#Canada #Calgary #Net Zero Banking Alliance #Investors for Paris Compliance #Friends of Science Society

Friends of Science Society Challenges Net Zero Reporting Demands

In a bold move, the Friends of Science Society has released an open letter directed at the Alberta Securities Commission (ASC), tackling a complaint submitted by a shareholder group known as Investors for Paris Compliance (IPC). The complaint asserts that Canadian publicly traded companies should be held accountable for their commitments to net zero emissions. The timing of this letter coincides with the recent announcement from the Net Zero Banking Alliance (NZBA), which decided to pause its activities due to the escalating complexities surrounding these compliance requirements.

The Friends of Science Society, a group composed of experts in earth, atmospheric, and solar sciences, has reviewed the underlying issues of climate change and emissions reporting extensively. They claim the narrative surrounding climate change as an existential threat has been overstated, referencing a 2021 interview with then-UN Special Envoy Mark Carney and recent studies from the U.S. Department of Energy (DOE) that contradict that notion. The Society's perspective is that mandated emissions reporting, equated with climate urgency, is irrelevant given the evolving understanding of climate science.

In this context, the Society questions the legitimacy of the IPC complaint, particularly where it pertains to major corporations within the energy sector like Cenovus and Enbridge. These companies recently decided to retract their published net zero commitments, fearing they might be ensnared by allegations of