#G20 Dabble in Taking Half a Quadrillion from Taxpayers Replete with Failure of Analysis of Climate Change Data by Bank of England, says Friends of Science

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The TaskForce on Climate Related Disclosures (TFCD) report, released just in time for the G20 summit, is based on faulty analysis of climate change data, risk, and uncertainties by a Bank of England official, says Friends of Science Society. According to plans of a previous G20 Finance Ministers’ summit of Feb. 20, 2016, their plan to ‘go green’ would ultimately take half a quadrillion dollars from taxpayers, despite the fact that wind and solar do not reduce carbon dioxide emissions and cannot replace conventional power.

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...an alleged “climate risk” of fossil fuels assets which may become ‘stranded’ –valueless, if society moves to a ‘low-carbon economy’… seems unlikely. IEA reports that the world's energy is supplied by about 80% fossil fuels..only 1.4% by wind and solar.

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As reported in the New York Times of June 29, 2017, the TaskForce on Climate Related Disclosures (TFCD) report was released just in time for the G20 summit, but it is based on faulty analysis of climate change data by Bank of England governor, Mark Carney, says Friends of Science Society. They refer to an Oct. 10, 2015 fact-check by Steve Kopitz on Princeton Energy Advisors' blog of Carney’s much cited Lloyds of London speech. Kopitz called Carney’s catastrophic claims a “failure of analysis.”

As noted by James Delingpole in The Spectator of July 1, 2017, the Bank of England has a fiduciary obligation to assess all risks, such as the risk of investing in businesses like renewables, which are only viable thanks to massive taxpayer subsidies.

In February of 2017, Friends of Science Society issued two reports highly critical of pension funds and institutional investors basing their climate change ‘risk’ obsession on hyperbolic, out-dated climate data and the ineffective COP-21 #ParisAgreement.

The TaskForce claims there is an alleged “climate risk” of holding various fossil fuels assets which may become ‘stranded’ – unable to be exploited – and thus valueless, if society moves to a ‘low-carbon economy.’ This seems unlikely as the International Energy Agency (IEA) reports that the world's energy is supplied by about 80% fossil fuels and only 1.4% by wind and solar. That ratio is not expected to change significantly even by 2050.

As reported by the UNEP on Feb. 27, 2016, the G20 Finance Ministers meeting in Shanghai, planned $90 trillion dollars for ‘green.’ Extrapolating these plans, Ottawa energy policy consultant, Robert Lyman, showed that the G20 ultimately would take half a quadrillion dollars from taxpayers, illustrated in Friends of Science YouTube clip "I'm in the Red and So are You."

Peer-reviewed papers like that of Prof. M.J. Kelly of Cambridge, published May 23, 2016 in MRS Energy and Sustainability, demonstrate that wind and solar do not reduce carbon dioxide emissions and cannot provide suitable power for a modern society.

Friends of Science Society says the TaskForce document’s elaborate methods of greenhouse gas and climate risk reporting open the door for corporate espionage and geopolitical wrangling. This is contrary to UN Charter Principles of equal national sovereignty.

Further, Friends of Science Society says the participants of the TaskForce appear to be parties which are heavily invested in renewables, carbon markets and ‘Green Bonds” – and they should first publicly disclose any vested interests before they demand that others report on an alleged ‘carbon risk,’ founded on failed analysis of publicly available climate data.

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Friends of Science has spent over fourteen years 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
Web: friendsofscience.org
E-mail: contact(at)friendsofscience(dot)org
Web: climatechange101.ca

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Michelle Stirling
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