Mandatory climate-related disclosure reporting kicked in on Jan. 1, 2025, in Canada, a policy which disadvantages Canada-US Trade, says Friends of Science Society. Net Zero climate targets and such mandatory disclosure, favored policies of federal Liberal leadership candidate Mark Carney, are unaffordable and unnecessary according to a new guide-book.
CALGARY, AB, Jan. 30, 2025 /PRNewswire-PRWeb/ -- As reported by the Financial Post on Jan. 30, 2025, Canada's mandatory Net Zero climate-related disclosure reporting (as of Jan. 1, 2025) will disadvantage Canadian business trade with the USA, says Friends of Science Society. The US has not implemented such mandatory standards; their legislation offers 'safe harbour,' which the Canadian regulations do not.
To help make sense of conflicting claims on unaffordable, unnecessary Net Zero targets, Friends of Science Society offers the public a new handy guide-book "Climate and Energy at a Glance" produced in cooperation with the Heartland Institute and Canadians for Sensible Climate Policy.
Friends of Science Society had submitted comments to the Office of the Superintendent of Financial Institutions and the Canadian Securities Administrators showing that Net Zero targets are unattainable. Likewise, the alleged climate emergency is based on the implausible climate research scenario known as RCP 8.5, improperly designated as the 'business-as-usual' case as explained in their report "Between the Implausible and Impossible."
The Scope 1, 2, 3, reporting required by the Canadian Sustainability Standards Board (CSSB) legislation will likely further escalate the "Food Prices Crisis," Friends of Science says. Recent scholarly work by Dr. Sylvain Charlebois (@FoodProfessor) and colleagues have shown that Canada's carbon taxes are raising wholesale food prices.
Friends of Science Society has also been critical of Catherine McKenna's "Integrity Matters" report requiring mandatory climate-risk reporting. The post includes the comments Friends of Science issued to the International Sustainability Standards Board (ISSB), the umbrella body of the CSSB.
Mark Carney and Michael Bloomberg established the [Task Force on Climate-Related Financial Disclosures (TCFD), the impetus behind these standards, in 2015, the year the Paris Agreement was signed. Mark Carney, former UN Climate envoy and bank governor, is now in the federal Liberal leadership race to replace Justin Trudeau; if elected, Carney would become the de facto prime minister of Canada.
Dr. Benny Peiser of the Global Warming Policy Foundation of the UK gave a lecture to the Irish Climate Science Forum and Clintel on Jan. 29, 2025, on "How can eager Governments get off the Net Zero hook?" In April of 2024, Friends of Science Society hosted a presentation by Dr. Peiser on the "Europe's Net Zero Rebellion and the implications for Canada" wherein he noted that Net Zero hands the competitive advantage to China. Politico reported on Jan. 30, 3025 that Europe is now split over green policies.
By contrast, a presentation by Mark Carney, then with Brookfield, at the B20 conference in India in Aug. 2023, indicated that Carney sees Net Zero Transition as the key to global economic growth. This thinking aligns with that of author Jeremy Rifkin, architect of Germany's Third Industrial Revolution per this 2014 Huffington Post article.
There is now an Net Zero energy, degrowth and deindustrialization crisis in Europe, as outlined in "Europe on the Brink."
European industries are [decamping for China or the USA, seeking reliable, inexpensive energy. Europe plans to protect its industries with the Carbon Border Adjustment Mechanism (CBAM), a tariff on incoming emissions intensive products or services.
Canada sees its ever-rising carbon tax as an asset for trade with the European Union, as presented in a speech by Stéphane Dion on June 13, 2024. Mark Carney foresaw Canada as a future 'hub' for Europe's (CBAM) in his May 08, 2024, testimony to the Canadian Senate on climate-aligned finance. Canadians hope that Carney, if elected, will cancel Canada's very unpopular carbon tax. Friends of Science believes that is unlikely as Carney is a champion of CBAM. A carbon tax paid in a foreign country becomes deductible from the CBAM rate of the imported good or service.
In 2023, trade in Canada-EU combined goods and services reached a value of $158.1 billion. U.S. goods and services trade with Canada totaled an estimated $908.9 billion in 2022. Unnecessary and unaffordable climate-related financial disclosure reporting will disadvantage Canada-US trade, 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 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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