Green Bubbles about to Burst but Canadian Banking Sector Presses on with NetZero Obsession says Friends of Science Society

As copper reaches $10,000/t, an essential component for all things NetZero, the Canadian banking sector presses on with mandatory climate risk disclosures and a NetZero obsession, says Friends of Science Society. Green bubbles are about to burst; much needed pragmatic voices like Dr. Judith Curry's "Climate Risk and Uncertainty" can break the spell.

CALGARY, AB, May 9, 2024 /PRNewswire-PRWeb/ -- On April 27, 2024, the National Post published an op-ed by Conrad Black, titled "Washing Away the Climate Lunatics – Canada at risk of turning into Europe" which referred to "Europe's NetZero Rebellion," a recent Friends of Science Society event.

On May 02, 2024, Canada's Office of the Superintendent of Financial Institutions (OSFI) ran a webinar explaining its recently mandated climate risk reporting from all the banks and financial institutions as well as the insurers that it oversees, oblivious to the changing public and market mood on NetZero. Dr. Simon Michaux has shown that the material supply chain to reach NetZero does not exist. A recent Canadian report has shown that "Getting to NetZero" means degrowth and poverty for Canadians.

Climate scientist Dr. Judith Curry presented "Climate Uncertainty and Risk" to the Global Warming Policy Foundation, also on May 02, 2024, offering a much more nuanced and pragmatic scientific view of climate change. Curry notes that economic stability and strength are necessary to address climate risk through adaptation. Thoughtful debate, not dogmatic directives make for constructive solutions.

Green bubbles are about to burst, says Friends of Science Society. While the IEA issued an EV Outlook 2024 report in April, filled with much optimism for electric vehicle growth and affordability, at the same time Mining.com reported on April 26, 2024, that copper hit $10,000/ton market price, meaning affordability for all things NetZero becomes impossible.

On May 06, 2024, the Financial Times reported that governments were slapping large taxes on EV's to make up for $110bn in fuel tax shortfall. On April 22, 2024, The Telegraph reported that UK EV car demand had plunged and EVs were being sold at record discounts. Australian science blogger Joanne Nova posted that "Suddenly everyone is backing away from EVs." Dr. Benny Peiser of the Global Warming Policy Foundation of the UK noted in an interview of April 09th, 2024, that without subsidies, NetZero 'solutions' like wind, solar, and EVs face bankruptcy. On May 04, 2024, Le Monde reported that Belgium's ports are drowning under a glut of Chinese EVs, some parked for over a year.

The New York Post reported on Feb. 15, 2024, that big financial players like JP Morgan and Blackrock have left the "Climate 100 Alliance" over various concerns related to ESG losses, risk of legal action over contentions of collusion. Yet in May 2024, Canada's OSFI pressed on with imposing climate risk disclosure, unconcerned that mandatory climate risk reporting, with all institutions using the same template, might create unintended market distortions.

Curiously, OSFI's guidelines are focused on wildfires and flooding, both of which are seasonal occurrences and not particularly related to climate change, says Friends of Science Society. Friends of Science references two plain language commentaries by Roger Pielke, Jr. who cites the Intergovernmental Panel on Climate Change (IPCC).

Roger Pielke, Jr. is a long-time disaster and risk analyst for the insurance industry and well-known climate policy analyst as well.

In What the media won't tell you about wildfires, Pielke, Jr. starts off by stating that "The IPCC has not detected or attributed fire occurrence or area burned to human-caused climate change."

In his post "Unbelievable: US Flood Damage" Pielke, Jr. finds that the data shows "The United States is in fact more resilient to flooding than it has ever been.

He notes: "If you want to explore climate trends, look at climate data not economic loss data. But it does tell us that those promoting trends in economic impacts of floods and other extremes as evidence of human-caused changes in climate are peddling misinformation."

Home owners and communities can prepare for and greatly reduce wildfire season by adopting FireSmart (Canada) or FireWise (USA) recommendations for their respective communities. Friends of Science Society's explainer video discusses the wildfire issues that Kelowna faced last year.

In the recent Basel Core Principles for Banking Supervision, climate risk reporting was recommended, and it included reputational risks. Friends of Science Society suggests that the reputational risks from promoting NetZero nonsense may be far more detrimental to the financial community than climate change impacts.

About
Friends of Science Society is an independent group of earth, atmospheric and solar scientists, engineers, and citizens that is celebrating its 21st year of offering climate science insights. After a thorough review of a broad spectrum of literature on climate change, Friends of Science Society has concluded that the sun is the main driver of climate change, not carbon dioxide (CO2).
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Media Contact

Michelle Stirling, Friends of Science Society, 8887899597, [email protected], https://friendsofscience.org/

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SOURCE Friends of Science Society