Bank of Canada Governor Urged to Investigate Tar Sands Campaign and Climate Risk Trade War Against Canada says Friends of Science Society

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In response to Bank of Canada Governor Steve Poloz’ stated fears of ‘fire sales’ and market upheavals due to so-called ‘stranded carbon assets’ in oil, gas and oil sands, Friends of Science Society is calling on him to open an investigation into the Tar Sands Campaign and climate risk trade war against Canada. They note there is an absence of fear of stranded assets in competitor nations; Canada appears to have been set up for vulture investors.

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

Globally the demand for oil grows; only Canada is blocked from market by its own climate policies, many of them due to Tar Sands Campaign/ENGO activism, and Canada's adherence to the lofty, unattainable GHG reduction goals of the non-binding Paris Agreement.

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In response to a May 16, 2019 report in the National Observer, wherein Bank of Canada Governor Steve Poloz expressed fears of a ‘fire sale’ of stranded ‘carbon assets’ and market upheaval in Canada’s oil sector, Friends of Science Society urge the governor to open an investigation into the "Tar Sands Campaign" as a part of a trade war against Canada, and an integral part of creating global ‘climate hysteria’ to serve vested interests in renewables, carbon pricing and global cap and trade.

A Friends of Science post of May 19, 2019, entitled “Debunking Markham Hislop on Tar Sands Campaign” details this perspective.

In the Bank of Canada’s reports on “Sustainable Finance,” Friends of Science notes there appears to have been no due diligence done on the likelihood that Canada could meet Paris targets. According to Robert Lyman, former senior Canadian policy adviser on Kyoto and GHG reduction policies, these targets are unattainable without the almost complete destruction of the Canadian economy, as detailed in his presentation “Can Canada Survive Climate Change Policy?”

Furthermore, meeting Canada’s goals would have no impact on global emissions, as detailed in the report “Futile Folly: Canada’s Climate Policy Goals in the Global Context.” Globally the demand for oil grows; only Canada is blocked from market by its own climate policies, many of them due to Tar Sands Campaign/ENGO activism, and Canada's adherence to the lofty, unattainable GHG reduction goals of the non-binding Paris Agreement.

Friends of Science Society notes that the Bank of Canada Expert Panel on Sustainable Finance reference Canadian Climate Change Data Portal which is using the projections, known as Representative Concentration Pathway - RCP 4.5 and 8.5, for their analysis. (LINK: canadaccdp.ca/ See:“About”)

Climate scientist Dr. Judith Curry stated in an interview with filmmaker Marijn Poels that RCP 8.5 is completely unrealistic and should be ‘thrown out the window.’ (at 4:37 in video) She states that there is an ‘uncertainty monster’ surrounding forward climate change predictions because of the numerous unknown and unpredictable, large natural forces at play, such as solar cycles, volcanic eruptions and cyclical changes in oceans and atmospheric oscillations. Friends of Science ask Governor Poloz how can non-experts like corporate boards be expected to predict something that climate experts say is impossible?

In the 2013 UN Climate Panel (IPCC) Working Group I AR5 report (Chapter 9 Box 9.2), it stated there had been a 15-year hiatus in global warming up to 2012, despite a significant rise in carbon dioxide emissions.

Two Friends of Science reports from Jan. 2017, rebut the pension trustee positions of "SHARE" on climate risk and 'denial.'

Friends of Science issued a letter to the Ontario Securities Commission on Aug. 27, 2017 on the issue of the UNPRI demand for climate risk disclosure and risk of vulture investors.

Friends of Science notes that oil producing competitor nations, and Canada's largest trading partner, the US, are not burdening their oil producers or corporations with ‘climate risk’ reporting or carbon tax requirements. As Dr. Curry says in her Jan. 16, 2014 testimony to the US Senate: “Carbon dioxide is not the control knob that can fine tune climate.”

See “Unfriend ENGOs-Befriend Facts”on climate activism against banks and insurers.    
LINK: blog.friendsofscience.org/wp-content/uploads/2018/02/END-THE-CLIMATE-CATASTROPHE-CON-FINAL.pdf

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Friends of Science Society is an independent group of earth, atmospheric and solar scientists, engineers, and citizens who are celebrating its 16th 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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