Part 1 · The TIER Files
The Billion-Dollar Detour
Part 1 of The TIER Files. Four years of audited statements show Alberta's industrial carbon fund sent $1.85 to general revenue for every dollar it granted to emissions reduction.
The Sense of Nonsense
Stories and analysis from within the nonsense
An engineer writing within the water-energy-food nexus, primarily about the distance between what the public is told about carbon accounting and what is actually happening in the ledgers, filings, and regulatory systems that define it.
The TIER Files
Part 2 · The TIER Files
The Eight-Million-Dollar Regulator
Part 2 of The TIER Files. The provincial branch regulating a multi-billion-dollar carbon market runs on less than the interest income of the agency holding the grant money.
Part 3 · The TIER Files
The Climate Fund That Became a Bank
Part 3 of The TIER Files. ERA's GIC ladder runs to 2027, its interest income topped half its grant revenue, and the province wrote a clawback clause that says everything.
Part 4 · The TIER Files
The Float
Part 4 of The TIER Files. Sixteen years of statements show roughly 55 to 60 cents of every committed dollar has ever reached a project, and the headline number quietly absorbs its own failures.