ESG is Fully Endorsed by Public Sector Pension Plans

The Beatles song “Revolution” lyrics should be required reading for all the “woke” generation pushing the “net-zero” concept. When discovering something recently it brought to mind the words of that classic!  Pre-chorus 3 even had the following words: “But if you go carrying pictures of Chairman Mao You ain’t going to make it with anyone anyhow“!  

The ESG Revolution

We often discover, after it happens and behind the scenes; bureaucrats (federal, provincial and municipal) support politicians advocating for what they perceive as beneficial to them and do so, without regard for taxpayers obligated to pay the price for their indulgence.

Such was the case when unbeknown to most of us taxpayers those bureaucrats got together via eight publicly supported pension plans  (PPP) and in a press release dated November 25, 2020 united for a cause advocated by the Federal Liberal Party. The cause was their undated agreement to push for ESG (environmental, social and governance) factors when investing our taxpayer dollars (federal and provincial) in any future investments for the benefit of their member’s pensions.

What the foregoing meant was; those “PPP” agreed to impose ESG standards on publicly traded and private companies.  The impact would be on those companies ability to attract PPP as either shareholders or lenders for debt raising via bond issues, etc.  Those public sector pension plans at the time of the signing of the agreement held $1.6 trillion in assets which was close to what Canada’s GDP (gross domestic product) was in 2020 at US $1.57 trillion. A reflection on the power they hold over us lowly taxpayers!  The agreement is not only undated and mind boggling but also not in tune with most taxpayers as to how they should allocate our tax dollars that created their $1.6 trillion value.

The full text of the short but “undated” and compelling agreement follows:

Companies and investors must put sustainability and inclusive growth at the centre of economic recovery

COVID-19 continues to impose a huge toll on our daily lives, impacting families, businesses, public institutions and civil society worldwide. The pandemic and other tragic events of 2020 have revealed pre-existing business strengths and shortcomings with respect to social inequity, including systemic racism and environmental threats.

It is imperative we rebuild our economies in ways that create greater systemic resiliency and inclusive growth. The time to act is now, and each of us has a role to play. We call on companies and investment partners to help drive lasting change by placing sustainability at the centre of their planning, operations and reporting.

As CEOs of Canada’s eight largest pension plan investment managers, representing $1.6 trillion in assets under management, we are committed to creating more sustainable and inclusive growth by integrating environmental, social and governance (ESG) factors into our strategies and investment decisions. It is not only the right thing to do, it is an integral part of our duty to contributors and beneficiaries. Doing this will unlock opportunities and mitigate risks, supporting our mandates to deliver long-term risk-adjusted returns.

To deliver on our mandates, we require increased transparency from companies. How companies identify and address issues such as diversity and inclusion, human capital, board effectiveness and climate change can significantly contribute to value creation or erosion. Companies have an obligation to disclose their material business risks and opportunities to financial markets and should provide financially relevant, comparable and decision-useful information. While we recognize companies face a myriad of disclosure frameworks and requests, it is vital that they report relevant ESG data in a standardized way.

We ask that companies measure and disclose their performance on material, industry-relevant ESG factors by leveraging the Sustainability Accounting Standards Board (SASB) standards and the Task Force on Climate-related Financial Disclosures (TCFD) framework to further standardize ESG-related reporting. While the SASB standards focus broadly on industry-relevant sustainability reporting, the TCFD framework calls for climate-specific disclosures across several reporting pillars (governance, strategy, risk, and metrics and targets). Both are useful to investors and informative to companies working to frame their ESG reporting.

We are confident the ability to successfully address and adapt to these 21st-century business risks and opportunities is a distinguishing feature of great companies. While for many this will require greater ambition than in the past, we believe companies demonstrating ESG-astute practices and disclosure will outperform over the long-term.

For our part, we continue to strengthen our own ESG disclosure and integration practices, and allocate capital to investments best placed to deliver long-term sustainable value creation.

Inspired by this historic opportunity to help confront the most urgent challenges facing our global community, we ask others committed to our vision to join us on this journey towards a more sustainable future.“   

The eight CEOs who signed the agreement represented the following public pension plans:

Alberta Investment Management Corporation, British Columbia Investment Management Corporation, Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, Healthcare of Ontario Pension Plan, Ontario Municipal Employees Retirement System, Ontario Teachers Pension Plan and the Public Sector Pension Investment Board!

The reference to SASB and TCFD in the agreement suggests these two UN inspired creations from a 2004 letter sent by Secretary General Koffi Annan to 50 CEOs of major financial institutions have completely revised the way we have been measuring financial performance over the centuries. It suggests 2 + 2 no longer equals 4!  To pretend companies will become “great” by adopting ESG factors flies in the face of all logic. The “E” (environmental) in ESG is what the Mark Carney, Michael Bloomberg political fans and eco-warriors have focused on and if the punishment of the middle and lower classes continues under their direction and the politicians they have influenced, we should expect:

As the Beatles opined “You say you want a revolution”!

NB: The Washington based “Institute for Pension Fund Integrity” in a report concluded: “Although there are over $20 trillion in ESG assets under management, it lacks a standardized definition under which all firms can unite and under which regulators can address legitimate concerns.“  

Mandate Letters from PM Justin Trudeau has Canada Targeted for a “Net-Zero” Economy”

Back in June 2020 an article posted on Canadians for Affordable Energy titled,How best to shut down the Canadian Economy? It’s Complicated!” highlighted emissions reductions via the push for high carbon taxes versus government funding (grants) for building retrofits, purchase of EVs (electric vehicles), transit system electrification, etc. etc. along with regulations to achieve the objectives. My view was to oppose those suggestions as either would cause irreparable harm to Canada’s economy.

Fast forward to the recent election which gave the Trudeau led government a minority, but he acts as if he had received a majority. It is therefore no surprise, both of the above methods of going “green”; with the net-zero” emission target, is now firmly entrenched!  Trudeau and his large contingent went to COP26 in Glasgow and committed Canada to reduce emissions by 45% by 2030 and 100% by 2050. That suggests he may have cut a deal for support from the NDP before he left or his puppeteers wrote his script.  He sits as Canada’s Prime Minister and recently issued “mandate letters” to his newly appointed cabinet ministers in addition to: President of the Treasury Board, President of the Queen’s Privy Council and Leader of the Government House of Commons.

Each of the thirty-eight (38) letters he issued contained the following paragraph indicating he, or his puppeteers, are confident we will build that “cleaner, greener future”:

The science is clear. Canadians have been clear. We must not only continue taking real climate action, we must also move faster and go further. As Canadians are increasingly experiencing across the country, climate change is an existential threat. Building a cleaner, greener future will require a sustained and collaborative effort from all of us. As Minister, I expect you to seek opportunities within your portfolio to support our whole-of-government effort to reduce emissions, create clean jobs and address the climate-related challenges communities are already facing.

There are many smart people around the world who clearly enunciate; the science is not clear and conclude there is much more that affects climate change than mankind’s emissions.

PM Trudeau believes reducing emissions, as he promised at COP26, will create clean jobs at little cost. Those were the promises made to us in Ontario!  Dalton McGuinty and his right-hand man, George Smitherman, promised Ontarians those same things and the puppet masters behind that Provincial Liberal Party (Gerald Butts, Ben Chin, etc.) are now pulling the Trudeau strings.  An example follows:

Mandate Letter to Stephen Guilbeault, Minister of Environment and Climate Change

Trudeau’s mandate letter to Stephen Guilbeault, Minister, Environment and Climate Change is but one example of the mandate letters! It contains thirty-nine (39) commitments most ofwhich require Guilbeault to deal with other Federal ministries as well as the provinces and territories!

The following is one (1) of the 39 commitments in the Guilbeault mandate letter;

To achieve Zero Plastic Waste by 2030:

  • Continue to implement the national ban on harmful single-use plastics;
  • Require that all plastic packaging in Canada contain at least 50 per cent recycled content by 2030;
  • Accelerate the implementation of the zero plastic waste action plan, in partnership with provinces and territories;
  • Continue to work with provinces and territories to ensure that producers, not taxpayers, are responsible for the cost of managing their plastic waste;
  • Work with provinces and territories to implement and enforce an ambitious recycling target of 90 per cent – aligned with Quebec and the European Union – for plastic beverage containers; 
  • Introduce labelling rules that prohibit the use of the chasing-arrows symbol unless 80 per cent of Canada’s recycling facilities accept, and have reliable end markets for, these products; and
  • Support provincial and territorial producer responsibility efforts by establishing a federal public registry and requiring producers to report annually on plastics in the Canadian economy.”

As a presumed follow-up to the Mandate letter, Guilbeault’s Ministry issued a “News Release” on December 21, 2021 which presumably starts the response to his boss’s (Trudeau) instructions: 

The Government of Canada’s approach to banning harmful single-use plastics is based on evidence, facts and rigorous science. The proposed Regulations brought forward today are grounded in the findings of the Science Assessment of Plastic Pollution,* which the Government finalized in October 2020 after examining hundreds of scientific studies and other sources of evidence, which confirmed that plastic pollution is everywhere in the environment and that it has harmful environmental impacts.”

The quote in the press release from Minister Guilbeault indicates the “plastics ban” is a reflection of their plan for the plastic “circular economy”!  The upcoming bans on plastic products include the following presumably as stage one of the transition: checkout bags, cutlery, foodservice ware made from or containing problematic plastics, ring carriers, stir sticks and straws.

Reflecting on Trudeau’s mandate letter and Guilbeault’s plans one should wonder:

1.Did Guilbeault use a polyester rope to illegally climb the CN Tower?

2.When Guilbeault climbed the CN Tower was he wearing a polyester work suit?                                      

3.Are the glass frames around his glasses made of hemp?

4.Does the bicycle he has hanging on his wall have any fossil fuel components like say the tires?     

5.Is Guilbeault aware the solar panels he installed on Ralph Kleins house cannot be recycled?                       

6.Will Guilbeault impose tariffs on imported goods and “single-use” plastic packaging material protecting those goods? 

7.Will he insist China does what he is telling Canadians to do?

 *From the report:“In Canada, it is estimated that 1% of plastic waste enters the environment.“                                                                                                                                                                                        

                                                                                                                                                                                                       

ESG appears to be the acronym for Economic Spurious Gibberish

The term “environmental social and governance” (ESG) appears to be a concept developed by Ivo Knoepfel of the University of Zurich via his paper “Who Cares Wins”. The paper led those who claim mankind is responsible for “climate change” to advocate the use of ESG terminology to further their “net-zero” by 2050 target! Interestingly, a recent referendum held in Switzerland related to the plan to reach net-zero emissions by 2050 was rejected by Swiss voters so their politicians will have to back away from their signature to the “Paris Agreement”.

The hypocrisy of those recognized as the “super rich” or the “elites” of the world pushing the “net-zero” emissions by 2050 and the need to audit ESG commitment(s) by all corporations is mind-blowing!

The foregoing was recently highlighted by the world’s largest asset manager BlackRock and one of Canada’s largest, namely Brookfield

An article in the FP highlighted their hypocrisy, with the headline: “Brookfield, BlackRock bids for Saudi Aramco pipeline underscore an ESG dilemma”. Both of these institutions have pushed the “climate change” agenda and the focus to reach net-zero, so one wonders; why are they competitively bidding to acquire a gas pipeline and how would it allow them to achieve their purported end goal?

To reiterate the latter point it is noteworthy to be aware that Larry Fink, founder of BlackRock in his annual letter to CEO’s in 2021 stated:  “we believe all companies – including BlackRock – must begin to address the transition to net zero today. We are taking a number of steps to help investors prepare their portfolios for a net zero world, including capturing opportunities created by the net zero transition.

Likewise if one looks at the claim made by Mark Carney (Vice Chair of Brookfield), after his appointment, he went on to say publicly: “The reason we’re net zero is that we have this enormous renewables business,” he said, and thus “all the avoided emissions that come with that offset existing investments in entities that emit carbon.“  The media pushback on his remark forced him to admit it was a false claim.

Both Larry Fink and Mark Carney are members of the Board of Trustees of the WEF (World Economic Forum) and Klaus Schaub, WEF’s founder, states you won’t be allowed to join the WEF unless the company or organization you represent have committed to achieve net-zero by 2050 or sooner!

Past and Present Brookfield Actions

Brookfield’s history goes back to 1899 but we will look at only a few of their activities in the past decade. Let’s start with their purchase in October 2012 of Enwave Energy for C$480 million owned jointly by the City of Toronto and OMERS (Ontario Municipal Employees Retirement System) at that time.  Enwave was, and still is, a district energy system provider, meaning they don’t generate greenhouse gases as the energy is geothermal (includes lake water) to heat and cool buildings.

Fast forward by almost 9 years to February 2021 and Brookfield announced they sold Enwave for US$4.1 billion (C$5.1 billion) to Ontario Teachers’ Pension Plan and Australian firm IFM Investors (each owning 50%) and presumably celebrated a very nice return on their original investment.  What is sadly amusing about this buying and selling occurrence is that one Government of Ontario pension plan (OMERS) sold their position back in 2012 for a fraction of what another Government of Ontario pension plan (OTPP) purchased it for in 2021. 

To make taxpayers more upset, back in 2019 former Minister of the Environment, Catherine McKenna handed Enwave $10 million of our tax dollars saying this partnership will help create jobs and help tackle climate change in asmarter way.“   

Just days ago, the (CIB) Canada Infrastructure Bank, (created in June 2017 to provide up to $35 billion to support infrastructure projects) issued a press release stating:  “The CIB is committing $600 million to the project which allows Enwave to accelerate and scale the build-out of its district energy systems.” The press release is vague in that it doesn’t indicate if it is an investment or a loan agreement. Either event will simply see tax dollars flying out the door while the Government increases our deficit and borrows the money they claim is for the good of the planet. The CIB now falls under the purview of Minister Dominic LeBlanc who in the past was singled out by Canada’s ethics commissioner when he “broke conflict of interest rules when he awarded a lucrative Arctic surf clam license to a company linked to his wife’s cousin.“

So, one should wonder, what did Brookfield do with that US$4.1 billion to assist them in their push to get to net-zero their Vice Chair Mark Carney, surely emphasized?  We don’t really know, but:

Brookfield wound up competing with Pembina Pipeline Co. for the purchase of Inter Pipeline and they won with a hostile takeover offer by outbidding Pembina with an accepted offer of C$8.6 billion.  One should surely wonder how that will assist Brookfield in getting to the “net-zero” target and how it fits with their 63 page ESG report for 2020?

The CEO’s letter within Brookfield’s ESG report contained the following:

Within our ESG initiatives, we are directing our efforts to the transition to a net zero carbon economy. This transition will affect virtually every business in every country, and we are fully committed to doing our part to decarbonize. In March 2021, we took an important step as part of our commitment to achieving net zero throughout our business: becoming a signatory to the Net Zero Asset Managers (NZAM) initiative.”

One should wonder with the foregoing ESG initiative why would Brookfield purchase a pipeline and pursue another one in the middle east in competition with BlackRock (another NZAM member)?

From all appearances ESG, ie: “Economic Spurious Gibberish“ is the acronym for the heading in this article and has nothing to do with “environmental social and governance” they pretend it does!

Marc Patrone, 960 AM Radio Chat about COP 26, Old Growth Forest, etc.

Marc kindly had me on his show today (November 4, 2021) and we covered a fair amount of ground including what is going on at COP 26, how the UK fired up coal plants to keep the lights on as well as other issues such as lumber prices rising, etc.

You can listen to our chat on the radio podcast here starting at 01:21:35

OR

If a subscriber to NEWSTALK CANADA you can watch and listen to our chat here:

https://www.newstalkcanada.com/?page_id=22

Marc Patrone Podcast of September 24, 2021 covered lots of ground

I was once again invited to be on the Marc Patrone Show on SAUGA RADIO, 960 AM on Friday, September 24th as his closing segment and we covered some interesting topics including: Canada’s taxpayers picking up the cost of urban transit fares, electric buses, China’s sudden hate for cryptocurrency mining, the UK’s recent power problems on the brink of COP 26, the upcoming “climate change” pandemic and allocation of individual “carbon credits” and a quick look at the Artic and China’s interest in wanting to mine our natural resources.

You can listen to the podcast here starting at 1:25:50:

COP-26 Out Could be a Cop-Out                                                                                                                               

These past few days Boris Johnson, the UK’s PM and host of the upcoming COP-26 Climate Conference must be wringing his hands as the COP-26 Climate Conference being held in Glasgow from October 31st until November 12, 2021 is showing signs of major problems. 

On his home turf, the UK recently had to fire up a coal plant to avoid a blackout as their 24,100 MW capacity of onshore and offshore IWT (industrial wind turbines) went on holidays while natural gas prices soared.  The BBC article noted: “Over the coming months, those sky-high gas prices are expected to remain volatile. So, as well as forcing National Grid to make some tough choices about where we get our electricity from, it could also have a big knock-on on what we pay.”

As if to top things off for Johnson, new regulations associated with the electricity system and coming into force next year were recently announced and they state; “Electric car charging points in people’s homes will be preset to switch off for nine hours each weekday at times of peak demand because ministers fear blackouts on the National Grid. Under regulations that will come into force in May, new chargers in the home and workplace will be automatically set not to function from 8am to 11am and 4pm to 10pm.”

To put the foregoing in context the number of EV registered in the UK are approximately 300,000 out of 38 million vehicles which equates to less than 1%!  Prime Minister Johnson must surely have his fingers crossed that some of those recent events will not impact COP-26 and bring to mind, the realization reliable electricity cannot be supplied by those intermittent sources such as wind and solar usually referenced as “renewable” rather than “unreliable”!

The foregoing may be a strong signal to Prime Minister Johnson that his plan to end sales of all non-electric cars by 2035 is a non-starter unless they will forego being charged except perhaps once a year!

On top of the UK’s problems, the Spanish government has stepped into the fray as they recently moved to halt the record rise in power prices by; both reducing their taxes on energy and by curtailing what they referenced as “exceptional benefits”.  The article outlining the Spanish Government’s actions went on to state; “The government says the hikes in electricity bills are driven by spiraling prices of so-called carbon certificates, which give companies the right to release carbon dioxide; gas imports that Spain needs to complete its energy mix; and surging power demand in recent months.”

The amusing feature about the Spanish government’s actions is that back in December of 2020 “Renewables Now” were bragging Spain generated 43.6% of its power from renewables and had closed 3,486 MW of polluting power plants which were mainly coal-burning units during the year.

As is to make the COP-26 Conference outcome even more worrisome for PM Johnson, China advised Britain “it will not yield to international pressure for bigger improvements to its climate change commitments at the Cop26 conference in Glasgow.”  They will not be bullied into going green despite the visit from Alok Sharma, the UK senior climate change representative, who visited Beijing for pre-summit talks hoping to persuade China to “enhance” its carbon emissions reduction targets. It is worth noting China’s emissions stand at 28% of all global emissions and continue to climb. Without an “enhanced” commitment from them one should suspect COP-26 will fail to provide Johnson with the ability to claim it was a success!

Canada’s commitments at the Conference are presently unknown until the results of our election come to light.  What is known however, is one Canadian is playing a prominent role at COP-26 and that individual is Mark Carney whom I expounded on in prior articles.

PM Johnson back in January 2020 appointed Mark Carney (former Governor of the Bank of Canada and former Bank of England Governor) as his “advisor” for the conference. In addition, Carney is the UN Special Envoy for Climate Action and Finance. I personally suspect Carney is not at all concerned about the outcome of the COP-26 Conference despite his lofty positions for the UN and PM Johnson.

Should COP-26 turn out to be a failure and Canadian voters couple that with the boot for Justin Trudeau and the Liberal Party we should expect Carney’s fallback position will be to run for leadership of the Federal Liberal Party. 

Stay tuned!

Open letter to the Honourable Todd Smith, Ontario Minister of Energy

Dear Minister Smith,

Re:  Oneida Battery Park Project

I recently note you sent a letter dated August 27, 2021, to Ms. Lesley Gallinger, President and CEO of the Independent Electricity System Operator (IESO) in respect to the captioned.  The letter instructed IESO to negotiate a “draft” contract with the parties proposing the 250 MW battery storage project.

I was pleased to observe you couched your directive with the following instructions:

I will not consider a directive to the IESO asking it to execute the drafted final contract until:

• National Resources Canada’s determination regarding the $50 million in funding under the Smart Renewables and Electrification Pathways Program is known; and

• The ownership of the project is fully clarified, including the equity participation of both NRStor and Six Nations of the Grand River Development Corp.”

Along the lines of your directive I sincerely hope you are aware of an article I penned January 23, 2021 partially analyzing the project when it was first announced in a press release from the Federal taxpayer owned Canada Infrastructure Bank (CIB).  The press release indicated the CIB would invest $170 million of our hard-earned tax dollars. My article attempted to point out the negative impact the project would have on Ontario ratepayers despite our tax dollars being thrown at the project.  It now appears another $50 million of our tax dollars may be slated to join the $170 million already committed!

The other issue which I would point out is in respect to what recently occurred to a similar project in Southeast Australia.  An article on August 5, 2021 on the CNBC website was headlined: “Tesla Megapack fire highlights issues to be solved for utility ‘big batteries”.  The article noted: “There have been around 40 known fires that have occurred within large-scale, lithium-ion battery energy storage systems,” which should be considered; if this project is allowed to proceed.

What I wish to reiterate to you and IESO is; you must recall the Green Energy and Green Economy Act caused Ontario’s electricity rates to spike by well over 100%.  Projects such as this will add further costs to the system and negatively impact ratepayers including small and medium sized companies.  The effects will be a reduction in employment, drive manufacturers and other businesses elsewhere and create further energy poverty.

The possibility of fires on large-scale lithium-ion battery energy storage systems also cannot be ignored.  A fire such as happened in 40 cases would simply serve to increase emissions as would the mega batteries relatively short life span and their eventual disposal.

I sincerely hope the Ontario Ministry of Energy and IESO will bear the foregoing in mind before any approval is granted to proceed!

Your very truly,

Parker Gallant,

Parker Gallant Energy Perspectives

Friends of Science posts Video of my Part 1 of the Mark Carney(val) Series

Michelle Sterling of Friends of Science took a liking to my first article about Mark Carney and his unbridled interest in altering common economic theory for climate change adaptation.  Michelle liked it so much she posted a YouTube video on their site.  She has done a great job at conveying the messages I was trying hard to put down in written form which made the article somewhat lengthy.

You can tune into the video and watch it here:

Visiting FOS website can also be an interesting exercise with lots of great articles and observations including lots of videos disputing the eco-warrior claims and their site is here:

https://friendsofscience.org/

Mark Carney bows out of possible fall election

I was on the Marc Patrone show yesterday (July 21, 2021) on Sauga 960 AM and our chat was all to do with Mark Carney and his decision to bow out of running in the next Federal election this fall for the Liberal Party of Canada due to his commitment to stop “climate change” from happening!

You can listen to our conversation on NEWSTALK CANADA here if you are a subscriber:

https://newstalkcanada.com/?page_id=2527

OR  
You can listen to it on the 960 AM podcast for July 21st where our conversation starts at 25:50 and ends at 43:50:

Podcasts

The Mark Carney[val] is in Full Bloom[berg] Part 2

Part 1 of this series briefly reviewed Mark Carney and some of the many creations he played a hand in developing or where he takes part in; including biased organizations such as the WEF (World Economic Forum) where he is a trustee or as the UN Special Envoy on Climate Action and Finance. The institutions and his creations are focused on altering the climate by using financial modeling.  The modeling seeks to either get the world to embrace socialism, globalism or perhaps communism and is cited as “The Great Reset’.  The WEF’s focus on “The Great Reset” tells us by 2030 “you’ll own nothing and you’ll be happy” and puts the Carney push in perspective.  The WEF just doesn’t tell us who will own everything?

The goal of The Great Reset and Carney’s role in it seems focused on using his credentials as former Governor of the Bank of Canada and the Bank of England to convince the global financial community (central banks) to adapt the concept which will make the super-rich richer and the middle class poorer!

Just a few days ago the Washington Post carried an article titled; “Why Big Central Banks Are Becoming Climate Warriors” which carried the following comments related to Carney: “In 2015, former Bank of England governor Mark Carney raised an alarm about the “tragedy” of climate change and warned specifically about “re-pricing” events. That includes physical damage that destroys the value of assets (such as waterfront properties), imposes new liabilities on companies (as shown by California utility giant PG&E Corp.’s wildfire-driven bankruptcy) or sharply raises insurance prices. Another risk is a sudden slump in the value of certain assets because of drastic government action to combat climate change, like the introduction of a steep carbon tax or regulations that keep fossil fuels in the ground. “The speed at which such re-pricing occurs is uncertain and could be decisive for financial stability,” Carney said.” The Post didn’t fact check Carney’s claims as the article was a product of Bloomberg L.P. which is part of Carney’s friend/associate, Michael Bloomberg’s empire.

Is it any wonder why a September 2020 Gallop poll showed 27% have “not very much” trust and 33% “none at all” in the US mass media!

The focus of the super-rich is on “climate change” and a reduction of those nasty CO 2 emissions which keep the world functioning by generating food for us humans and all plant and animal life.  Here in Canada rumours have circulated that Carney would run for the Liberal Party in the next election. That rumour has been dispelled as he recently tweeted he wouldn’t run in the next election! 

His tweet explaining why said: “Climate change is the most important issue on the planet. I made commitments to @antonioguterres & @BorisJohnson to help make sure @COP26 is successful this November. As a goalie, I know you don’t skate off the ice in the 3rd period of a must-win game.” You might if the other team offered to double or triple your pay which I suspect would be the opposite for Carney if he agreed to run for parliament with no guarantee he would win. He would have to forego what he currently receives for the over fifteen plus titles and positions he currently holds to avoid a conflict of interest.

The reduction of emissions he claims are needed will reputedly be created by central banks regulating financial institutions to ensure they price in climate change risk when regulating financial companies. Those institutions will be regulated to both invest and/or lend money to borrowers with sustainability goals! This will be accomplished by instituting “carbon taxes” on all of mankind’s consumption driving up the price of everything. Companies will be required to offset their emissions by purchasing “carbon offsets” which is where the big money will be made at the expense of the consumer.

A recent article in the Financial Times headlined: Carney calls for ‘$100bn a year’ global carbon offset market quotes him saying;“The demand for this is going to be huge, because we have this big shift. More and more companies-and it will be a tsunami by Glasgow-will have net zero emissions plans,” said Mr. Carney. 

Bloomberg Green ran a recent article about a top U.S. seller of “carbon offsets”, Nature Conservancy which noted they were reputedly selling meaningless carbon credits to clients such as “JPMorgan Chase & Co., BlackRock Inc., and Walt Disney Co., which use them to claim large reductions in their own publicly reported emissions.” The article went on to state; “In 2020, companies purchased more than 93 million carbon credits, equivalent to the pollution from 20 million cars in a year.“ An article from GreenBiz on June 14, 2021 claimed: “Carbon offset prices on average stand at just $3-5 per metric ton of CO2 at present, with experts fearing that prices are far below the level required” meaning to reach Carney’s suggested $100bn a year they would have to increase by more than 300 times their current level.

The foregoing raises the question; why has the Trudeau led Liberal Party imposed a cost of C$170/tonne by 2030 when the market is currently trading at only US $3/5.00 per tonne? The current levy on Canadians is currently C$40/tonne or about 10 times the current market rate!

Needless to say, one of the Carney creations; Taskforce on Scaling Voluntary Carbon Markets (TSVCM) recently morphed into Project Carbon, a Voluntary Carbon Marketplace pilot consisting (so far) of  CIBC, Itaú Unibanco, National Australia Bank and NatWest Group. They seek others to join them! Their stated aim, after claiming, “Corporations worldwide are using carbon offsets as a tool to implement their climate action strategies.” is “to support a thriving global marketplace for quality carbon offsets with clear and consistent pricing and standards and will provide a valuable pathway for our clients in their efforts to achieve a net zero goal.”  Presumably those “quality carbon offsets” are unlike those being sold by Nature Conservancy as noted above.

Just a presumption on my part but I suspect the real aim is to profit from the Carney creation and should all governments raise their “carbon tax” to Canadian levels their aim will be achievable.  No wonder another of his tweets stated “I fully support @JustinTrudeau & the @liberalparty and will do everything I can to help.”

It seems obvious Carney’s claim that “Climate change is the most important issue on the planet” is his narrative to fool the masses and Bloomberg L.P. aids the process via the media. His focus is clearly on consolidating wealth among the super-rich and that he joins the club!

The rest of us will own nothing and we will be happy!