Mark Carney testified to the
Canadian Senate claiming Canada
risks $5.5 trillion in climate damage
if it doesn't align climate finance with other nations, says
Friends of Science Society. A new report by Robert Lyman, former federal public servant and
diplomat, and a report from the Parliamentary Budget Officer show
that Mr. Carney has the claims and consequences backwards.
CALGARY,
AB, May 21, 2024 /PRNewswire-PRWeb/ -- On
May 08,2024, UN Climate Envoy,
Mark Carney told the Canadian
Senate that Canada risked climate
damages of $5.5 trillion in the
future if it fails to act on climate finance legislation, says
Friends of Science. Carney was referring to legislation sponsored
by Senator Rosa Galvez, prepared by
the Institute for Sustainable Finance, which uses an implausible
scenario (RCP8.5) as a business-as-usual case. Friends of Science
says this means the climate damage is a case of bad math; the real
damage to Canada would be if the
country tried to meet climate targets or if it adopts the Senator
Galvez bill (S-243).
Mark Carney
advocated for "Contracts for Difference" (CfD) for Canada. Robert
Lyman's report "Turning Taxpayers Into Risk Takers:
Contracts for Difference – the Eternal Subsidy" shows that while
CfDs "de-risk" investments in "clean" projects, it simply dumps the
risk onto taxpayers.
Robert Lyman, former federal
public servant of 27 years and diplomat of 10 years, a retired
energy economist, published an op-ed in the Financial Post on
May 15, 2024, showing that "Getting
to Net Zero will Cost Canada Several Fortunes." He writes: "In 2022
RBC estimated it would be about $2
trillion. That year's federal budget projected that reaching
net zero would require investments ranging from $125 billion to $140
billion per year every year until 2050 — somewhere between
$3.4 trillion and $5.2 trillion in total."
Lyman goes on to put these numbers in context: "How big are
these numbers? Canada's GDP was
just over $2.1 trillion in 2022, so
the range of estimates to attain net-zero is between one and
two-and-a-half years of Canada's
entire income. Two trillion dollars
is $50,000 for every one of
Canada's 40 million current
residents, or about $118,000 for
every household. If you were to spend $40 per second, it would take you 1,584 years to
spend $2 trillion and 4,118 years to
spend $5.2 trillion."
Robert Lyman's report "What are
Climate Policies Costing Canada?" goes into more detail.
Carney also advocated for a "Contracts for Difference" (CfD)
climate policy for Canada.
Robert Lyman's report "Turning
Taxpayers Into Risk Takers: Contracts for Difference – the Eternal
Subsidy" shows that while CfDs could be used to "de-risk"
investments in "clean" projects, it simply dumps the risk onto
taxpayers.
Mark Carney mentioned RBC's
transition analysis in his Senate presentation.
Friends of Science Society's team of Professional Engineers did
an analysis of RBC's plan in 2022 and found the bank had severely
underestimated the costs of getting to NetZero. RBC's estimate of
the cost to go net zero on the electrical grid with wind and solar
backed up with batteries is $5.4
billion which includes $3.6
billion for batteries. Friends of Science Society says just
for the batteries to back up wind and solar power the cost would
scale up to about $4 trillion for all
of Canada.
Friends of Science says unfortunately even the Office of the
Superintendent of Financial Institutions in Canada is climate-addled and also uses the
implausible scenario RCP 8.5 in its climate risk scenarios. A
Western Standard op-ed of May 13,
2024, points out the stark difference in the climate-alarmed
astrologers in the banking industry who use economic models to
assess wildfire and flooding (which are extreme weather events, not
examples of climate change), versus the scientific perspective of
people like Dr. Judith Curry who
relies on verifiable data from multiple natural and human-caused
factors.
Dr. Curry's presentation "Climate Risk and Uncertainty" for the
Global Warming Policy Foundation, shows that climate is a 'wicked'
problem that can't be solved by simplistic solutions like cutting
emissions or going net zero.
An analysis of "Getting to Net Zero," written by Ian Cameron, P. Eng., and Director of Friends of
Science Society, looks at the Canadian Energy Regulator reports on
net zero action, versus a report by the left-leaning Canadian
Centre for Policy Alternatives (CCPA). Cameron concludes that
fulfilling their government's net zero agenda will entail a quarter
century of evermore energy and economic deprivation. This video
explainer details the challenges.
Friends of Science Society's president, Ron Davison, P. Eng., wrote a plain language
assessment of the Nov. 2022
Parliamentary Budget Officer's report on GHG Emissions and GDP. He
writes: "Canada's Parliamentary
Budget Office just confirmed that continued greenhouse gas
emissions will reduce our GDP growth by just 6.6% over the next 80
years (National Post, December 7th,
2022). So, instead of growing 378.0%, we will only grow by
371.4%. That equates to a GDP savings that is only $140 billion less than the do-nothing case."
In other words, far from $5.5
trillion in damage that the Senator Galvez sponsored report
claims. It appears that the implausible RCP 8.5 scenario is being
used by the financial community to create a climate emergency that
only exists on paper, says Friends of Science.
About
Friends of Science Society is an independent group of earth,
atmospheric and solar scientists, engineers, and citizens that is
celebrating its 21st 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