As the Covid-19 pandemic closes in on its zenith with the forthcoming vaccine(s) to immunize us, most are hoping it will allow a return to a normal life but don’t count on it! It seems when we read an MSM article about the pandemic they frequently mention the next major upcoming global pandemic is the “climate change crisis”. If we don’t reduce our emissions the planet will die and mankind will be doomed! The hope, we are told by many, is to choose one of the plans proposed by those ENGO surviving with the tax dollars they receive or the philanthropy of billionaires like the Bloomberg’s, Bezos’s or George Soros’s of the world.
It is becoming evident the influences of the billionaires and the cash they hand out to ENGO pushing their agenda is gaining much traction with not only politicians but financial institutions such as Canada’s largest bank; the RBC. The RBC recently launched their “Climate Blueprint” (3 pages) and on October 7, 2020 put out a YouTube video to tell the world they will “Increase our sourcing of electricity from renewable and non-emitting sources to 100% by 2025”. One wonders; will they put solar panels on their 1209 branches and install batteries to back them up? Supplying ATMs with renewable energy will also be tricky and expensive and those additional costs will result in an increase in bank fees. Will Brinks be required to use EV trucks to deliver cash to their branches and ATMS?
RBC’s three page “Climate Blueprint” includes a message from their CEO, David McKay promising: “$100 billion in sustainable financing by 2025.” The “$100 billion” would represent approximately 16% of their total loan portfolio as of October 31, 2019 and 51% of their wholesale loan portfolio. The “Blueprint” highlights nine (9) organizations RBC “partner with” which are: UNEP Finance Initiative, the PRI (Principles for Responsible Investment), The Green Bond Principles, TCFD (Task Force on Climate-Related Financial Disclosures) CDP (a not-for-profit charity), CPLC (Carbon Pricing Leadership Coalition), Smart Prosperity, the Business Renewable Centre and the Climate Bonds Initiative (CBI).
It appears the CPLC was created at the COP 21 Paris Accord in 2015 and a picture on their website indicates a strong Canadian presence with at least four Premiers, the Federal Minister of the Environment and Climate Change and Glen Murray, then Ontario’s Minister of the Environment and Climate Change in the picture.
The Climate Bond Initiative’s (CBI) purpose is summed up as “a hugely ambitious agenda to mobilize bond markets for climate change solutions.” The CBI was a UK creation and has a large Advisory Panel from many countries but only one is from Canada. That individual is Cynthia Williams the Osler Chair in Business Law, Osgoode Hall Law School for the Canada Climate Law Initiative. The latter is out of the University of British Columbia and York University. Williams authored and in September 2020 released a report titled: “Troubling Incrementalism’: Is the Canadian Pension Plan Fund Doing Enough to Advance the Transition to a Low-carbon Economy?“.
Williams report is sprinkled with words we continue to hear from other lawyers such as Stewart Elgie of Smart Prosperity including; “Building Back Better, ESG, zero emissions by 2050, circular economy as well as wind and solar energy”! Needless to say, MS. Williams is critical of CPP stating; “CPP Investment’s actions could have the effect of contributing to Canada’s failure to meet its international and domestic commitments to transition to a low-carbon economy.” After itemizing some of CPPI’s investment of approximately $10/12 billion (about 3% of total assets) made in the oil and gas sector Williams states the following in a Summary: “There is much of concern in this pattern of investments from a climate change perspective. These are all investments in expanding fossil fuel technologies and producing more oil and gas at a time when every scientifically credible analysis shows the world needs to be transitioning away from oil and gas.”
It seems in the minds of someone with a law degree and operating in the public sector, they are also blessed with talents in both science and economics but fail to examine opposing scientific analysis. As a lawyer one would assume Williams is mindful, in a court of law there are both the plaintiff and the defendant! Her opinion is judgmental suggesting we defendants have no “scientifically credible analysis”!
Williams was paid $171,501 by York University in 2019. She presumably has an indexed government pension plan that will reward her nicely when she retires. To top that off her pension is taxpayer guaranteed in the event her plan is unable to meet its commitments! Despite her presumably knowing that, she thinks CPP investments, whose maximum payout to millions of Canadians is $14,110 annually should only be invested in zero emission companies in a “circular economy”! The hypocrisy of those pushing the net-zero emissions economy is mind blowing and indicates they truly believe they are the “elites” of our society!