Interesting Observations here at Home and Elsewhere Before COP 26

The past few days have again shown the world the negative effects of trying to control “climate change” associated with stemming the oft cited UNIPCC scary forecast of a 1.5 degree of warming.

Ontario Comes First in Subsidizing Energy Costs

On October 19,2021, Ontario’s FAO (Financial Accountability Office) released a report titled “Home Energy Spending in Ontario: Income and Regional Distribution”. It is an interesting report and tells us how the Provincial government; ie: taxpayers, subsidized residential electricity and heating costs over the 2019 year. The report breaks down the cost of residential electricity and heating costs in five sectors by both geography and income and tells us the costs of those subsidies.  We should suspect the taxpayer cost has increased significantly since the end of 2019 due to the Covid-19 pandemic and on and off again lock-downs. We should also recognize those costs were brought to us by the well-over 100% increase in electricity costs ratepayers experienced as the McGuinty/Wynne government brought us the GEA (Green Energy Act).  The FAO’s estimate for the subsidies in 2019 for the electricity sector was a cost to taxpayers of $3.5 billion. The report as noted highlights spending on those necessities of life in five regions and one of them is “Eastern Ontario”.  One sentence in the report stood out as it was about the Eastern Ontario region where they experience the highest “income per household” and the highest “average home energy spending”!  The sentence referencing a portion of that region stated: “High household incomes and large dwelling sizes, particularly in the Ottawa-Gatineau area, drive high energy use in the Eastern region.” That should come as no surprise as the area is loaded with highly paid bureaucrats and politicians.  It is also the region where local politicians want to spend $57.4 billion to achieve “net-zero” emissions by 2050 for Ottawa only.  Hopefully they are not looking for any contributions to their plans from the rest of Ontario’s ratepayers or taxpayers.

How will UK PM Boris Johnson Dance for the Eco-Warriors at COP 26

A short article from “Oil Price” titled “UK Grid Relies For 62 Percent On Fossil Fuels For Its Energy” should be a shocker to PM Johnson with COP 26 mere days away and energy prices skyrocketing in the UK and Europe. Natural gas prices, in particular, have reportedly risen by over 400%. The captioned article noted electricity generated by natural gas represented the bulk (60%) of the 62% with coal generation representing the other 2%!  Another recent article in CNBC stated; “Rising gas prices aren’t a problem unique to Britain. In recent weeks, governments in Spain, Italy, Greece, and France have taken drastic actions to minimize its impact on consumers.” One should wonder how those representing the various governments will react to the thousands of Eco-warriors attending COP 26 in Glasgow who will insist on firm commitments to achieve the “net-zero” target to reputedly save the world from the dreaded “climate change” event. The developing world countries attending COP 26 will also be looking for handouts to help them get to net-zero.  The developed world countries, from whom they seek the trillions of dollars will be hamstrung as any funds they may have been prepared to commit are disappearing into the abyss to support their own citizens due to the climb in fossil fuel energy.

Just more bad news that Johnson will have to deal with!

Pledges by Banks to Cut Funding for Drilling of Oil and Gas in the Arctic and elsewhere Contain Loopholes

Less than a week ago Mark Carney, former Governor of the Bank of England convinced the “Big Six” Canadian banks to join his NZBA (Net-Zero Banking Alliance) mere days before the launch of COP 26 in Glasgow, Scotland.  The six Canadian banks brought the total number in the “alliance” to 81 representing 36 countries and US$58 trillion in assets. This would suggest many banks in many countries have not kowtowed to Carney or the UN despite the forecasted climate catastrophe. The signatory banks of the “alliance” reputedly agree to align their lending and investment activities to achieve net-zero targets by 2050 as well as set intermediate target reductions by 2030.

Needless to say, the eco-warriors such as Greenpeace weren’t satisfied!  Keith Stewart, senior energy strategist with Greenpeace Canada, said Canadian banks have to do more than join the alliance. “The world is accelerating toward a zero-carbon economy and Canadian banks are still playing catch up. Until they commit to a near-term phasing out of all financial support for fossil fuels and to fully respect Indigenous rights, they will still be part of the problem.”

The foregoing pitch by Greenpeace was also the subject of another article about “alliance” member banks lending to corporations involved in Artic oil and gas drilling as environmentalists and some asset managers (115 investment firms with assets under management of US$4.2 trillion) noted they want more action.  Apparently, banks are not specifically lending to Artic projects but do lend directly to corporations who then may use some or all of the funds for Artic related oil and gas exploration and extraction.

Somehow, I doubt the politicians in those two Artic countries of Russia (12.4 million b/d) and Norway (2 million b/d) who produce oil and gas have any intention of instructing their banks to stop providing the cash required to either fund new developments or provide the working capital needed to continue their generation.

We should believe the Mark Carney(val) and its push to get more members of NZBA will become harder as his support of UN efforts to reach net-zero by 2050 will cripple their economies much as it has in many of the European countries along with Canada.

LMDC Pushback and China’s Power Crises Impacts Global Economy

Well, as the expression goes; “the shxt has hit the fan” as India’s environment minister “said the delayed climate action and lack of leadership from developed countries have increased the cost of mitigation and adaptation in developing countries, and jointly flagged how “calling all countries to adopt ‘net-zero’ target by 2050 is inequitable.” What he was emitting (writer’s interpretation) at a meeting of the LMDC (like-minded developing countries) including China, Pakistan, etc. in Bolivia was: they won’t be bullied into any commitments at COP 26 to reduce emissions without the developed world handing them billions or trillions of dollars more.  With many of the developed economies suffering from declines in their GDP and climbing inflation it also seems unlikely they will commit to increase the promised $100 billion for developing countries.

As if to make matters worse in both developing and developed countries the global spikes in the cost of fossil fuel energy and its current limited supply has caused blackouts.  Interestingly those blackout events have affected developed countries who outsourced much of their manufacturing base and now are faced with shortages in obtaining supplies they are dependent on.  That has resulted in higher inflation, unemployment, reduced GDP, economic support for their workers and increased taxpayer debt.

The foregoing spells more bad news for the upcoming COP 26 conference in Glasgow, and reinvigorates additional screaming from the eco-warriors. 

One has to wonder will this cause the demise of the premise that CO 2 emissions will cause the world to collapse and force the eco-warriors to find a real job?   Only time will tell!

Coal’s comeback as gas prices surge, and COP 26 climate gabfest in Glasgow, Scotland

I was on the radio station NEWSTALK SAUGO 960 AM with Marc Patrone once again and we covered some interesting local and global issues including coal’s comeback and some of the events that will plague the COP 26 upcoming gabfest in Glasgow.

You can tune in here to the Marc Patrone radio podcast for October 13th starting at 1:07:50 for our chat.

or you can WATCH and listen to our conversation on NEWSTALK CANADA here:

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

Climate Change Armageddon Has Arrived or so it Seems

Quite the week with some interesting things going on globally related to the electricity sector and how havoc has struck in some parts of the world! The following are just a few that caught my eye!

South Australia big Tesla battery sued for not helping during Queensland coal power station failure

South Australia has gone bigtime into renewable energy and back in 2016 they experienced a major blackout and in March 2017 the blame was squarely laid on renewable energy (wind and solar) by AEMO (Australian Energy Market Operator).  The blackout had triggered Elon Musk to step into the fray via a winning bid to build a battery storage unit which they did successfully in the 100 days promised. Since then other (TESLA) battery storage units have been added and one of them failed to deliver the power stored when called on back in 2019 and now are being sued by the AER (Australian Energy Regulator).  As it to top things off in Australia; a fire broke out at another big TESLA battery storage unit (300/450MW) under construction.  One article about the fire stated; “More than 150 people from Fire Rescue Victoria and the Country Fire Authority responded to the blaze, and it is expected to burn throughout the night for 8 to up to 24 hours.”  The foregoing lawsuit and the recent fire suggests battery storage may not be what will supply us with reliable power to back up intermittent wind and solar.

As one would expect California has also gone full bore into battery storage and they too recently experienced an event which forced the shutdown of Moss Landing reputed to be “the largest battery storage facility in the world“. The owners, Vistra Corp. claimed; “a limited number of battery modules” at the storage facility overheated on Saturday night, resulting in the facility going offline.“ Another more current article on September 16, 2021 had the following: “Now, only nine months into operation and less than three weeks after Vistra cut the ribbon on an expansion, most of the largest battery storage facility in the world has gone dormant with no timeline for a return.“  It certainly appears, based on these recent events that unreliable power generation storage should not be the back-up for unreliable and intermittent power generation.

Close to home and a recent Hydro One Bill

Receipt of a recent Hydro One bill and the information contained in it led the writer to do a quick calculation to determine the “total cost” per kWh (kilowatt hour) on what I was required to pay. Simply dividing my total bill by kWh consumed showed the all-in cost was 14.3 cents/kWh. Flipping the bill over however one notes, a little box titled “What do I need to know?”  That box had a fairly large amount listed as “Total Ontario support:” followed by a dollar amount. When the latter amount is added to what I have to pay and divided by our consumption the cost per kWh comes to 23 cents/kWh.  The difference of 8.7 cents/kWh multiplied by the kWh delivered to “residential customers” (13.448 billion kWh) by Hydro One (according to the 2020 Yearbook of Distributors recently released by the OEB (Ontario Energy Board), indicates tax dollars paid to them to keep residential rates at 14.3 cents/kWh amounts to $1.170 billion but their pretax net income was only $414 million.  Now they are applying to the OEB for approval to spend $13.5 billion over the next five years which will undoubtedly further increase rates and tax subsidies. 

China’s sudden hate for cryptocurrency mines

An article in the Financial Post about theft of electricity to create a bitcoin mining operation by a public employee of a NY State County suggested he will face a myriad of criminal charges.  The FP article referenced a NY Times estimate that bitcoin mining uses 91 TWh globally which is about what 8 million average Canadian households consume annually. Another article noted a Cambridge University study suggests; “Globally, Bitcoin mining consumes around 121 TWh a year

The bulk of bitcoin mining has been in China which was once said to contain about 75% of all cryptocurrency mines but China has been forcing out the miners who were using their low-priced electricity meaning many of them have either moved or are looking elsewhere. We should suspect China’s move is associated with the upcoming COP 26 Conference in Glasgow.  China will not be stepping up to agree to reduce their emissions at COP 26 but by booting out the bitcoin miners (63% reputedly used coal generated electricity) they will reduce the need to add more coal fired electricity.  One should also understand that the current price for coal per ton has soared over the past 12 months which presumably is driving up energy costs in China. Where those cryptocurrency miners relocate to however, will directly impact emissions from the countries they move to.

The Circular Economy

The WEF (World Economic Forum) in one of their posts stated: “The circular economy, which promotes the elimination of waste and the continual safe use of natural resources, offers an alternative that can yield up to $4.5 trillion in economic benefits to 2030.“ Is the following picture (sent to me by a contact who asked me to spot the bulldozer) what the founder of the WEF, Klaus Schaub and one of his advisors; Mark Carney, had in mind?

Unrecyclable wind turbine blades being buried in a landfill seem to form part of the “Circular Economy”!

One should wonder why the WEF and others push renewable energy from wind and solar and believe the world’s population will not recognize the lies they are advancing to simply increase their wealth?

If the UK’s PM Boris Johnson was smart, he would cancel COP 26 as the world struggles to cope with the faulty unreliability of the “green energy” adopted by so many politicians and caused a cessation in investment for reliable fossil fuels and a significant spike in their costs due to green energy’s failures.

The results around the world of the “green” push continue to illustrate the fallacy of exiting fossil fuels without having anything resembling reasonably priced reliable power at the ready!  

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!

Strange Things that Caught My Eye Over the Recent Week

Should you, as I do, consider recent events to be off the scale of normal, it is worth pondering the cause!  Is it related to the Covid-19 pandemic, climate change, the “woke” generation, government bureaucrats or those in political power or perhaps a combination of some or all of them?  Some recent examples:

Planting Trees in Brampton as Part of Two Billion Trees                                                                             

I’m sure most will recall just before the last Federal election in 2019 our PM Trudeau met with Greta Thunberg and promised her we would plant 2 billion trees.  Well, it appears the process, under the Minister of Natural Resources, Seamus O’Regan has finally started according to a press release on August 4, 2021 which contained the following:

Today, Maninder Sidhu, Parliamentary Secretary to the Minister of International Development and Member of Parliament for Brampton East, on behalf of the Honourable Seamus O’Regan Jr., Minister of Natural Resources, announced $1,280,000 to the City of Brampton in support of the Government of Canada’s plan to plant two billion trees over 10 years. This project will see 8,000 trees planted across the region this year and contribute to the rehabilitation of the city’s urban tree canopy.”

Quick math on the cost per tree being planted comes to $160.00 each meaning if Minister O’Regan Jr. continues at this level the total cost to Canada’s taxpayers will be $320 billion for the 2 billion trees. Those 8,000 trees will, eventually, absorb about 174 tons of CO2 meaning the cost per ton of emissions removal is about $7,400. Pretty sure O’Regan could have purchased “carbon offsets” for a few dollars each from former Governor of the Bank of Canada, Mark Carney and saved the taxpayers money!

CONFIDENCE IN CHARITY LEADERS HAS FALLEN SHARPLY OVER THE LAST TWO DECADES – WHAT DOES THAT MEAN FOR THE SECTOR?

In late June Charity Village released a report that tracked “four research streams that asked about perceptions of charity leaders over time, representing 27 distinct surveys.” The surveys cited go back as far as 2000.  One of the comments in their report stated: “In 2000, 27% of Canadians reported a lot of trust or confidence in charity leaders, but in the Environics Institute’s research, only 8% reported having a lot of confidence in 2020,”. Another finding was, “between 2009 and 2020, confidence in charity leaders dropped by 22 percentage points, compared to only eight percentage points for business leaders, six for union leaders, and three for government leaders.” The preceding findings may (in my mind) be a reflection of the growth in eco-charities who provide no real charitable benefits to those in need and are well funded by domestic and foreign charitable foundations. The former includes many of Canada’s colleges and universities with departments focused on “climate change”! Needless to say, the drop in confidence has resulted in fewer Canadian tax filers donating: “In 2000, 25.5% of Canadian tax filers reported charitable donations, but by 2018 it was only 19.4%.” 

Toyota CEO Agrees With Elon Musk: We Don’t Have Enough Electricity to Electrify All the Cars

Toyota’s CEO at the company’s year-end press conference in mid-December 2020 said; “The current business model of the car industry is going to collapse. The more EVs we build, the worse carbon dioxide gets…When politicians are out there saying, ‘Let’s get rid of all cars using gasoline; do they understand this?” 

Interestingly enough, Elon Musk, the founder of Tesla just a couple of weeks earlier noted “Increasing the availability of sustainable energy is a major challenge as cars move from combustion engines to battery-driven electric motors, a shift which will take two decades, Musk said in a talk hosted by Berlin-based publisher Axel Springer.”  Musk also said; “electricity consumption will double if the world’s car fleets are electrified, increasing the need to expand nuclear, solar, geothermal and wind energy generating sources.” In respect to “wind energy” it is interesting to note the Global Wind Energy Council in an article claimed, at the end of 2020 there were “743 GW of wind power capacity worldwide”.  To put that in perspective the Federal Government’s “Canadian Centre for Energy Information” tells us at the end of 2017 Canada’s total electricity capacity was 145,214 MW which is only 145.2 GW! 

As industrial wind turbine’s (IWT) life span is around 20 years we should expect about 50% of those in operation globally will reach their end-of-life in the next 10 years and the rest by the time Musk forecasts capacity must double.   Approximately the same life-span applies to solar panel and batteries for storage. Those politicians and Musk should also understand the USA in 2020 generated 60.3% of it’s electricity consumption from fossil fuels!  I would therefore suggest the “politicians” cited by Toyota’s CEO along with Musk himself have no understanding of what EV will do to the electricity system globally and why both are way off base and have no bearing on getting us to “net-zero” emissions by 2050!

Hydro One submits five-year Investment Plan to the Ontario Energy Board to energize life for communities

Just a few days ago Hydro One issued a press release announcing they had submitted a 5 year plan to the OEB (Ontario Energy Board) seeking approval to spend $17 billion over that time to reputedly: “reduce the impacts of power outages for its distribution customers by approximately 25 per centand “enable economic growth and prepare for the impacts of climate change.” The proposed capital expenditures are about double what they have been over the past several years (eg: 2019 was $1.667 billion and 2020 was $1.878 billion).  The press release claims “If approved, the five-year Investment Plan will have bill impacts below the expected rate of inflation, with the monthly bill for a typical year-round residential customer increasing by an average of $1.68 each year from 2023 to 2027.” Reviewing the OEB’s Yearbook of Distributors to get a sense of how those “power outages” compare due to “defective equipment” the 2015 report states the hours interrupted due to “defective equipment” were over 4.6 million hours and in 2019 (2020 report is not yet published) they had dropped to just under 4.4 million hours.  Since 2015 Hydro One’s residential customer base also increased by 60,000 so hours per customer have dropped.

As a former banker I don’t believe the approximately $2 million the 1,2 million residential customers will cough up at the suggested $1.68 annual increase will be sufficient to pay the interest on the $1.9 billion of new debt (the foregoing additional debt assumes Hydro One will maintain is debt to equity ratio at 2020 year-end levels) they will incur annually.  By 2027 it will be a pipe dream!

Let us all hope the OEB does its job for the benefit of Hydro One’s customer base of which I am one.

Let’s thank our lucky stars Hydro One was not allowed to buy Avista

While on the subject of Hydro One it should remind all that back a few years ago they were intent on purchasing Avista Corporation via an all-cash purchase at $53 (US) per share.  The total cost for the all-cash offer was estimated at Cdn$6.7 billion.  The closing price on Avista’s stock on Friday July 7, 2021 and over three years after the purchase offer was $42.67 (US).  At the time the purchase offer was made Glen Thibeault was the Ontario Minister of Energy and was keen on the takeover saying: “One of the benefits of broadening the ownership of Hydro One was to unlock the potential for precisely this sort of transaction,”.  Thibeault went on to say; “As the single largest shareholder in Hydro One, the Ontario government would benefit from the company’s receipt of additional regulated returns expected to begin in 2019. Those benefits will be above and beyond the proceeds already attributed to the Ontario Trillium Trust as a result of the IPO and subsequent secondary offerings.”

Needless to say, those of us who felt Hydro One should focus on Ontario’s ratepayers were delighted US regulators in the states where Avista operated refused the takeover. Hydro One had planned to borrow $3.4 billion and issue another $1.4 billion of debentures convertible into Hydro One shares which would have, in all probability, detrimentally impacted all of their existing Ontario ratepayers.

Conclusion

Unfortunately, it appears those we elect as our representative politicians often are more influenced by those lobbying them continually such as the “climate change” advocates or they bow to the bureaucrats who are the beneficiaries of our tax dollars for their pay. Combine the foregoing with the “woke” generation screaming and their mainstream media support along with the push for globalization and we should unfortunately recognize what is continuing to happen appears to be the “new normal”!  

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 Plays the Shell Game

For someone holding the credentials of “Former Governor of the Bank of Canada” and “Former Governor of the Bank of England” one would surmise that individual would be someone with the ability to have logic on their side. If you are someone who recognizes Mark Carney as that individual you may become disappointed based on some of his recent claims and media reports.

As noted in an earlier composition, after Carney became the Vice-Chair of Brookfield Asset Management, during an interview February 10, 2020, he made the claim; “Brookfield is in a position today where we are net zero,” Carney said, referring to all of the company’s assets.” Carney was forced to walk back on that claim as green energy advocates challenged him saying his claim was false.

Carney Moves Net Zero for Brookfield

A recent announcement by Brookfield and their role in the creation of an “Initial US$7 Billion Closing for Brookfield Global Transition Fund” has apparently resulted in Carney moving their “net zero” claim into the future.  The press release carries the following quote from him showing his initial claim may have been out by 30 years! His quote was: “Brookfield is committed to achieving net-zero by 2050 or sooner, and to accelerating the global net-zero transition.”  For someone who is advocating for ESG (environmental, social and governance) audits for all corporations globally it appears he is unaware of exactly what he is proposing and the results that will occur.

The Brookfield announcement, related to the new “Transition Fund”, is a partnership with Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) and Temasek, who have both committed to achieving net zero by 2050 or sooner.  Assets held by the three funds totals approximately Cdn$1.171 tillion so the commitment ($7 billion) represents a miserly 0.7% of their current total assets. Total assets for Ontario Teachers is reported as $221.2 billon, for Temasek (Singapore) S$381 billion (Cdn$350.6 billion) and for Brookfield Asset Management over Cdn$600 billion!  Needless to say, many of the assets held by all three are emitting CO 2 so they will have a difficult time meeting their commitments before 2050. The 0.7 % commitment will not move the net zero bar very far unless they plan to buy cheap “carbon offsets” that Carney is a fan of.

Rest assured that with Carney’s role as the UN’s Special Envoy on Climate Action and Finance and the UK’s Prime Minister, Boris Johnson, Finance Advisor for the COP26 UN climate change conference planned for Glasgow in November 2021 he will continue his push for net zero along with his claim that the ESG audits are needed for all corporations.  

As Carney keeps moving the “net-zero” pea under the shells and preaching from the pulpit of “climate change” we should hope he will be recognized by all as someone similar to Chicken Little who insisted “the sky is falling”!

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!