Task Force on Climate Disclosure Recommendations puts Canadian Economic Sovereignty at Risk says Friends of Science in Letter to Securities Commission

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In a letter to the Ontario Securities Commission, Friends of Science Society challenge the claims of the UNPRI and Task Force on Climate Disclosure Recommendations, saying these will put Canada’s economic sovereignty at risk. Despite TD Bank and Royal Bank reportedly agreeing to the Task Force recommendations, Friends of Science Society says the premise is based on false and misleading interpretations of climate science.

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

The Task Force on Climate Disclosure Recommendations will put Canada’s economic sovereignty at risk, and they are based on false and misleading interpretations of climate science.

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In a letter to the Ontario Securities Commission, sent Aug. 29, 2017, Friends of Science challenges the claims of the UN Principles for Responsible Investment (UNPRI) in correspondence of Aug. 3, 2017, to the Ontario Securities Commission on the Task Force on Climate Disclosure recommendations, saying these proposals will put Canada’s economic sovereignty at risk, and that they are based on false and misleading interpretations of climate science.

The Task Force on Climate Disclosure (TFCD) recommendations positions fossil fuels as potential ‘stranded assets’ that would lose their value if the world succeeds in moving to a low-carbon society. Friends of Science Society says this is a ludicrous proposition in the absence of any equivalent energy replacement for coal, oil and natural gas.

An example of the energy differential is provided by IEEE Spectrum article of Jan. 1, 2007 which asks what would be required to replace one cubic mile of oil – the world presently uses 3 Cubic Miles of Oil Equivalent (CMO) energy each year; one of which is oil.

The TFCD claim that banks lending to oil, gas and coal companies are putting themselves and their shareholders at risk of losses ‘in a carbon constrained world.’

Though the National Observer reported on Aug. 28, 2017, that TD Bank and Royal Bank will both ‘dive into international climate change risk reporting’ it is unclear what, if any, authority the UNPRI has in this regard. The National Observer also indicated a potential for legal liability for those parties that do not comply, citing a Koskie Minsky report of Sept 2015. Friends of Science have issued two reports rebutting the Koskie Minsky document. Friends of Science have asked the Ontario Securities Commission to look into potential self-dealing.

The Intergovernmental Panel on Climate Change definition of climate change includes natural and human factors. Atmospheric scientist Judith Curry testified to the US Senate on Obama’s Climate Plan on Jan. 16, 2014 that: “…attempts to modify the climate through reducing CO2 emissions may turn out to be futile…. CO2 is not a control knob on climate variability on decadal time scales…natural factors… will continue to be sources of unpredictable climate surprises.”

Friends of Science Society question the propriety and undue influence of the UNPRI having signatories sign pledges to lobby governments and corporations to be compliant with faulty science as reported in the UNPRI 2016 Annual Report.

Canada is a country rich in fossil fuels and natural resources; the TFCD puts Canada’s economic sovereignty at risk, says Friends of Science. Private funds are not signatory to the UNPRI, so any divestment or drop in share price simply gives away valuable Canadian resources at a ‘vulture investor’ price.

About
Friends of Science Society is an independent group of earth, atmospheric and solar scientists, engineers, and citizens, celebrating its 15th 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).

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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