"Energy Superpower" Canada may be Hampered by Climate-addled Central Bankers says Friends of Science Society

CALGARY, AB, Oct. 1, 2026 /PRNewswire/ -- Prime Minister Mark Carney officially listed the Pacific Link oil pipeline from Alberta to the West Coast as a project of national interest today, but Friends of Science Society suggests climate-obsessed central banking authorities may be a potential barrier. Canada plans to be an energy superpower in conventional and so-called clean energy.

In their Sept. 30, 2026, Open Letter to the Office of the Superintendent of Financial Institutions (OSFI) and the Network for Greening the Financial System (NGFS) on Material Changes in Climate Scenarios, Friends of Science Society claims that the new NGFS Guide relies on outdated climate science information and does not reference the material changes in climate science and climate economics of the past year.

The climate catastrophe scenarios used in NGFS/OSFI climate risk assessments, known as SSP3-7.0, SSP5-8.5, and RCP 8.5, have been officially retired by the climate modelling community as implausible. Climate policy analyst Roger Pielke, Jr., emphatically states in "RCP 8.5 is Officially Dead," that the high-end scenarios were always implausible.

Environment and Climate Change Canada continues to use these implausible scenarios, as outlined in Friends of Science short video, "At First Glance."

Likewise, a climate economics paper known as Kotz et al. (2024) was officially retracted by the journal NATURE in Dec. of 2025. The study formed the basis of NGFS's climate damage function. Kotz et al. was a "highly publicized study predicting climate change would cost $38 trillion a year by 2049," a staggeringly high prediction.

The NGFS Guide continues to equate natural disasters like floods and wildfires as if climate-related, says Friends of Science Society.  Roger Pielke, Jr.'s commentary "Taking Us for Fools," clarifies that "climate policy" — however construed — cannot reduce the number or intensity of extreme weather events in any meaningful or detectable way in my lifetime, or even my future grandkids' lifetimes."

Due to these misconceptions, there is pressure on banks and insurance companies by climate activists and activist scientists to either reject financing for conventional energy projects or to enforce a high interest rate and to require Net Zero plans, says Friends of Science Society. One such effort is Senator Rosa Galvez' Bill S238, "Climate Aligned Finance Act (CAFA)."  Likewise, Friends of Science Society sees Royal Bank of Canada (RBC) as a climate zealot on Net Zero, perhaps due to following the scientifically flawed NGFS and OSFI guidelines.

Energy expert Prof. Emeritus Vaclav Smil says, "The complete decarbonization of the global energy supply will be an extremely challenging undertaking of an unprecedented scale and complexity that will not be accomplished—even in the case of sustained, dedicated, and extraordinarily costly commitment—in a matter of a few decades."

Energy security is national security, as Dr. Tammy Nemeth points out.

Thus, it would appear that OSFI and NGFS climate directives are not in keeping with Section 627.03 of the Bank Act, "No institution shall communicate or otherwise provide false or misleading information to a customer, the public, or the Commissioner."

To compensate for alleged climate damage, energy companies may be forced to comply with carbon market trading, says Friends of Science Society.  For Canada's newly proposed Pacific Link, Prime Minister Carney has been adamant, "No Pathways, No Pipeline" – referring to the massive, multi-billion-dollar, tax-subsidized Pathways/Oil Sands Alliance carbon capture and storage project.

As of Sept. 24, 2026, the Canadian government signalled its intention to enter international carbon trading markets and to build a carbon removal industry, something that is completely unnecessary as carbon dioxide is not the control knob that can fine tune climate, says Friends of Science Society.

According to renowned Canadian physicist, Prof. William van Wijngaarden, science and observations do not support net zero policies. Presentations like that of Friends of Science Society's President Ron Davison, P. Eng., Net Zero – Climate Policy is All Pain, for Minimal Gain! highlight the economically destructive impact of Net Zero policies.

Friends of Science Society is pleased to announce their upcoming in-person or via livestream event in Calgary, Alberta on Nov. 16, 2026, "Why You Should No Longer Fear Global Warming aka 'Climate Change.'" Anthony Watts will be the guest speaker, meteorologist, author & founder of "Watts Up With That?" which is the world's most viewed site on global warming and climate change.

About
Friends of Science Society is an independent group of earth, atmospheric and solar scientists, engineers, and citizens that is celebrating its 24^th 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