Pension Fund Giants Called out on Material Changes to Climate Science and Inadequate Disclosure

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Eight of Canada’s pension giants recently issued an open letter calling for a green recovery to address climate change. Friends of Science Society challenges their letter showing climate science understanding has materially changed and these funds may be inadequately disclosing that many green industries only exist due to government subsidies; taxpayers are broke.

"Much of climate research is focused on implausible scenarios of the future but implementing a course correction will be difficult”. Pielke, Jr. continues, saying “Evidence is now undeniable that the basis for a significant amount of research has become untethered from the real world.”

The November 25, 2020, call by eight of Canada’s pension giants for a ‘green COVID-19 recovery’ is being challenged by Friends of Science Society in an open letter of Dec. 2, 2020, that states climate change science understanding has materially changed. While the pension funds, like many investors, call for corporations to move to an ESG and climate risk reporting system, Friends of Science Society says there is inadequate disclosure by green industries and investors of the fact that government policy and subsidies are the only reason those industries exist. Since taxpayers are now burdened with government debt and many are bankrupt, demanding more such ‘green crony capitalism’ is an insult to the ordinary working person, says Friends of Science Society.

As Roger Pielke, Jr. has recently shown in a Nov. 30, 2020 post, citing peer-reviewed studies, climate change science is based on outdated concepts and wildly exaggerated computer simulations that are inappropriate for setting climate policy.

Pielke, Jr. writes, “Much of climate research is focused on implausible scenarios of the future but implementing a course correction will be difficult”. Pielke, Jr. continues, saying “Evidence is now undeniable that the basis for a significant amount of research has become untethered from the real world.”

In other words, there are material changes to climate science, carbon budgets, and global warming projections, says Friends of Science. There is no imminent catastrophe. More due diligence is required on policies like NetZero 2050. In fact, there is no need for net zero CO2 emission policies.

Full electrification of a society would put it at risk of total collapse in the event of a Coronal Mass Ejection (CME) like the Carrington Event or a modern-day warfare electro-magnetic pulse (EMP). NetZero 2050 policies create a national security risk.

Friends of Science Society’s open letter also expresses concern that a bevy of economists at the Bank of Canada and the broader banking community through the “Network for Greening the Financial System” are busy trying to forecast climate risks – something that experienced scientists say that for even a semi-accurate 10 year forecast, one would need computing time that is the Age of the Universe squared (100,000,000,000,000,000,000 years). More than 900 scientists and scholars of CLINTEL, the international climate intelligence organization based in Holland, say there is no climate emergency, carbon dioxide is not the main driver of climate change, natural forces are, and we do have time to address climate and environment issues arising from human industrial activity.

Friends of Science Society questions why would pension funds then demand climate risk disclosures from companies when neither the pension funds nor the corporations have such scientific expertise, and they are not more prescient?

A fundamental reason for this lag in climate science understanding is due to decades of climate activists forcing their opinions on the public and policymakers while delegitimizing anyone who dares question as a ‘denier’. This subject will be addressed by Donna Laframboise on Dec. 8, 2020 at 7PM MST in a virtual Friends of Science online event: “Climate Activism: Undermining Free Speech, Free Thought, and Free Choice”. Donna is a journalist and former vice president of the Canadian Civil Liberties Association. Tickets and more detailed information online.

About
Friends of Science Society is an independent group of earth, atmospheric and solar scientists, engineers, and citizens that is celebrating its 18th 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
@FriendsOScience
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