of biometrics are likely to be a growing privacy and surveillance concern in the coming years.