Key Takeaways
- Prime Minister Mark Carney urged Canada to build new institutions and re‑imagine existing ones to counter modern anxieties.
- He linked feelings of lost control over affordability, immigration, and AI to a growing “politics of grievance” that fuels division worldwide.
- Carney argued that the post‑World War II rules‑based order is ineffective and that middle‑power countries must forge fresh coalitions.
- Citing Marshall McLuhan, he warned that trying to solve today’s problems with yesterday’s tools fuels the current age of anxiety.
- The government is pursuing concrete actions: diversifying trade beyond the U.S., launching Build Canada Homes to create thousands of federally‑funded units, and adopting a pragmatic energy mix that includes gas while transitioning to cleaner sources.
- A newly announced sovereign wealth fund will finance nation‑building projects and give everyday Canadians a share of the profits.
- Carney called for bold, constructive progress rather than timid imitation of destructive politics, asserting that “fortune favours the bold” in times of crisis.
- The 2026 Global Progress Action Summit in Toronto featured U.S. and European leaders, a private event with former President Barack Obama, and was organized by the think‑tanks Canada 2020 and the Center for American Progress Action Fund.
Overview of Prime Minister Mark Carney’s Address at the 2026 Global Progress Action Summit
Prime Minister Mark Carney delivered the closing speech at the 2026 Global Progress Action Summit held in Toronto on Saturday, May 9, 2026. Speaking before an audience that included federal ministers Anita Anand, Melanie Joly, and François‑Philippe Champagne, as well as prominent U.S. and European figures such as Pete Buttigieg and Magdalena Andersson, Carney framed his remarks around the need for Canada to adapt its institutions to a rapidly changing world. The summit, which also hosted a private appearance by former U.S. President Barack Obama the previous day, served as a platform for progressive leaders to exchange ideas on governance, economics, and social policy. Carney’s address sought to articulate a vision of proactive nation‑building that confronts contemporary anxieties while offering tangible policy pathways.
The Modern Age of Anxiety and the Politics of Grievance
Carney began by diagnosing a widespread sense of loss of control among citizens, pointing to three interlocking pressures: the affordability crisis, rapid immigration flows, and the disruptive advance of artificial intelligence. He argued that these forces have cultivated a “politics of grievance” in which people blame elites, institutions, or each other for their insecurities, thereby deepening societal divisions. This grievance‑driven politics, he warned, is not unique to Canada but is a global phenomenon that undermines trust and hampers collective problem‑solving. By naming the emotional undercurrents driving populist backlash, Carney set the stage for his prescription: rather than succumbing to fear, governments must respond with purposeful, forward‑looking action.
Why Old Institutions Fail and the Need for New Coalitions
The Prime Minister contended that the international rules‑based order established after World War II is no longer fit for purpose in addressing today’s complex challenges. He suggested that traditional multilateral frameworks struggle to cope with issues such as climate‑driven migration, digital‑economy regulation, and supply‑chain volatility. Consequently, middle‑power countries like Canada must step beyond reliance on legacy institutions and forge new coalitions that reflect contemporary realities. Carney highlighted his earlier remarks at the World Economic Forum in Davos, where he advocated for innovative partnerships that can pool resources, share expertise, and create adaptive governance mechanisms capable of delivering solutions where old treaties fall short.
Marshall McLuhan’s Insight: “Yesterday’s Tools for Today’s Jobs”
To illustrate his point about institutional inadequacy, Carney invoked Canadian philosopher Marshall McLuhan, quoting the idea that society’s current “age of anxiety” stems from “trying to do today’s job with yesterday’s tools.” He argued that clinging to outdated policy instruments—whether fiscal rules designed for a manufacturing‑centric economy or regulatory approaches oblivious to AI’s exponential growth—exacerbates public frustration. McLuhan’s observation served as a rallying cry for policymakers to reconsider the toolkit at their disposal, embracing experimentation, technology‑savvy regulation, and flexible institutional designs that can evolve alongside societal change.
Canada’s Pragmatic Response: Trade Diversification and Housing Initiatives
Carney outlined several concrete steps his government is taking to translate theory into practice. Noting the pressure of U.S. tariffs, he emphasized efforts to secure new trade agreements with European and Asian partners, thereby reducing dependence on a single market and enhancing economic resilience. On the domestic front, he highlighted the launch of Build Canada Homes, an agency tasked with constructing thousands of affordable units on federally owned land. By directly addressing housing shortages—a key driver of affordability anxiety—the initiative aims to stabilize living costs while stimulating construction jobs and local economies. These measures exemplify Carney’s call for proactive, risk‑taking policies that anticipate future needs rather than merely reacting to past crises.
Energy Policy: Embracing All Sources While Transitioning to Cleaner Systems
Addressing the energy trilemma of affordability, reliability, and sustainability, Carney affirmed a pragmatic stance: the government will “use all sources of energy, including some gas,” while aggressively investing in cleaner alternatives. He framed this approach as a necessary bridge—recognizing that an immediate abandonment of fossil fuels could jeopardize energy security and raise costs for households and industries. Simultaneously, he stressed commitments to expand renewable capacity, improve grid resilience, and support innovation in storage and hydrogen technologies. By balancing short‑term realism with long‑term ambition, Carney sought to dispel the notion that climate action must be an all‑or‑nothing proposition, instead presenting it as a manageable transition that safeguards both the economy and the environment.
The Sovereign Wealth Fund as a Nation‑Building Tool for Everyday Canadians
A centerpiece of Carney’s vision is the newly announced sovereign wealth fund, designed to finance nation‑building projects while returning a share of profits to ordinary Canadians who choose to invest. He described the fund as a mechanism to harness national wealth—derived from resources, dividends, and strategic investments—for long‑term infrastructure, education, and innovation initiatives. By allowing citizens to purchase units in the fund, the government aims to democratize wealth creation, giving everyday people a tangible stake in Canada’s future prosperity. Carney argued that such an inclusive financial instrument can strengthen social cohesion, as citizens see direct benefits from collective national endeavors rather than perceiving wealth as concentrated in distant elites or foreign shareholders.
Carney’s Call for Bold, Constructive Action Against Destructive Politics
In a climactic passage, Carney contrasted the politics of destruction—characterized by leaders who seek to dismantle existing structures for short‑term gain—with the progressive imperative to build. He warned that answering adversarial rhetoric with timid imitation or nostalgic longing for a bygone order would be futile. Instead, he urged progressives to embrace bold action: “We have to take risks again… because in a crisis, fortune favours the bold.” This rallying cry encapsulated his belief that constructive nation‑building—through innovative institutions, inclusive finance, and forward‑looking policies—offers the most effective antidote to the politics of grievance and the only pathway to a resilient, equitable future.
Summit Context: Participants, Obama’s Private Event, and Organizing Think Tanks
The Global Progress Action Summit, organized by the think‑tanks Canada 2020 and the Center for American Progress Action Fund, brought together a diverse array of progressive leaders, policymakers, and intellectuals. Besides the Canadian cabinet members and transatlantic guests, the event featured a private gathering with former U.S. President Barack Obama on the preceding Friday, underscoring the summit’s role as a high‑level forum for exchanging ideas on governance and social progress. The involvement of these established policy institutes lent intellectual weight to the proceedings, reinforcing the summit’s aim to translate bold visions—like those articulated by Prime Minister Carney—into actionable agendas for Canada and its allies.