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28 Dec 2023 04:02:05 UTC
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Collapse & Catastrophe – Challenging the OSFI on Climate Risk Reporting
On Oct. 16, 2023, the Office of the Superintendent for Financial Institutions (OSFI) (which regulates all financial institutions in Canada) released its Standardized Climate Scenario Exercise (SCSE) methodology for consultation. There is ever more pressure on banks, financial institutions and corporations to report on climate risks related to their investments and operations. Thus, the OSFI developed this mathematical model that all financial institutions will have to use for reporting climate risk. They tell financial institutions that: “The SCSE aims to measure climate risks that are arguably not reflected using traditional risk quantification techniques, e.g., models that use historical experience to measure risks." Ironically, historical experience are the principle database for financial investments and risk assessment. Why would this useful information be set aside? Unfortunately, in the new model, the OSFI employs a series of computer simulated scenarios known as the “Representative Concentration Pathways” as baseline scenarios, and one of which, the "RCP 8.5" scenario is described as 'business-as-usual.' In fact, RCP 8.5 is an implausible future scenario which includes parameters like the world having 3-6 billion more people than the UN projects for 2100; using more coal than exists on planet Earth, and burning more oil than is estimated as being recoverable. Thus, the climate risks will be wildly exaggerated and skewed. This will directly affect investment in Canada's energy security, GDP and employment. This video explainer walks the viewer through a rebuttal report that Friends of Science Society submitted to the OSFI as part of their consultation.
The RCP 8.5 scenario is where the notion of a climate emergency originates. Once removed from consideration (as it is implausible) there is no justification for high carbon taxes or NetZero targets. The climate emergency is over. We do have time. See more of our work: http://www.friendsofscience.org
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https://www.youtube.com/watch?v=jsQkLerKIZY
The RCP 8.5 scenario is where the notion of a climate emergency originates. Once removed from consideration (as it is implausible) there is no justification for high carbon taxes or NetZero targets. The climate emergency is over. We do have time. See more of our work: http://www.friendsofscience.org
...
https://www.youtube.com/watch?v=jsQkLerKIZY
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