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Carney’s Brookfield acquires National Grid renewables in £1.3bn net zero push

Mark Carney’s investment vehicle Brookfield has struck a deal to acquire National Grid’s renewables arm for $1.7bn (£1.3bn), bolstering the former Bank of England governor’s credentials as he campaigns to become Canada’s next prime minister.

The Canadian asset manager, which Mr Carney chairs, expects to complete the takeover by the end of September. Its swoop on National Grid Renewables in the US follows Brookfield’s recent $10bn fundraising for an eco-focused investment fund.

National Grid, the FTSE 100 company that operates much of Britain’s electricity system, is offloading non-core assets to concentrate on infrastructure over energy generation. It has already announced plans to invest £35bn in electricity transmission through to 2031 and a total of £60bn in networks by the end of the decade, encompassing operations in both the UK and the US. The group has also put its UK LNG terminal at Grain on the market.

Mr Carney, 59, hopes to succeed Justin Trudeau as leader of Canada’s Liberal Party in the March 9 contest. If he wins, he will lead his party into a general election that must take place by late October. He has been a vocal advocate of climate-friendly policies, arguing that “there is money to be made” in the shift to net zero, and has criticised former UK prime minister Rishi Sunak’s environmental stance.

Yet Mr Carney may face renewed pressure from Donald Trump’s White House on net zero targets. Mr Trump returned to office on a pledge to “drill, baby, drill,” ramping up domestic oil production and withdrawing the US from international climate accords. America’s new energy secretary, Chris Wright, last week denounced Britain’s ambition to reach net zero by 2050 as “sinister,” insisting it has driven up household bills and made manufacturing unviable.

Mr Carney was previously criticised for publicly endorsing Chancellor Rachel Reeves in the UK’s recent general election. Now, though, attention is focused on his political ambitions in Canada and how Brookfield’s sweeping renewables deal might reinforce his green agenda on the global stage.

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Carney’s Brookfield acquires National Grid renewables in £1.3bn net zero push

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