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.
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.
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).
Friends of Science Society
PO Box 61172 RPO Kensington
Calgary AB T2N 4S6
Canada
Toll-free Telephone: 1-888-789-9597
Web: friendsofscience.org
E-mail: contact(at)friendsofscience(dot)org
Web: climatechange101.ca
Media Contact
Michelle Stirling, Friends of
Science Society, 8887899597, media@friendsofscience.org,
https://friendsofscience.org/
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SOURCE Friends of Science Society