Central bankers via the Network for Greening the Financial System (NGFS) are skewing markets through exaggerated climate risk models says Friends of Science Society. Efforts to debunk the CLINTEL World Climate Declaration that "there's no climate emergency and we do have time" show media 'fact-checker' bias and journalists' ignorance of climate science complexities.
CALGARY, Alberta, Sept. 15, 2022 /PRNewswire-PRWeb/ -- The Network for Greening the Financial System (NGFS) is an influential collaboration of central bankers, that is misusing climate scenarios and exaggerating climate risks, says Friends of Science Society, pointing out that this unfavorably skews markets, investments, and public policies on climate and carbon taxes, exacerbating the energy crisis.
A recent analysis of NGFS scenarios by Roger Pielke, Jr. shows that the group of bankers has chosen research that represents the most extreme damages, and employs the scenario known as RCP 8.5, known by climate scientists to be implausible. The RCPs refer to "Representative Concentration Pathways" of the potential warming impact of different carbon dioxide concentrations in the atmosphere. Pielke, Jr. and Ritchie explain "How Climate Scenarios Lost Touch with Reality." Climate policies like carbon taxes and net zero targets are driven by these outdated scenarios.
Even the Intergovernmental Panel on Climate Change (IPCC) sees the RCP 8.5 high emissions scenarios as unlikely. Pielke, Jr. is a longtime climate policy analyst and has worked on weather related damage and loss assessment with the insurance industry for decades.
In May of 2021, Pielke, Jr. had an article in the Financial Times which similarly criticized the European Central Bank for using these outdated climate scenarios. As subtitled, he wrote "It is prudent to test the eurozone's resilience, but not if the underlying assumptions are wrong."
Friends of Science Society says the source of the claims of a 'climate emergency' or 'climate crisis' stem from the misuse of the RCP 8.5 scenario. Without RCP 8.5, there is no climate emergency and no need for urgent 'net zero' targets. Friends of Science has issued several open letters to the Bank of Canada, alerting them to the problem of employing such outdated and implausible material to presume to 'calculate climate risk' decades from today. These outdated scenarios drastically affect climate risk assessments.
Friends of Science Society questions the propriety of the banking community tinkering with climate science at all. It is one of the most complex, multi-dimensional, interdisciplinary areas of science, encapsulated in this visualization by complex systems expert Henri Masson.
It would make more sense for the Bank of Canada to stay in its wheelhouse of economic matters, says Friends of Science. There, Bank of Canada could be constructively influential on the global stage in addressing the green trade war against Canadian resources. On Oct. 13, 2019, as reported in The Guardian, World Economic Forum trustee and former Bank of Canada governor Mark Carney threatened to bankrupt firms not complying with climate change dogma, which stems from the outdated science and implausible scenarios, Roger Pielke, Jr. has denounced.
Bank of Canada has yet to notice the foreign-funded/strategized Tar Sands Campaign against the Alberta oil sands, says Friends of Science in a recent video. Had there not been a ~20 year-long Tar Sands Campaign, the world would not presently be facing such an energy crisis and Canada would not be in debt. "Tar Sands" economic and reputational saboteurs have blocked most Canadian oil pipelines and LNG port projects that would have provided access to world markets.
Agence France Press (AFP) has issued an alleged 'fact-check' filled with inaccuracies, assessing an August 18, 2022 story in The Daily Skeptic about the 1200 scientists of CLINTEL who state there is no climate emergency, says Friends of Science Society. AFP recycles old Climate Feedback nonsense about CLINTEL's earlier letter to the UN, then signed by 500 scientists. That Climate Feedback 'fact-check' was soundly debunked in November of 2019 by Friends of Science Society.
CLINTEL's World Climate Declaration affirms there has been nominal warming due to human influence, but insists complex natural factors are more influential on climate change. Friends of Science says the IPCC AR6 Working Group I report (Physical Sciences) only uses the word 'crisis' once in reference to media coverage. Therefore, CLINTEL is correct to state there is no climate emergency and the AFP as well as the NGFS are wrong to promote climate catastrophe dogma.
Magical Thinking and economically destructive Net Zero targets are unnecessary; we do have time, says Friends of Science Society.
About
Friends of Science Society is an independent group of earth, atmospheric and solar scientists, engineers, and citizens that is celebrating its 20th 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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