A recent video by Friends of Science titled “Nix Net Zero or Climate Billions will Bankrupt Canada” discusses the financial implications of Canada’s Clean Electricity Regulations. The video claims that Canada could spend $690 billion to reduce just 8% of electricity sector emissions. If Canada aimed for total emission reductions, the cost could soar to $12 trillion. To put that in perspective, Canada’s annual GDP is $2.2 trillion.
In a letter to the International Sustainability Standards Board in 2022, Friends of Science highlighted the potential financial strain of mandatory emissions reporting in the US. According to Steve Soukup, the cost for public companies to comply could jump from $3.8 billion to over $10.2 billion each year—a more than 250% increase.
Mark Carney, who has served as the governor of both the Bank of England and the Bank of Canada, advocates for mandatory emissions reporting. He played a significant role in creating the Global Financial Alliance for Net Zero, which aimed to influence financial markets based on climate goals. However, a recent US House Judiciary Committee report referred to this movement as a “climate cartel” threatening American lifestyle. Interestingly, during a speech in 2021, Carney acknowledged China’s role in shaping mandatory emissions policies.
Recently, some key banks and large asset managers have distanced themselves from the Global Financial Alliance for Net Zero amid ongoing US antitrust investigations. Critics in Canada have raised concerns about Carney’s climate plans. For instance, an op-ed in the Financial Post pointed out that concealing the costs of achieving net-zero emissions does not lessen those costs. Energy analyst Heather Exner-Pirot criticized Carney’s approach as outdated, suggesting the public is more concerned with energy affordability and security.
Furthermore, the Heritage Foundation has published a series of papers arguing that many alarmist claims about climate change are exaggerated. These findings closely align with the energy policies promoted by the Trump administration.
Despite the US withdrawing from the Paris Agreements, states and cities within the group “America-is-all-In” have pledged to maintain efforts to meet climate targets. Friends of Science is also active in educating the public about climate issues. They will host a book launch for their handbook “Energy & Climate at a Glance” on March 11, 2025, in Calgary, which will be available for live streaming as well.
Friends of Science Society has been providing insights on climate science for over 22 years. After reviewing extensive literature, they assert that the sun is the primary driver of climate change, rather than carbon dioxide (CO2).
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