Why That UN Climate Deal Is Already A Dead Duck

wcs2015What Mark Carney, the Pope and all the others are shutting their eyes to is that the binding climate treaty they all want simply isn’t going to happen. This is not just because all the horrors the BBC and the Met Office keep warning us about are failing to appear. The crucial reason why there will be no treaty (other than a meaningless fudge) is that those developing countries, led by India and China, are not going to have it. Even the EU, which has long boasted that it is leading the drive to secure that new treaty, has lately dramatically changed its stance. As pointed out by Dr Benny Peiser of the Global Warming Policy Foundation, the EU is now prepared to pledge a 40 per cent cut in emissions by 2030, but only on condition that any Paris agreement is legally binding on all countries. –Christopher Booker, The Sunday Telegraph, 4 October 2015

Mark Carney’s warning that investors face “potentially huge” losses from their “stranded” coal, oil and gas assets has riled many in the investment community who believe the Bank of England governor has spoken out of turn. The chief investment officer of a large UK pension fund, who requested anonymity, agreed: “Mr Carney should stick to his mandate. Carbon policy is a matter for politics and government legislation, not the Bank of England.” Other investors also expressed scepticism about the stranded-assets theory, as well as the extent and the immediacy of the risks underlined by Mr Carney. Madison Marriage and Richard Stovin-Bradford, Financial Times, 5 October 2015

Mark Carney believes that fossil fuels will soon become stranded assets, as the world will fall for the global warming scam and stop using them. Apparently, nobody told the Chinese! According to the IEA, they have been busy buying up all the global oil and gas assets they can get their hands on, and, as of last November, control 7% of worldwide crude oil output. –Paul Homewood, Not A Lot Of People Know That, 4 October 2015

Mark Carney, with wind turbine nailed to his forehead, has decided he doesn’t like hydrocarbons. Coal, gas and oil. He thinks we should probably leave one third of the world’s reserves of hydrocarbons right there where they are, in the ground. Leave it where it is and invest in what are euphemistically called renewables, which contribute 1% of the world’s energy needs. Right-ho, Mark — that’s the entire basis of the western economic system well and truly buggered, then. Hell, who’d have thought it: a banker doing his best to wreck the economy as a consequence of a latterly acquired arrogance. Nah. That’s never happened before, has it. –Rod Liddle, The Sunday Times, 4 October 2015

Geologically, the United States does not stand out in terms of shale resources. A very incomplete global mapping suggests a US shale oil share of no more than 17% of a huge geological wealth, widely geographically spread. Given the mainly non-proprietary shale technology and the many advantages accruing to the producing nations, it is inevitable that the revolution will spread beyond the United States. The global spread of these revolutions and the ensuing price weakness that we envisage for the coming two decades will, on balance, provide a great advantage both to the oil industry and to the world economy at large. The efforts to develop renewables for the purpose of climate stabilisation will become more costly, requiring greater subsidies, in consequence of lower oil prices. –Roberto F. Aguilera and Marian Radetzki, The Conversation, 5 October 2015

The 20 climate scientists and academics who sent a letter to President Barack Obama asking him to prosecute global warming skeptics may be in big trouble. A congressional committee is now looking into the government-backed nonprofit that circulated the letter, demanding they turn over “all e-mail, electronic documents, and data created since January 1, 2009.” The group has one week to respond in writing to the committee’s request. It seems like IGES’s effort to get Obama to prosecute global warming skeptics has completely backfired in the two weeks since their letter to the administration was published online. IGES has since taken down the letter and put up a message claiming the letter was “inadvertently posted” online. –Michael Bastasch, Daily Caller News Foundation, 2 October 2015