Critics condemning Canada for releasing an overhauled gas turbine to Germany for Nord Stream 1, in conflict with Canada’s sanctions against Russia, fail to recognize the gravity of Germany’s energy crisis, says Friends of Science. In addition to the Russia–Ukraine conflict, global energy shortages have been driven by UNPRI/World Economic Forum focus on ESG investing and oil/gas divestment, in turn creating fertilizer shortages, meaning a global food crisis looms.
CALGARY, Alberta, July 14, 2022 /PRNewswire-PRWeb/ — The Financial Post of July 09, 2022, reported that Canada will release a sanctioned, overhauled gas turbine to Germany, for use in Russia’s Nord Stream 1 gas pipeline, hopefully preventing a further collapse of Germany’s economy, says Friends of Science. Critics denounced the move as conflicting with Canada’s “Stand with Ukraine” policy. According to Canada’s international trade website: “Germany, with the largest economy in the EU and the fourth largest in the world … Germany is Canada’s largest export market in the EU…with two-way merchandise trade totaling $25.8 billion in 2021.”
Germany is heavily reliant on natural gas from Russia. DW reported on July 11, 2022, that Germany was preparing for possible total Russian gas cut-off which would mean economic collapse and social strife due to rationing of low gas reserves and a cold winter ahead.
EChemi reported in April 2022, Germany chemical giant BASF warned that it may have to shut down production: “there is no substitute for natural gas as a raw material or energy source (in Germany), and a shortage of natural gas will result in it not having enough energy for chemical production and lack of key raw materials for manufacturing products.” Many BASF products are familiar and important to the daily life of millions of people worldwide. About 39,000 people work at BASF’s Ludwigschafen chemical processing complex in Germany.
EU energy geopolitics expert Samuel Furfari explains in his July 12, 2022, Atlantico article, “Towards a gas cut: the moment of truth on our dependence on hydrocarbons has come,” oil and gas provide the ‘horse-power’ to make large scale food production possible, but they are also the source of fertilizer. Skyrocketing fertilizer costs and blocked wheat exports from Ukraine will create food shortages and famine.
The energy crisis is due to lack of investment in oil and gas after years of concerted efforts by the unelected, unaccountable UNPRI on divestment from fossil fuels. They push climate change as ‘our highest priority’, along with “ESG – Environment, Social, Governance” scores for corporations. UNPRI’s fiduciary guru is Al Gore.
Friends of Science Society’s 2016 report “Undue Influence – Markets Skewed” identified that ESG and ‘sustainable accounting’ manipulate markets and investments.
In 2019, the World Economic Forum issued a report promoting ESG standards, claiming that “Strong environmental, social and governance (ESG) performance has the power to unlock significant positive impact for investors, companies and wider society.”
A recent study for the European Corporate Governance Institute by Berg et al (2022) shows that ESG ratings of many firms have been subject to retroactive historical revisionism.
Steve Soukup, author of “The Dictatorship of Woke Capital,” has skewered ESG ratings, pointing to the Berg et al. study as evidence of fraud in ESG markets that only benefits the traders. He refers to Andy Kessler’s July 10, 2022 op-ed in the WSJ “The Many Reasons ESG Is a Loser” – ‘You’ll pay far higher expenses for a fund with similar stocks but worse performance.’
Friends of Science Society’s report “Climate Risk Reporting – An Exercise in Greenwashing” notes that since carbon dioxide is not the main driver of climate change, thus carbon trading, nature-based solutions, and ESG reporting is greenwashing that exacerbates the global energy crisis.
Friends of Science says it is astounding that the Chartered Professional Accountants (CPA) of Canada are embracing NetZero and ESG, as per their July 08, 2022, public statement. According to their mission statement: “CPA Canada enhances the influence, relevance and value …by acting in the public interest and …contributing to economic and social development.”
Prevention of an energy crisis and famine are in the public interest, says Friends of Science.
As Robert Lyman pointed out in his summary of the BP Statistical Energy Review, there is no energy transition occurring. NetZero is “Magical Thinking.”
Friends of Science Society is an independent group of earth, atmospheric and solar scientists, engineers, and citizens that is celebrating its 20th year of offering climate science insights. After a thorough review of a broad spectrum of literature on climate change, Friends of Science Society has concluded that the sun is the main driver of climate change, not carbon dioxide (CO2).
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SOURCE Friends of Science Society