The dominoes of the net zero, climate cult acolytes continue to fall. In Canada, we have seen the carbon tax “paused” and the Electric Vehicle (EV) Mandate delayed as a 60-day so-called consultation process takes place. Other countries have had to abandon their plans for more energy generated by wind turbines and solar power as these alternatives have turned out to be nowhere near as “green” as advertised, unaffordable and unreliable. Internationally, another domino fell this past week as the organization referred to as GFANZ – the Glasgow Financial Alliance for Net Zero – wrapped up its operations. At its inception, GFANZ was heralded as an independent, private-sector-led initiative to mobilize capital and remove barriers to investment in the global energy transition away from fossil fuels.
GFANZ included banks, insurance companies, investment firms and related service providers. Effectively, the organization was created to choke off investment in the fossil fuel industry over time, although they would never admit that in so many words. As it turns out, GFANZ had quite a short life span. It was created in 2021 by Mark Carney and Michael Bloomberg and is now gone just four years later.
The entity tried to save face by saying members voted in favour of ending the organization but will continue to use the climate principles GFANZ had created as a reference going forward. The group supported ending its operations immediately, so GFANZ is effectively dead. Although Carney must be disappointed that another one of his climate fantasy creations has gone bust, this is good news for the rest of us.
The demise of GFANZ began about a year or so ago as banks and investment companies all over the world, including in Canada, realized that the objectives of the organization were destructive to the economy and the financial success of their businesses. One by one, banks began to peel off from the Net Zero Banking Alliance (NZBA), which was a sub-group of GFANZ. Insurance and investment companies followed. The rejection by major financial institutions of Carney’s net zero thrust in global financial markets should be a cautionary tale to Canadians regarding just how savvy he actually is about the real-world impacts of his preferred policies. Now that he is Canada’s Prime Minister, with no indication he has abandoned his net zero plans, this is especially worrisome.
Every time one of these organizations shuts down, it is another nail in the coffin of net zero. For years, we were told by Liberal governments that “the environment and the economy go hand in hand.” This was a giant lie, but it took a while to see just how damaging the tall tales told by the climate alarmists were to the economy and the standard of living for average Canadians. As well, environmental goals set by the green proponents are always years down the road. Years later, we are now seeing how very unrealistic these goals were when first proposed since, as the target years grow closer, the realization they were always unachievable finally sinks in. The left always like to talk about misinformation, but on the climate issue they have been the most dishonest. Eventually, even Carney will have to own up to his personal record of serial failure. Unfortunately for Canada, that doesn’t appear likely anytime soon.
Net zero deserves to die a miserable death. Cumulatively, trillions of dollars have been wasted around the world on costly, pointless measures justified in the name of climate. Many people are fighting hard to retain these net zero goals – not because they are especially committed to helping the climate but because an enormous amount of money has been made by its proponents at the expense of average taxpayers. The vast amounts spent on so-called climate could have been much more productively directed to help reduce poverty and improve the lives of average people around the world. That would in turn have a beneficial impact on the environment as people that are better off financially have a greater incentive to support effective climate policies than those living in abject poverty. Canada still has a way to go to get rid of all of the harmful climate policies, but every domino that drops bring us closer to that goal. RIP GFANZ, and don’t let the door hit you on the way out.
She has published numerous articles in journals, magazines & other media on issues such as free trade, finance, entrepreneurship & women business owners. Ms. Swift is a past President of the Empire Club of Canada, a former Director of the CD Howe Institute, the Canadian Youth Business Foundation, SOS Children’s Villages, past President of the International Small Business Congress and current Director of the Fraser Institute. She was cited in 2003 & 2012 as one of the most powerful women in Canada by the Women’s Executive Network & is a recipient of the Queen’s Silver & Gold Jubilee medals.
