Environment, social, governance (ESG) investing threatens to crater the global financial system according to a former Wall Street analyst, says Friends of Science Society, referencing Paul Tice's book. Mark Carney, architect of GFANZ and shepherd of much of the financial systems' focus on Net Zero, pushes for climate-aligned finance in Canada, a policy Tice claims will lead to societal disaster.
CALGARY, AB, Oct. 4, 2024 /PRNewswire-PRWeb/ -- In an op-ed published in The Hill on Sept. 28, 2024, former Wall Street analyst, Paul Tice, advises "Where Europe Leads on Climate, the United States Should Not Follow," a view supported by Friends of Science Society. By contrast, in Canada, Mark Carney, former governor of the Bank of England and Bank of Canada, and UN Special Envoy on Climate Action and Finance, is pushing for climate-aligned finance, claiming Canada to be a 'laggard' to the EU in this regard. In Mark Carney's May 8, 2024, testimony to the Canadian Senate hearings on a bill to advance 'climate-aligned finance' he argued that the energy 'transition risk' is as much a challenge as that of climate risk. Carney claims Canada will be left behind as the rest of the world goes clean and green.
However, the latest International Energy Agency World Energy Investment Report shows there is no transition in progress over the past 9 years since the Paris Agreement, says Friends of Science Society.
According to that report, over the period 2015 to 2024 the countries of the world invested:
USD 25.4 trillion on energy
USD 11.1 trillion on fossil fuels (i.e. oil, natural gas and coal)
USD 14.3 trillion on all non-fossil fuel energy sources (which the IEA calls "clean energy")
USD 4.9 trillion on renewable energy (i.e. wind, solar and biomass)
Yet fossil fuels continue to supply 81% of global primary energy demand and renewable energy supplies only 7% of global primary energy demand and most of that is met by biomass.
Despite the efforts of many governments to dampen investment in fossil fuels, in 2024 it totalled USD 1,116 billion, slightly below what it was in 2016 (USD 1,145 billion).
While Mark Carney's Senate testimony argues for Bill S-243, climate-aligned finance, through which the financial community must throttle investment to the conventional energy sector, force climate disclosures and Scope 1, 2, 3, reporting, Paul Tice's report argues that such policies will create a real systemic risk citing Germany's disastrous decline as a warning. "Since embarking on its Climate Action Plan 2050 in 2016, Germany, the largest economy in Europe, has gone from the growth engine of the E.U. bloc to the "sick man of Europe." Climate-driven energy policy has led to a downward spiral of deindustrialization and degrowth."
In Paul Tice's book, "The Race to Zero: How ESG will Crater the Global Financial System," he denounces the UNPRI and World Economic Forum (WEF) as influencing governments on ESG, Net Zero, climate reporting, and climate catastrophe ideology which he says is skewing and manipulating investment markets. This is similar to the Friends of Science Society's conclusion in its 2016 report "Undue Influence – Markets Skewed." The companion video to that report noted that Mark Carney's Sept. 29, 2015 speech, "Breaking the Tragedy of the Horizon" to Lloyd's of London, was fact-checked and found to be a 'failure of analysis' – according to Steve Kopits of Princeton Energy Advisors, published at the time on Watts Up With That?
Friends of Science Society published "Getting to Net Zero," an analysis of the plans of the Canadian Energy Regulator and the Canadian Centre for Policy Alternatives. The upshot is that Net Zero efforts will cause degrowth, deindustrialization and energy deprivation for citizens. A video explainer shows that tax-subsidized environmental 'charities' are influencing climate policy outside democratic norms.
Paul Tice calls for Wall Street to resist the climate encroachments, take on climate activist groups, and create an exit strategy from the Net Zero 2030 climate ideology. He notes that "Defunding and defrocking these activist groups would do much to relieve the ESG pressure on Wall Street."
About
Friends of Science Society is an independent group of earth, atmospheric and solar scientists, engineers, and citizens that is celebrating its 22nd 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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SOURCE Friends of Science Society
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