Thread by @TheCarneyFiles

🚨 There's NO way this is real. THIS IS INSANE.

$2.1 BILLION connecting the PM

A CEO who predicted his own exit IN WRITING.

And a condolence video used as the exit door.

I'm keeping everything SUPER simple to understand, follow along.

All sources included 🚨✈️

Michael Rousseau has been at Air Canada for nearly 20 years.

He was CFO during the 2008 financial crisis, he kept the airline afloat.

He became CEO in February 2021, when COVID had decimated air travel.

He rebuilt Air Canada to RECORD revenue.

Total compensation in 2025: $13.1 million. Bonus up 43%.

Six weeks ago, Air Canada posted record financial results.

In December 2024, he was elected Chair of the Star Alliance CEO Board — the world's largest airline alliance!

March 22, 2026: An Air Canada Express flight collides with a fire truck at LaGuardia Airport. Two pilots killed, one a French-speaking Quebecer,

Antoine Forest. 🕊️
(Mes condoléances à sa famille)

Rousseau posted a four-minute condolence video. In English. The only French words: "bonjour" and "merci." French subtitles were provided.

Prime Minister Carney called it a "lack of judgment and lack of compassion."

Quebec's National Assembly voted 92-0 demanding his resignation.

Today (March 30): Rousseau announced his retirement.

Prime Minister Carney said he was "disappointed" in the Air Canada CEO for not speaking French.

But a Bloc Québécois MP pointed out the record:

🔹 Carney is the first PM in 50 years without a French speechwriter

🔹 His Liberal government voted AGAINST the law that would have
required CEOs like Rousseau to speak French

🔹 His government has made unilingual appointments — starting with Governor General Mary Simon, who doesn't speak French (400+ complaints, Official Languages Commissioner investigation)

🔹 Every additional dollar in the official languages fund has gone to promoting English over French in Quebec

He pressured Rousseau out for not speaking French while his own government has actively weakened French language protections.

Air Canada says the search for a new CEO will include "the ability to communicate in French" as a criterion.

Carney says "It's absolutely essential that the successor be perfectly bilingual".

(While his own bilingualism is AIRMILES away from perfect.)

That narrows the international candidate pool significantly.

But language skills aren't the only thing that changes with a new CEO.

To understand what else changes, you need to know about something called * sustainable aviation fuel *...

Sustainable Aviation Fuel (SAF) is the main way the airline industry is supposed to cut carbon emissions.

It's a new fuel, made from renewable energy, waste oils, or captured CO2 instead of petroleum.

Read that twice. It's the main topic of this thread.

Here's the problem: regular jet fuel costs about $700 per tonne. SAF costs $1,400 to $7,700 per tonne.

That's 2 to 10 TIMES more expensive. ✈️💸

Airlines don't want to buy it voluntarily. So governments are starting to FORCE them.

In September 2022, the Government of Canada and the aviation industry co-signed the Aviation Climate Action Plan 2022-2030.

It sets a vision for net-zero aviation by 2050 and an aspirational target of 10% SAF by 2030.

The plan explicitly states that SAF is the DOMINANT pathway to decarbonization — responsible for roughly 46.5% of ALL emissions reductions needed by 2050.

In fact, the plan says approximately 70% of all aviation fuel used by 2050 would need to be SAF.

The same government plan that sets a 10% SAF target by 2030 also admits:

"Currently, there is no meaningful Canadian domestic production of SAF."

And: SAF's "high cost of production (2 to 5 times more expensive than conventional jet fuel)" is the primary barrier.

And: airlines face "competition with renewable diesel" because it's cheaper for producers to make diesel for cars than SAF for planes.

And: The government knew the supply didn't exist when it set the targets.

There's even a diagram showing you how it's all connected!

🇪🇺 The EU already requires 2% SAF in all jet fuel as of January 2025. Rising to 6% by 2030. 70% by 2050. Penalties for non-compliance: up to €14,000 per tonne.

🏔️ BC launched Canada's first domestic SAF mandate — carbon intensity reductions starting 2026, physical blending by 2028.

A federal mandate is expected. Budget 2024 allocated $500 million in annual compliance payments plus $776 million through the Clean Fuels Fund.

Rousseau committed Air Canada to net-zero by 2050 and set a target of 1% SAF by 2025.

The government's target? 10% by 2030.

How much SAF was Air Canada actually using?

2023: 9.5 million litres purchased — less than 0.2% of total fuel

2024: 77.6 million litres — still roughly 1%

Air Canada's own filings says their targets are "ambitious and heavily dependent on new technologies" and SAF supply "continues to present serious challenges."

But Rousseau didn't just push back in interviews. He put something in Air Canada's own corporate filing that reads very differently now.

His exact words:

"Future events could lead Air Canada to prioritize other nearer-term interests over progressing toward our current climate ambitions based on business strategy, economic, regulatory and social factors, and potential pressure from investors, activist groups or other stakeholders."

"If we are unable to meet or properly report on our progress toward achieving our climate change ambitions and commitments, we could face adverse publicity and reactions from investors, customers, advocacy groups or other stakeholders, which could result in reputational harm or other adverse effects to Air Canada."

He warned — in a legal document — that if Air Canada didn't move fast enough on climate targets, they'd face pressure, adverse publicity, and reputational harm.

Read that again knowing what happened next.

It gets crazier. Before he became PM, Mark Carney was Vice Chair of Brookfield Asset Management.

Brookfield manages over $900 BILLION in assets.

At Brookfield, Carney CO-LED something called the Global Transition Fund I (BGTF I) — a $15 BILLION fund investing in renewable energy, grid infrastructure, and decarbonization.

The press release named him specifically: "The Brookfield Global Transition Fund, co-led by Mark Carney."

He holds "carried interest" in this fund. That means he personally profits based on how well the fund's investments perform.

The fund matures in 2032-2034. Brookfield's COO confirmed this under oath.

That same fund — BGTF I — made two massive bets on sustainable aviation fuel:

🔹 October 2022: Up to $1 BILLION invested in LanzaTech — a company that captures carbon and transforms it into sustainable fuels.

LanzaTech is the parent of LanzaJet, which built the WORLD'S FIRST commercial-scale ethanol-to-SAF plant in Georgia.

🔹 September 2024: Up to $1.1 BILLION invested in Infinium — a company that produces synthetic SAF from renewable energy and waste CO2.

Total: up to $2.1 BILLION in SAF-related investments. All through the fund Carney profits from.

It gets deeper.

Brookfield also operates Brookfield Renewable Partners (NYSE: BEP) — one of the world's largest renewable power platforms. Over 34,000 megawatts of capacity. 200,000 MW development pipeline.

Why does that matter?

Both Infinium and LanzaTech NEED renewable energy to produce SAF.
It's a primary input. There's no way around renewable energy for it to work.

More renewable energy = cheaper SAF production = more competitive product = more airline contracts.

This is a VERY simplified overview. But you get the picture.

Brookfield generates the energy. Brookfield funds the SAF producers. Government mandates force airlines to buy the SAF fuel.

One company.

The entire supply chain.

Brookfield's $2.1 billion is a bet that airlines will buy SAF.

But the producers need "offtake agreements" — long-term contracts where airlines commit to purchasing the fuel.

Infinium's customers so far:

✅ American Airlines — signed, starting 2026

✅ IAG (owns British Airways, Iberia) — 10-year deal

And Infinium says it's "progressing a number of offtake contracts for the remainder of the plant's capacity."

They need more airline customers.

Who's the largest airline in Canada? The one with the most European routes now under mandatory SAF law?

Let me put this as simply as I can.

One person co-led a $15 billion fund. That fund invested $2.1 billion in two companies that produce sustainable aviation fuel — and owns one of the world's largest renewable energy platforms that those producers need to operate.

Then that person became Prime Minister.

The government's own Aviation Climate Action Plan says ~70% of all aviation fuel by 2050 must be SAF. That same plan admits there's "no meaningful Canadian domestic production."

And it explicitly instructs airlines to "signal demand with offtake agreements" — the exact contracts that generate revenue for the companies his fund invested in.

He now controls the federal budget that funds SAF mandates. He sets aviation climate policy. He appoints the regulators.

And remember what Rousseau wrote in his own corporate filing?

That Air Canada could face "potential pressure from investors, activist groups or other stakeholders" and "adverse publicity" resulting in "reputational harm or other adverse effects" if they couldn't meet their climate commitments?

He put that in writing. Then it happened. Word for word.

"But he has an ethics screen," you'll hear.

The screen covers 103 companies. Brookfield owns approximately 2,000.

That's 5%. 95% of Brookfield-owned companies are NOT included.

The person who co-administers the screen — Privy Council Clerk Michael Sabia — held Brookfield shares HIMSELF until September 2025.

He doesn't even have the list of investments that determine Carney's carried interest payout.

Ethics Committee report even states: "It is clear Mr. Carney's future compensation is tied to the success of Brookfield."

So a little recap:

Carney co-led and holds carried interest in a $15 billion fund.

That fund invested $2.1 billion across two companies that produce sustainable aviation fuel. It also owns the renewable energy infrastructure those companies need to operate.

The government's own Aviation Climate Action Plan says SAF is the dominant decarbonization pathway — 46.5% of all reductions, ~70% of fuel by 2050.

That same plan tells airlines to "signal demand with offtake agreements."

And Carney is now the Prime Minister — with control over the federal budget, aviation climate policy, and SAF mandates.

Here's something most Canadians don't know.

Carney tested this system in the UK first.

As Governor of the Bank of England (2013-2020), he made the UK the first country to implement climate stress tests for banks — using the TCFD rules he created at the FSB.

The UK then launched its "Jet Zero" strategy and became one of the first countries to legislate a mandatory SAF mandate:

2% from January 2025, rising to 10% by 2030, and 22% by 2040.

And who's buying the SAF in the UK?

IAG — the parent company of British Airways — signed a 10-year offtake deal with Infinium. The same Infinium that Brookfield invested $1.1B in. Through the same fund Carney profits from.

The UK was the pilot. Canada is the rollout.

But with one difference: in the UK, Carney built the framework as a central banker and left. In Canada, he built the framework, invested $2.1B in SAF through Brookfield, and then became the PM who controls the budget and regulations that force airlines to buy it.

Every link below is documented:

1️⃣ Carney co-led and holds carried interest in Brookfield's $15B Transition Fund

2️⃣ That fund invested $2.1B across two SAF producers — Infinium ($1.1B) and LanzaTech ($1B)

3️⃣ Brookfield Renewable provides the energy those producers need

4️⃣ Canada's Aviation Climate Plan says SAF = 46.5% of all reductions needed, ~70% of fuel by 2050

5️⃣ The plan admits "no meaningful Canadian domestic production of SAF" exists

6️⃣ The plan tells airlines to "signal demand with offtake agreements"

7️⃣ EU mandates SAF on Air Canada's European routes (Jan 2025)

8️⃣ BC mandates SAF domestically (2026). Federal mandate expected.

9️⃣ Air Canada CEO was at 1% SAF and publicly pushing back on costs

🔟 Carney becomes PM — controls budget and aviation regulation

1️⃣1️⃣ Carney publicly pressures the CEO (March 2026)

1️⃣2️⃣ CEO retires. Replacement criteria narrow the field.

I'm not alleging a crime. I'm not a journalist, a lawyer, or a politician.

I'm a Canadian who read the public filings, watched the parliamentary testimony, pulled the government's own aviation plan, and connected what nobody in the media has bothered to connect.

A Prime Minister who holds a personal financial stake in a $2.1 billion aviation fuel investment publicly pressured out the one airline CEO who was warning — in writing, in a legal document — that the economics don't work yet.

That's not a theory. That's a timeline of publicly documented facts.

Every number in this thread comes from Air Canada press releases, Brookfield corporate filings, sworn parliamentary testimony, the government's own Aviation Climate Action Plan, or verified reporting. Every screenshot is from a primary source.

I didn't have to file a freedom of information request for any of this. It was all sitting in the open.

No one has put this together (publicly) until now.

Michael Rousseau served Air Canada for nearly 20 years.

He joined in 2007. He was MONTHS away from hitting his 20th anniversary.

In that time, he kept the airline solvent through the worst financial crisis since the Depression, rebuilt it from a pandemic that grounded air travel globally, delivered record revenue, turned the pension from a $3.7 BILLION deficit into a $2.6 billion surplus, brought Aeroplan back in-house, and was elected Chair of the Star Alliance CEO Board.

His reward? Out the door over two French words in a condolence video — at the exact moment when the government is mandating the fuel that a fund the PM profits from has $2.1 billion invested in producing.

I'm not telling you what to think.

I'm showing you what's in the public record and asking: is the French video the whole story?

This is Part 2 of the federal capital series.

Part 1 (yesterday): $35.8M in taxpayer money → PM's wife's advisory network

Part 2 (today): $2.1B in SAF investments, Air Canada, and the PM's carried interest

But there's a much bigger question I haven't answered yet:

How did ONE PERSON end up in a position where he writes the global financial rules, profits from the transition those rules create, AND controls the government that enforces them?

That's Part 3. The full path. From the Bank of Canada to the Vatican to your tax dollars.

Tomorrow. 🇨🇦

Ok now serious question. I mean I know my answer. But have you ever met anyone more dishonourable?

If you made it to the end, there’s hope for Canada. @JDVance just announced the @TheJusticeDept focus on ending institutional fraud. Do your part and repost as much as you can and keep tagging them!

https://x.com/jdvance/status/2037881016140845525?s=46