Friends of Science Responds to Bank of England Governor’s Visit with Two New Reports on how Climate Change Ideology and Carbon Disclosure Skews Markets

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Friends of Science Society is responding to the climate change-related push for carbon pricing and disclosure by Bank of England Governor Mark Carney with two new reports – “Undue Influence- Markets Skewed” which examines the role of institutional investors and the UN Principles for Responsible Investment and the other, “A Confluence of Carbonbaggers” which looks at carbon markets and their departure from climate science evidence into ideology. Friends of Science Society disputes the insurance and climate change catastrophe claims made by the governor, saying the data does not support these statements.

"Carbon dioxide is not a control knob that can fine tune climate" - Judith Curry, Atmospheric Scientist, Georgia Tech

If Mr. Carney can be so wrong in his assessment of factual climate data, why should we accept his claim that carbon disclosure will help markets?

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Friends of Science Society is responding to the climate change comments of Mark Carney, Governor of the Bank of England, during his recent visit to Canada as reported by CBC News, July 16, 2016 wherein he claimed extreme climate-related events had risen along with insurance rates. Friends of Science says an analysis by Steve Kopits of Princeton Energy Advisors reports Carney's view is “a critical failure of analysis” based on the publicly available US government data, as detailed in Kopits' blog of Oct. 10, 2015, wherein he critiqued earlier similar comments made by Carney to Lloyd’s of London.

“If Mr. Carney can be so wrong in his assessment of factual climate data,” says Michelle Stirling, Communications Manager for Friends of Science, “why should we accept his claim that carbon disclosure will help markets?”

In the July 16, 2016 CBC report, Carney claimed more corporations should publicly report their carbon footprint, so that investors could assess who is “on top of the increasingly critical issue.” Friends of Science say corporations reporting their carbon footprint may instead find themselves on an investor black-list, saying their recent report “Undue Influence-Markets Skewed” follows the money on that issue. A second recent report “A Confluence of Carbonbaggers” shows how carbon markets have departed from climate science evidence and moved into ideology. In both, the role of foundations funding environmental groups are a factor in skewing energy and resource markets and compromising corporate core business.

Friends of Science notes that many Canadian environmental groups are funded by foreign foundations, creating a kind of green trade war, as reported by Vivian Krause in Alberta Oil Magazine, July 2, 2014 and supported by the July 20, 2014 US Senate Minority report entitled:“The Chain of Environmental Command: How a Club of Billionaires and Their Foundations Control the Environmental Movement and Obama’s EPA.”

“In the late 1950’s, the Reece Committee examined how large philanthropic foundations and trusts could become a risk to society,” says Stirling, referring to the book “Foundations: Their Power and Influence” by Rene A. Wormser. ”They found these groups could be dangerous as they have vast sums of money, exceptional powers, are unelected and virtually unaccountable, and can sway public opinion. Their climate crisis claims are not supported by the evidence.”

Friends of Science Society hold the view that the sun is the main direct and indirect driver of climate change. Carbon dioxide from human industry has only a nominal effect on climate.

Friends of Science has spent a decade reviewing a broad spectrum of literature on climate change and have concluded the sun is the main driver of climate change, not carbon dioxide (CO2). Friends of Science is made up of a growing group of earth, atmospheric and solar scientists, engineers, and citizens.
Friends of Science Society
P.O. Box 23167, Mission P.O.
Calgary, Alberta
Canada T2S 3B1
Toll-free Telephone: 1-888-789-9597
E-mail: contact(at)friendsofscience(dot)org

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Michelle Stirling
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