BNP Paribas Stance on Oil Sands and Coal Investments Hypocritical and Based on Old Climate Change Science says Friends of Science Society

“Carbon dioxide is not a control knob that can fine tune climate” – Judith Curry, Atmospheric Scientist, Georgia Tech

Friends of Science says this move by BNP Paribas SA against the financing of oil sands, shale gas and coal is discriminatory, punitive and not based on current climate science, calling it a financial ‘green’ trade war against Canada and the US

BNP Paribas SA recent announcement in Bloomberg of Oct. 11, 2017, that it will no longer invest in oil sands, shale gas, or coal is hypocritical and based on out-of-date climate change science says Friends of Science Society

Two recent summaries of International Energy Outlook by the UN EIA prepared by Ottawa energy policy consultant, Robert Lyman, posted on the Friends of Science blog show that world markets for fossil fuels are booming; renewables, not so much.

In Lyman’s summary, he reports that:

  • Neither the OECD nor the non-OECD countries will come close to attaining the emission reduction objectives contained in the COP21 agreement.
  • The slight rise in OECD emissions over the projection period will be dwarfed by the massive emissions growth in the non-OECD area, and especially in Asia.
  • By 2040, China’s emissions would be almost two and a half times those of the United States.

As for renewables replacing fossil fuels for electricity generation, the report states that by 2040 the world will generate some 34,049 billion kWh electricity of which only 5,024 will be from non-hydro renewables for a total of 14.8%. Likewise, electric cars will not have taken over the world by 2040. Electric vehicles will only be 3.1% by 2040 and 4.0% by 2050 of the projected world transportation energy usage. Lyman explains “Why Renewables…

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