recent reports that climate models (simulations) are exaggerating warming show that climate change causes and outcomes are uncertain – a ‘low-carbon’ society may not have any effect on climate and financial institutions must reflect this uncertainty
Calgary, Alberta, Canada (PRWEB)
September 27, 2017
ShareAction, a UK registered charity, recent demands for climate risk disclosure from financial and investment groups, as reported in the Financial Times Sept, 13, 2017, is based on outdated climate simulations that have predicted too much warming says Friends of Science, referring to The Times of Sept. 19, 2017.
Friends of Science Society says along with ShareAction, the CDP Worldwide and UNPRI are also operating on outdated climate catastrophe thinking that is not in keeping with principles of continuous disclosure, as required by investment regulators, particularly on any material change, a topic discussed in a NERA document by Bradley A. Heys, entitled “Economic Analysis Of Materiality For Canadian Securities Litigation.” (Link: nera.com/)
None of the organizations – ShareAction, the CDP and UNPRI is elected or accountable – but they hold tremendous sway over public policy due to the trillions of dollars in assets under management held by signatories, says Friends of Science. The UNPRI’s 2016 Annual Report requires a ‘climate pledge’ from participants and major institutional investors were urged to lobby recalcitrant companies in countries like Canada, the US and Australia to comply.
In Canada, SHARE, another shareholder group, funded a legal opinion by the firm Koskie Minsky that told pension fund trustees that ‘climate change denial is not an option.’ Friends of Science issued two rebuttal publications on Feb. 1, 2017 entitled “Climate Change Insights for Pension Fund Trustees and Beneficiaries” and “Climate Change Risk Clouds Boardroom Competency.”
The recent reports that climate models (simulations) are exaggerating warming show that climate change causes and outcomes are uncertain – a ‘low-carbon’ society may not have any effect on climate and financial institutions must…