#climategate

Why pay for the FT if you can get the same journalism in The Guardian for free?

We ditched our FT subscription quite some time ago for journalism (sorry, activism) like this. The same reasons as junking our subscription to the The Economist. Zero thirst for proper journalism. Climate alarmism every second article.

The FT sent the following email:

Dear readers

The coronavirus pandemic teaches us a harsh lesson about the risks that come from the natural world. While lockdowns have contributed to the largest drop in global emissions since the second world war, climate change has continued to disrupt our societies through extreme weather events, mass displacement of people and loss of life. Last year, for example, saw the worst north Atlantic storm season on record, illustrated in this remarkable animation by the FT’s Steven Bernard.

The pandemic has added urgency to business concerns over climate change. We at the FT are responding with the launch of Climate Capital, a new hub for our award-winning climate and green business journalism from across the FT’s global newsroom. I hope you will join me for the first Climate Capital Live event, which I will host on March 30 alongside FT journalists and expert speakers. From emerging clean energy trends to sustainable investing and climate finance, Climate Capital will identify the emerging risks and report on the opportunities for business as our economies strive to adapt to the climate threat before it is too late.

Environment correspondent Leslie Hook marks the launch with a deep dive into how the race for clean energy will reshape the international order. Vanessa Houlder and Alan Livsey, from the FT’s financial analysis column Lex, crunch the numbers on the carbon price, one of the most important financial questions the world has to answer. The FT editorial board weighs up Joe Biden’s raft of climate measures while Japan’s energy minister told the FT’s Robin Harding about his plans to pivot towards nuclear energy in order to achieve net-zero carbon emissions by 2050.

With FT Climate Capital, we will bring together the news, in-depth reporting and commentary you need to keep ahead of the defining economic story of our generation.

Thank you for reading,

Roula KhalafEditor

Why bother paying $372p.a. for the FT when The Guardian gives even more hyperbolic climate catastrophism for free? So much for the FT being the capitalists’ morning bible.

Interesting that most of the claims made in the FT email are patently false. As Mark Twain said,

If you don’t read the papers you’re uninformed. If you do read the papers you’re misinformed!

Fukushima offshore wind farms to be dismantled

From The Japan Times:

The government said Thursday it will remove the two remaining wind power turbines it installed off Fukushima Prefecture citing lack of profit in the project, which cost ¥60 billion ($580 million).

The project was widely seen as a symbol of the reconstruction of the northeastern prefecture following the 2011 earthquake, tsunami and nuclear disasters.

The decision came despite Japan’s goal of raising its offshore wind power generation to up to 45 gigawatts in 2040 from a mere 20,000 kilowatts at present as part of efforts to fight climate change. Prime Minister Yoshihide Suga has pledged to achieve carbon neutrality by 2050.

At a meeting in Fukushima, industry ministry officials briefed fishermen and other participants about the plan, with local people saying the government had wasted taxpayers’ money and should conduct a thorough study of why the project had failed.

In June, the government removed one of the three turbines installed 20 kilometers off the town of Naraha. It has decided to remove the remaining two in the fiscal year starting April.

The three turbines were constructed in stages from 2012 to support the local economy by creating a new industry based on renewable energy.

To commercialize wind power generation, the operational rate of a turbine must remain at 30% to 35% or more, according to the ministry.

But the rates of the turbines off Fukushima had been around 4% to 36%, according to trading house Marubeni Corp., which participated in the project.”

Germany also gave us a wonderful case study on how its renewables based energy system has backfired spectacularly. 

In 2007, Germany forecasted that 2020 residential electricity prices would be approximately 16 Eurocents with the shift to renewables away from nuclear. Today they trade at c.31 Eurocents. Der Spiegel, a normally left-leaning journal wrote in a two-part series. 

Part 1 – Germany Failure on the Road to a Renewable Future

“But the sweeping idea has become bogged down in the details of German reality. The so-called Energiewende, the shift away from nuclear in favour of renewables, the greatest political project undertaken here since Germany’s reunification, is facing failure. In the eight years since Fukushima, none of Germany’s leaders in Berlin have fully thrown themselves into the project, not least the chancellor. Lawmakers have introduced laws, decrees and guidelines, but there is nobody to coordinate the Energiewende, much less speed it up. And all of them are terrified of resistance from the voters, whenever a wind turbine needs to be erected or a new high-voltage transmission line needs to be laid out.”

Germany’s Federal Court of Auditors is even more forthright about the failures. The shift to renewables, the federal auditors say, has cost at least 160 billion euros in the last five years. Meanwhile, the expenditures “are in extreme disproportion to the results, Federal Court of Auditors President Kay Scheller said last fall, although his assessment went largely unheard in the political arena. Scheller is even concerned that voters could soon lose all faith in the government because of this massive failure.

But never let that get in the way of feeling good about saving the planet.

The Red Face

Adam Anderson, CEO of Innovex, an oil & gas company, wanted to get his staff The North Face (TNF) down jackets with the company logo emblazoned on it for Christmas.

Unfortunately, the apparel maker rejected the request on the basis that fossil fuel companies, like Innovex, didn’t reflect TNF’s core values – the same standard it applies to porn and tobacco companies.

So Anderson returned fire in a 4 page letter here:

“The recreational activities they encourage are all ones that require hydrocarbons to make the products, to provide the means to get to whatever activity folks want to perform…It’s just so intertwined with everything that we do…

…The irony in this statement is your jackets are made from the oil and gas products the hardworking men and women of our industry produce. I think this stance by your company is counterproductive virtue signaling, and I would appreciate you re-considering this stance. We should be celebrating the benefits of what oil and gas do to enable the outdoors lifestyle your brands embrace. Without Oil and Gas there would be no market for nor ability to create the products your company sells…

…“Low-cost, reliable energy is critical to enable humans to flourish. Oil and natural gas are the two primary resources humanity can use to create low-cost and reliable energy. The work of my company and our industry more broadly enables humans to have a quality of life and life expectancy that were unfathomable only a century ago.”

The ultimate irony with all this woke corporate virtue signaling is that these social justice warriors often get shown up for a complete lack of understanding about the very subject the publicly protest about.

We met a staffer from an Aussie bank the other week who proudly boasted it was stopping lending to companies that haven’t committed to reduce emissions by a certain amount. The argument was that shareholders are demanding it. We retorted that a small select number of activist industry funds who often don’t meet the very requirements they try to enforce on others, are trying to promote the sale of SRI/ESG funds because of the higher fees they can get by appealing to investors who think they’re making a difference when in reality they aren’t.

We did a more conclusive study during a business school lecture. Three funds with three different results were presented in a chart over 10 years. The students didn’t know which fund was what but all selected the one with the highest returns. Naturally.

Before the different funds were revealed we asked whether people would invest in a socially responsible investment fund to feel better about themselves? When it was revealed the SRI fund had the worst performance and the best performing fund rejected such virtue signaling, all still wanted the highest return in retirement. Who knew?

If politicians were surgeons you’d never ask them to operate on you

And so the path to globalism marches on.

Former Secretary of State John Kerry will be the new climate envoy in a Biden administration, assuming the high probability he takes office in this still contested election.

Expect more blovating nonsense on climate change to satiate salivating crony capitalists. If COVID doesn’t kill you, climate change will! Got that, peasant?

Kerry is another career politician. He is the man who said peace in the Middle East was impossible. 3 peace deals later under a different administration and how stupid does he look? So should we believe his pontificating around climate change? Of course not.

Seriously, if politicians were surgeons there is no way you would ask them to operate on you given a glance at their win/loss ratio. Yet, Kerry will be afforded all of the media puff pieces on how he’ll be pivotal to saving us all despite reading geopolitics so poorly.

We await the grandiose statements about how close to doom we are. We await more nonsense around the Paris Accords – which grants China the ability to pollute as it pleases til 2030 – while the rest of us tip into the UN jar to misallocate resources for political favours.

You have to hand it to the political class. Await slower growth, higher electricity prices and more inefficiency which will end up in more debt fueled big government.

We’ll leave you with how the scientists believe in the science in a wonderful report compiled by the UN on its own processes. Donna Laframboise noted in her book, “The Delinquent Teenager” the following,

“In early 2010 the InterAcademy Council, an organization comprised of science bodies from around the world, took an historic step. It established a committee whose purpose was to investigate IPCC policies and procedures.

The committee posted a questionnaire on its website and invited interested parties to respond. Answers to those questionnaires were eventually made public after the names of the respondents had been removed. Those provided by IPCC insiders can be separated from the ones submitted by concerned citizens because the questionnaire begins by asking what role the respondent has played in the IPCC.

People with direct experience of this organization were remarkably frank in their feedback. According to them, scientific excellence isn’t the only reason individuals are invited to participate in the IPCC.

Remember, this is a UN body. It therefore cares about the same things other UN bodies care about. Things like diversity. Gender balance. Regional representation. The degree to which developing countries are represented compared to developed countries.

The collected answers to the questionnaire total 678 pages. As early as page 16, someone complains that: 

“some of the lead authors…are clearly not qualified to be lead authors.” 

Here are other direct quotes:

There are far too many politically correct appointments, so that developing country scientists are appointed who have insufficient scientific competence to do anything useful. This is reasonable if it is regarded as a learning experience, but in my chapter…we had half of the [lead authors] who were not competent.” (p. 138)

“The whole process…[is] flawed by an excessive concern for geographical balance. All decisions are political before being scientific.” (p. 554)

“half of the authors are there for simply representing different parts of the world.” (p. 296)

Lest anyone think that people from less affluent countries were being unjustly stereotyped, the person whose comments appear on page 330 agrees:

“The team members from the developing countries (including myself) were made to feel welcome and accepted as part of the team. In reality we were out of our intellectual depth as meaningful contributors to the process.”

Remember we are told to believe the IPCC is the final word in climate change science. Look forward to shared misery.

Sydney Lord Mayor thinks we’re stupid

Lord Mayor Clover Moore proudly tweeted the City of Sydney went 100% renewable energy.

Shame 87.3% of the state’s electricity came from coal on the day of that announcement. Or is that how it works? Calculate the total energy consumed in Sydney and claim that any renewable energy across the state of NSW was hers?

When climate alarmists start trusting bankers

If global warming alarmists ever wanted to pick an industry as steeped in unreliable forecasts as climate scientists, one would find it hard to beat investment banking. Having been in that industry for two decades, the list of woefully misguided and poorly researched puff pieces is endless. There is a reason global banks are trading at fractions of their former peaks. They don’t add much value and most never picked the GFC of 2008. If they were smarter, greed wouldn’t require recessions.

Never mind. When JP Morgan economists are portending climate doom, why not hitch them to your global warming wagon? There is a kind of conflict of interest. Evil, greedy fat bonus paying tax avoiding corporates preaching virtue on climate.

By the way, you won’t find a research analyst who believes they don’t deserve air travel at the pointy end and luxury limousine transfers to and from the airport.

Yet they are aligned with the hypocrites at the Bank for International Settlements (BIS) which told us at the 1500 private jet junket at Davos that it’s central bank members are “climate rescuers of last resort.” This despite their monetary policies having played a major part in fueling overconsumption via the debt bubble. Ultra low interest rates will ultimately have a profound effect on carbon emissions – a global economic crisis of epic proportions which won’t require one wind turbine or solar farm to achieve. They’ll save the climate by destroying the wellbeing of so many in the process.

On the one hand, JP Morgan can now claim some kudos for allowing such free thinking which isn’t at the behest of the investment banking team.

Maybe it’s worth pointing out that most banks keep meticulous (but useless) data on the readership of such reports. Much like the media chasing advertising dollars through clickbait, research analysts strive for internal point scoring to boost their year end review chances to push for bigger bonuses to their excel spreadsheet obsessed line managers who look at quantity, not quality. So if a warmest piece can create noise, irrespective of the quality of the content, then that serves a purpose for internal bosses.

Such has been the hollowing out of investment banking research teams, the last remaining life jackets are in short supply. It was only last year that Deutsche Bank closed its entire global equity platform. While regulation is part of the problem, there is simply very little value add to convince clients to pay for.

While the report supposedly chastised the bank’s lending of $75bn to the fossil fuel industry, in a world of ESG, which puts ideology ahead of risk assessment, JP Morgan can now claim it has seen the light so it can hopefully fool green tech companies in need of cash that they are worthy environmentally friendly financiers. This will also give the public relations team a welcome talking piece to the media and ESG retirement fund managers that they practice social responsibility.

Back to the report. On what pretense do the JP Morgan analysts have for the climate crisis threatening the human race? Citing the IPCC (where scientists have slammed the processes which prioritize gender and ethnicity over ability and qualification) and the IMF (which couldn’t pick economic growth it it tried) are hardly the sort of data one would gladly source as gospel to compile a report.

It seems everyone is an expert on climate change nowadays. Central banks, ASIC, APRA, RBA, the Australian Medical Association and now investment banks. As we pointed out earlier in the week, where were the scientists who made a b-line to speak at the National Climate Emergency summit in Melbourne? That’s right 2/3rds were activists, lobbyists, left-wing media and academics with no scientific background.

You know when alarmists are channeling bankers, that they are running out of credible evidence. Even worse, most banks have an uncanny ability to act as contrarian indicators.

We can be sure that a whole lot of malinvestment will continue thanks to governments trying to declare emergencies to justify infrastructure spending to replace sensible business friendly structural reforms that would have a far better chance of keeping them in power for longer.

In closing, it seems even the media has lost faith in investment bank research, choosing to channel NY Mets baseball pitchers for commentary on stocks instead.

Extinction Rebellion Australia commits fratricide

FNF Media commented on XR Australia’s (XRA) FB post which praised Russell Crowe‘s video on climate change and how we all needed to do our bit. We merely suggested that Hollywood lead by example rather than give them a free pass by highlighting the cause. We suggested Crowe force players and coaching staff of the South Sydney Rabbitohs (where he is an owner) to commute to training by bicycle, play only during the day and attend away games by public transport if he was to live up to his words.

Initially, the early XRA gatekeepers made a polite response to say Australia was the highest emitter of GHG/capita globally and 10x the global average. We pointed out Australia was 13th and only 3.5x the global average and suggested XRA correct their error. They did not. We thanked them at the very least for refusing to be feral.

Sadly the XRA bodies that assumed the night watchmen role decided to delete the discourse of FNF Media. Why?

Simple.

Many of the XRA supporters threw praofanity laden comments to FNF Media’s data driven responses using sources that they themselves often view as gospel (eg IPCC, World Bank, IMF, USGS, IEA etc) with ad hominem attack after another. All points were refuted with data and polite discourse but rebutted with personal attacks. We expected this.

Sadly. XRA deemed the amount of triggered followers and bile spewed without a single data point being offered to refute FNF Media that they deleted us.

We wear it as a badge of honour because there was nothing but “follow the science” type angles and put downs. Unfortunately if any comments are made which refutes the narrative, they play the man not the ball.

Unfortunately, one person that called FNF Media out for questioning a response to another XRA follower eventually criticized XRA for censorship. They have since left the cause. Their response is at the top.

Once again, when the argument doesn’t stack up, deleting dissenting voices is all that is left. Sadly they abandoned their own followers in the process.

Typical.

Zali better pray that politicians don’t judge her climate bill on the results of Warringah

FNF Media was curious as to how the tally for Warringah MP Zali Steggall OAM’s ‘Roadmap to Zero‘ (R2Z) worked. As is often the case with these grassroots woke causes, the structure of the claims can be misleading. Amateur data collection methodology can undermine the very cause. We reveal how easy it is.

R2Z currently claims 551 ‘households’ have signed up from the 66 when we first looked into it earlier in the week. Technically this would mean that 0.8% of households in the Warringah electorate have signed her compact, up from 0.1%.

To turn that on its head, Steggall, who ran on a campaign of climate change, can’t seem to get the other 99% of households in the electorate over the line to sign up to R2Z.

Looking deeper into the sign-up process we found it only involved one’s email, name and postcode. That’s all. So one could technically live in Newtown, input a Mosman postcode and sign up. There doesn’t seem to be a process to cross-reference the signatories to the electoral roll.

One would think if the honourable member wished to truly get an accurate map of where the more environmentally conscious residents lived, a fixed address may have been a more useful process to ensure that the inputs were a) legitimate and b) where resources might need to be focused. Easy to have people tick a “privacy” waiver if indeed they are passionate enough to save the planet.

It is a bit hard to claim ‘household’ when one’s full address can’t be logged. There is nothing stopping all members of the same household signing up of the same person using multiple emails. This just reduces the quality of the data collection from a statistical perspective.

As awful as 0.8% of households is, 0.35% of the 147,333 Warringah residents is even worse.

Beyond the fact that 99% of her own electorate seemingly doesn’t care for R2Z, The Guardian ignores that and concludes,

The woman who toppled Tony Abbott in Warringah at the last election on a platform of climate change action now has the whole parliament in her sights as she seeks bipartisan support for a climate change framework bill aimed at transitioning Australia to a decarbonised economy.”

She won on a platform to remove Tony Abbott.

Ironically The Guardian includes her R2Z link as a “conscience vote” which sort of undermines the argument,

Steggall and the crossbench have begun a conscience vote campaign online and within their communities. They hope to win over enough government MPs to see the bill, which has been modelled on existing legislation in the UK, New Zealand and Ireland, pass in Australia.

She better pray politicians don’t judge her bill on the strength of the commitment of the residents or households of Warringah.

FNF Media endorses Steggall’s view reported by The Guardian

With the government’s party room once again at war over climate policy, Steggall said it was time to let individual MPs speak for their communities rather than toe a party line.”

Warringah has spoken, even with the risk of dodgy data collection. Mickey Mouse awaits updates on how to save the planet.

“Climate change” Casanova

We’ve said it before and we’ll say it again.

While the alarmist media continues its attack dog mission on PM Scott Morrison over the bushfires, they overlook the most glaring hole in the argument of the fire chiefs – consistency.

If former FR NSW chief Greg Mullins truly believes that “climate change” is such a critical issue, why was the subject absent for so many years in the annual reports which were submitted to parliament that he oversaw? Surely he had the perfect opportunity to raise awareness year after year on the topic. Yet he didn’t.

Annual reports are like an opus magnum. They document the key opportunities and challenges for an organization. In Mullins’ case, the mention of climate change is conspicuous by its very absence. In the 2018/19 FRNSW annual report there is a reference to climate change by way of voluntary participation in Earth Hour. Hardly a detail oriented study on the effects of bushfires and global warming!

Now that Mullins is in cahoots with the Climate Council, it is very convenient to drum up ‘awareness’ on climate change post the bushfires for a Royal Commission (RC). Forget that 95% of a RC would probably draw on the exact same advice garnered from 57 former enquire since 1939.

Our belief is that incompetence has reigned supreme. Fire department senior management seemed more engaged on ticking the diversity & inclusion box (please see data in the above link) in annual reports than providing rich data on the core business i.e. preventing and extinguishing fires.

That is to take nothing away from the brave fireys who risk their lives on the front line. As some volunteer firefighters have made clear, they think the senior management act like a mafia.

For Mullins to use the get out of jail free card of climate change in any RC by saying it will ‘fail at the first step’ without is ridiculous.

To include it now should highlight the media by years of exclusion when he had the authority and opportunity to do something but didn’t. Why? Will anyone ask this question? Not with our powderpuff mainstream media.

Statistically speaking, to introduce climate change in the 58th review in 81 years would smack of being an outlier. Outliers shouldn’t be ignored but they must be viewed in context of the relatives of intensity, area burned, fuel loads, hazard management, weather conditions, people and machines deployed. It is likely that these fires will be less than one standard deviation off the mean which effectively would conclude that climate change wouldn’t be a driver.

Climate change is now a phrase of convenience tossed around more frequently than Casanova telling girls they are “the only one” on Valentines Day.

Extinction Rebellion trashes Auto Show

These climate activists are unhinged lunatics. This is the justification that Extinction Rebellion (XR) used for trashing the Brussels Autosalon was as follows,

The truth is, no car is green…The private car is no longer compatible with the Climate and Ecological Crisis….Governments must stop pouring billions into roads and instead make mass public transport affordable, accessible, reliable and convenient.

The Brussels Times reported that 187 were arrested and charged €2,000 each. Febiac, the auto show organizer, said XR’s display at the event caused a whopping €367,829 in damages.

There is a difference between protesting and breaking the law by trashing private property.

Febiac, to its credit, gave XR approval to protest under certain guidelines. The organizer’s Joost Kaesemans said, “We sat together with people from Extinction Rebellion for the salon, we told them they could hold a demo, sing songs and hand out brochures...But we also told them that if they bothered visitors and wreaked havoc, we would take measures. They did not stick to that, so there are consequences.”

So even when the organizers play ball, the fools of XR think they have carte blanche to act as they please. Hopefully XR protestors are forced to pay up, serve time and get handed a bill for wasting the time of the police.

If only XR protests were about saving the planet and not seek to control the way others live their lives.

One final question – does XR have a strategy to re-employ the 15mn that work in auto related industries? Of course not.