#Canada #Calgary #Friends of Science #Pacific Link #Energy Superpower

Canada’s Energy Ambitions at Risk

As Canada continues to chart a course towards becoming a global energy superpower, recent statements from the Friends of Science Society raise grave concerns regarding potential roadblocks posed by climate-centric policies initiated by central banking authorities. Prime Minister Mark Carney's recent declaration regarding the Pacific Link oil pipeline, a vital project from Alberta to the West Coast, signals a step towards enhancing Canada's energy capabilities. Despite this declaration, the Friends of Science Society warns that the escalating focus on climate conditions by financial institutions may severely curb those aspirations.

In an open letter to the Office of the Superintendent of Financial Institutions (OSFI) and the Network for Greening the Financial System (NGFS), the Friends of Science Society argues that the framework employed by these organizations relies on outdated climate models and fails to incorporate recent advancements in climate science. They have criticized the use of retired climate scenarios, previously deemed implausible by experts, in current risk assessments, calling into question the reliability of guidance given to banks and investors regarding climate-related financial risks.

Roger Pielke, Jr., a commendable climate policy analyst, has articulated that these outdated scenarios cannot serve as a reliable foundation for future forecasting. He highlighted that climate projections should evolve in light of new empirical data, yet current assessments seem detached from the scientific community’s consensus.

Moreover, the Society points out that notable reports, such as the retraction of the high-profile Kotz et al. (2024), undermine the validity of the climate damage predictions that heavily influence funding decisions in the energy sector. Given that such exaggerated forecasts mislead policymakers and financial entities, they are potentially steering Canada away from achieving energy independence and security.

Compounding these issues is the external pressure being placed on financial institutions to prioritize climate-aligned investments over conventional energy projects, often labeled as “dirty” by environmental advocates. This trend is exemplified by legislative efforts like Senator Rosa Galvez's Climate Aligned Finance Act, which seeks to mandate financial institutions' adherence to climate-related goals.

If such measures continue unabated, investment in key projects like the Pacific Link pipeline might face heightened scrutiny or even denial, dependent on a perceived alignment with climate regulations. This could result in banks imposing higher interest rates or requiring companies to present substantial Net Zero plans as a condition for financing, irrespective of the project's overall strategic importance for energy infrastructure.

Experts in the field, such as Professor Emeritus Vaclav Smil, have emphasized the daunting challenge of efficiently transitioning to a decarbonized energy landscape, stressing that even the most dedicated efforts over decades may yield limited success. Energy security is intrinsically linked to national security, reinforcing the need for informed and pragmatic energy policies.

The Friends of Science Society strongly criticizes the OSFI and NGFS for potentially conflating natural disasters with climate change under unfounded premises. Pielke Jr. has made it clear that there’s little evidence suggesting that current climate policies will have a notable effect on extreme weather events, a sentiment echoed by many scientists who caution against oversimplifying these complex phenomena.

Conversely, Canada's government is looking to venture into international carbon markets and establish a carbon removal industry—a move deemed unnecessary by the Friends of Science Society, based on the assertion that carbon dioxide does not directly control climate dynamics. According to prominent physicists like Prof. William van Wijngaarden, the application of net zero policies lacks solid scientific backing; the alleged advantages are overshadowed by potential economic detriment.

In response to these ongoing debates, the Friends of Science Society is set to host an event in Calgary on November 16, 2026, promoting a more balanced discussion around climate change and energy production. Featuring meteorologist Anthony Watts, the event aims to challenge prevailing narratives and advocate for a rational approach to climate policy discussions.

After 24 years of examining the realm of climate science, the Friends of Science Society asserts that the sun is the primary driver of climate processes, rather than anthropogenic carbon emissions. As discussions around climate and energy evolve, it remains clear that the future of Canada’s energy ambitions must navigate these complex challenges with a reliance on robust scientific data and strategic foresight.