REcarbonize Canada says Friends of Science Society in Response to Sustainable Finance Taxonomy Report

CALGARY, AB, Aug. 13, 2026 /PRNewswire/ -- In response to Canada's Sustainable Finance Taxonomy report, Friends of Science Society have issued a comprehensive response that can be summarized as "REcarbonize Canada." 

Friends of Science Society's report argues that the Sustainable Finance Taxonomy group erred in relying on the 2018 Intergovernmental Panel on Climate Change (IPCC) report known as IPCC SR 1.5 for 'the science', saying that is outdated and significant changes in climate science pillars obviate the drive for Net Zero. As well, recent geopolitical energy deficit realities, due to the conflict in the Strait of Hormuz, invalidate the taxonomy report's conclusions.

Three significant pillars of the presumed, impending climate catastrophe that led to Net Zero targets, have fallen in the past year.

As explained in the Friends of Science Society's report, "Sustainable Finance Taxonomy –Out-of-Date Science and Greenwashing Unsustainability," the climate catastrophe scenario known as RCP 8.5 (SSP5-8.5) has been deemed to be implausible, by the official climate modelling community that works with the IPCC. The climate risk economic damage function that the Network for Greening the Financial Institutions had employed for assessing climate risk, drawn from Kotz et al. (2024) has been officially retracted. Finally, a paper commonly known as "Wedges" from 2004, that claimed we could decarbonize using existing technology, has been exposed as false and partly ghost written by Big Oil.

These changes confirm the findings of renowned Canadian physicist, Prof. William van Wijngaarden, whose presentations show, like this America Out Loud podcast, that there is no human-made climate emergency. Wijngaarden explains that trying to decarbonize to meet net zero targets will severely damage society.

Contrary to decarbonizing Alberta and Canada, Friends of Science Society say the time is right to rescind the directive on climate risk reporting set by the Office of the Superintendent of Financial Institutions (OSFI), known as B-15. Financers should be encouraged to reinvest and insurers to step up to advance the oil and gas sector and thus "REcarbonize Canada" as an energy and economic Superpower. This will revitalize Canada's sagging economy and provide national energy security says Friends of Science Society.

Under B-15 only energy projects with Carbon Capture and Storage (CCS) or similar technology would qualify for financing and insurance; the Sustainable Finance Taxonomy report attempts to put this into the category of "abatement." Friends of Science Society argues in this video that 'decarbonized oil' is a carbon traders' shell game.

The Sustainable Finance Taxonomy report promotes a "Do No Significant Harm" approach, but Friends of Science Society argues the harm is inherent in the climate risk reporting, the imposed compliance and the unrealistic, unattainable net zero targets.

"Decarbonize Alberta - Really?" is a new report by retired energy economist Robert Lyman, published by Friends of Science. Lyman focusses on the implications of complete decarbonization of oil and gas. It is the largest single contributor to the Alberta economy, accounting for roughly $88 billion of GDP in 2024, equivalent to 25% of the province's total GDP. It directly accounted for 200,000 jobs, equating to 8% of total employment. Total revenue from oil and gas production to Alberta was $153 billion in 2024, with oil sands ($105 billion) accounting for the lion's share.

The current Pathways/Oil Sands Alliance CCS project will be 75% funded by taxpayers and will cost between $20 to 30 billion, according to media reports.

Friends of Science Society says the Sustainable Finance Taxonomy report is unrealistic, referencing their "Getting to Net Zero" analysis, which shows that the Canada Energy Regulator "over-relied on CCUS (33 to 38-fold increase), and a thousand-fold increase in direct air capture."

CBC reported on Aug. 07, 2026, that climate change concerns rebounded in Canada due to the extreme wildfire situations, citing an Angus Reid poll. A Western Standard article "Pollsters and climate activists love the flames of wildfires to fan their apocalyptic fantasies" challenges the polling methods. In a related CBC interview, former Environment and Climate Change Minister, Catherine McKenna, who was responsible for proclaiming a climate emergency in Canada, falsely conflates wildfires and climate change. 

Friends of Science Society denounces the misallocation of some $476 billion on climate change in Canada, versus paltry millions to address the real risk and devastation of wildfires.

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

Friends of Science Society
PO Box 61172 RPO Kensington
Calgary AB T2N 4S6
Canada
Toll-free Telephone: 1-888-789-9597
Web: friendsofscience.org
E-mail: [email protected]
Web: climatechange101.ca

SOURCE Friends of Science Society