Climate

This can only end in tears

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As Sweden’s economy slows to the worst economic growth rate in 5 years under a negative interest rate policy, one would think the Swedish Central Bank (Riksbank) would be seeking to prudently manage its asset book on the basis of appropriate risk/reward as opposed to lecturing Australia and Canada on their respective carbon footprints. What we are witnessing is yet another discrete move by authorities to manipulate markets based on fantasy rather than fact.  The hypocrisy is extreme as we shall discover.

While the Riksbank should have complete freedom in how it wishes to deploy capital, we should view this is a pathetic sop to the cabal at the European Central Bank (ECB). Since when did central bankers become experts on climate change? The RBA is no better. Deputy Governor, Guy Debelle, gave a speech in March 2019 on the risks posed by climate change which based prophecies on the data accident-prone IPCC and Bureau of Meteorology. Why not seek balance? Easier to fold to group think so as not to be outed as a pariah. Utterly gutless. Our own APRA is also pushing this ridiculous agenda on climate change reporting. It is willful negligence.

While it is true that on a per capita basis, Australia and Canada’s emissions are higher than the global average, why doesn’t the Riksbank give us credit for lowering that amount 11.4% since 2000? Even Canada has reduced its carbon emissions by 7.3% over the last 18 years. Admittedly Sweden’s emissions per capita have fallen 21.9% according to the IEA. Greta will be happy.

Why hasn’t the Riksbank taken China or India to task for their 169.9% or 94.7% growth in CO2 emissions respectively? There are plenty of oil-producing nations – Qatar, UAE, Bahrain, Saudi Arabia and Oman that have worse per capita outcomes than Australia or Canada. Do these countries get special dispensation from the wrath of the Riksbank? Clearly.

The US has pulled out of the Paris Climate Accord. If the US has marginally lower emissions per capita (15.74t/CO2-e) than Australia (16.45t/CO2-e), isn’t a double standard to write,

The conditions for active climate consideration are slightly better in our work with the foreign exchange reserves. To ensure that the foreign exchange reserves fulfil
their purpose, they need to consist of assets that can be rapidly converted to money even when the markets are not functioning properly. Our assessment is that the foreign exchange reserves best correspond to this need if they consist of
75 per cent US government bonds, 20 per cent German and 5 per cent British, Danish and Norwegian government bonds.

Essentially Riksbank commitment to climate change is conditional. The US which is responsible for 13.8% of global emissions can be 75% of holdings. Australia at 1.3% can’t. No doubt sacrificing Queensland Treasury Corp, WA Treasury Corp and Albertan bonds from a Riksbank balance sheet perspective will have little impact on the total. In short, it looks to be pure tokenism. The Riksbank has invested around 8% of its foreign exchange reserves in Australian and Canadian central and federal government bonds. So perhaps at the moment, it is nothing but substitution from state to federal. Why not punish NSW TCorp for being part of a state that has 85%+ coal-fired power generation?

At the very least the Riksbank admits its own hypocrisy.

The Riksbank needs to develop its work on how to take climate change into consideration in asset management. For instance, we need a broader and deeper analysis of the issuers’ climate footprint. At the same time, one must remember that the foreign exchange reserves are unavoidably dominated by US and German government bonds. The Riksbank’s contribution to a better development of the climate will, therefore, remain small. This is entirely natural. The important decisions on how climate change should be counteracted in Sweden are political and should be taken by the government and the Riksdag (parliament).

Still, what hope have we got when Benoît Cœuré, member of the Executive Board of the ECB, lecturing those on “Scaling up Green Finance: The Role of Central Banks.” He noted,

2018 has seen one of the hottest summers in Europe since weather records began. Increasing weather extremes, rising sea levels and the Arctic melting are now clearly visible consequences of human-induced warming. Climate change is not a theory. It is a fact.

Reading more of this report only confirms the commitment of the ECB to follow the UN’s lead and deliberately look to misallocate capital based on unfounded claims of falling crop yields and rising prices (the opposite is occurring) and rising hurricane and drought activity (claims that even the IPCC has admitted there is little or no evidence by climate change). Sweden is merely being a well-behaved schoolboy.

Cœuré made the explicit claim, “The ECB, together with other national central banks of the Eurosystem, is actively supporting the European Commission’s sustainable finance agenda.

CM thinks the biggest problem with this “agenda” is that it risks even further misallocation of capital within global markets already drowning in poorly directed investment. It isn’t hard to see what is going on here. It is nothing short of deliberate market manipulation by trying to increase the cost of funding to conventional energy using farcical concocted “climate risks” to regulate them out of existence.

Cœuré made this clear in his speech,

once markets and credit risk agencies price climate risks properly, the amount of collateralised borrowing counterparties can obtain from the ECB will be adjusted accordingly.

What do you know? On cue, Seeking Alpha notes,

Cutting €2bn of yearly investments, the European Union will stop funding oil, natural gas and coal projects at the end of 2021 as it aims to become the first climate-neutral continent.

All CM will say is best of luck with this decision. Just watch how this kneeling at the altar of the pagan god of climate change will completely ruin the EU economy. The long term ramifications are already being felt. The EU can’t escape the fact that 118mn of its citizens (up from 78m in 2007) are below the poverty line. That is 22% of the population. So why then does Cœuré mention, in spite of such alarming poverty, that taking actions (that will likely increase unemployment) will be helped by “migration [which] has contributed to dampening wage growth…in recent years, thereby further complicating our efforts to bring inflation back to levels closer to 2%.

Closer to home, the National Australia Bank (NAB) has joined in the groupthink by looking to phase out lending to thermal coal companies by 2035. The $760 million exposure will be cut in half by 2028. If climate change is such a huge issue why not look to end it ASAP? This is terrible governance.

Why not assess thermal coal companies on the merits of the industry’s future rather than have the acting-CEO Philip Chronican make a limp-wristed excuse that it is merely getting in line with the government commitment to Paris? If lending to thermal coal is good for shareholders in 2036, who cares what our emissions targets are (which continue to fall per capita)? Maybe this is industry and regulator working hand-in-hand?

The market has always been the best weighing mechanism for risk. Unfortunately, for the last two decades, global central bank policy has gone out of its way to prevent the market from clearing. Now it seems that the authorities are taking actions that look like collusion to bully the ratings agencies into marking down legitimate businesses that are being punished for heresy.

This will ironically only make them even better investments down the track when reality dawns, just as CM pointed out with anti-ESG stocks. Just expect the entry points to these stocks to be exceedingly cheap. Buy what the market hates. It looks as though the bureaucrats are set to make fossil fuel companies penny stocks.

Former Fire Chief inflames the climate debate

Greg Mullins, the former chief of NSW Fire and Rescue said today, “Just a 1 degree C temperature rise has meant the extremes are far more extreme, and it is placing lives at risk, including firefighters…Climate change has supercharged the bushfire problem.”

CM could not hope to hold a flame (no pun intended) to his knowledge of fire behavior but why does the WA Government’s own fire service website, Bushfire Front (BFF) contradict him,

Compared to slope, wind strength, fuel quantity and dryness, temperature is an insignificant driver of fire behaviour. Experienced firefighters do not fear a 40-degree day per se. This is because even on a hot day, a fire in one or two-year old fuel can be controlled; on the same day a fire in 20-year old fuels with high winds would usually be unstoppable.”

One of them must be right. Could it be that Mullin’s personal beliefs about climate change are a factor? After all he serves as an author for the Climate Council.

Mullins also said that ” We saw it coming. We tried to warn the government.”

Indeed BFF notes clearly,

““Large wildfires are inevitable”

This statement is, to put it politely, bosh. Large wildfires can only occur when there is a combination, at the same time, of three things:

• an ignition source,

• severe fire weather and,

• a large contiguous accumulation of fuel.

Remove any of these three and you cannot have a large wildfire (= megafire).

We obviously can’t control the weather, nor can we hope to eliminate all possible avenues of ignition. The only factor we can control is the large contiguous accumulations of fuel. Therefore, broadscale fuel reduction burning is the only defence we have against large wildfires. This will not prevent fires occurring, but it will ensure fires are less intense, are easier and safer to control and will do less damage.

Does it work? Yes it does, as has been shown many times, over many years, by the experience of Western Australian forest managers. The “proof of the pudding” is the incidence of large wildfires in Western Australian forests over the last 50 years. There were a number of very large fires in Western Australian forests from 1900 to 1960, but after the 1961 Dwellingup fire disaster, the wide-scale fuel reduction program carried out by the then Forests Department, ensured that the fuel accumulation was well controlled. The graph below demonstrates this very clearly. It was only after the burning program gradually fell away following a diversion of resources away from forest areas, that the area of wildfires began to climb again after about 1990.

How is it that so many of these fires have been started by arsonists? A 16-yo has been alleged to have started fires in central Queensland. Johannes Leak’s cartoon was absolutely on the money.

Even assuming Australia pandered to Mullins and went zero carbon emissions tomorrow, could he guarantee that the bushfires would slow or end? Even though Australia is such a tiny contributor to global CO2 emissions? Could he show the science behind his beliefs on fires and the link to climate change even though 85% are deliberately, suspiciously or accidentally lit?

Of course the climate alarmists immediately endorse his words because he is a firefighter. Although are his words on climate change anymore relevant than those of the AMA?

Maybe we should reflect on the politics within the upper echelons of the fire services? Not so much the rank and file front line fire fighters but the bureaucrats who make daft decisions such as buying a Boeing 737 fire-bomber which can only be used at 4 airports rendering it highly inflexible (as much as it’s a great political sales point) or a military helicopter which spends 5hrs in maintenance for every hour it is in the field working. Or replacing 1yo trucks with brand new ones because records are poorly kept?

Nope, just blame climate change for it. Get out of jail free card for everything.

Qantas’ 2050 zero-emissions nonsense

Woke? The only way Qantas can cut net CO2 emissions to zero by 2050 is to cease operations. In what world does CEO Alan Joyce AC think he is somehow ahead of the aerospace technology curve? In any event, it’s highly unlikely he’ll be CEO in 2050.

Joyce said the Qantas and Jetstar will cap net emissions at their current level from next year, cutting it gradually over the next 30 years. A big pronouncement but by sheer virtue of upgrading an ageing fleet (phasing out 747 Jumbos) the efficiency targets are a walk in the park, not some tremendous virtuous milestone. Burning less fuel is good for the airline’s bottom line. Lower fuel burn means fewer emissions.

The ultimate irony is that aircraft manufacturers are doing their utmost to “carbonize” the fuselage and wings in order to save weight (Boeing 787, 777X, A350, A330). Even the next generation engines are featuring extensive use of carbon derivatives because of the fuel efficiency benefits that are created by them. Put simply, even in 2050 carbon and fossil fuel derivatives will be major source materials for future planes. Maybe in Joyce’s mind, that won’t count.

Aerospace technology is utterly amazing. To think that a 650t Airbus A380 can take off, fly 12 hours and land in complete comfort. Or that one fan blade on a 777 jet engine can theoretically suspend a locomotive from it without snapping such is the tensile strength. Now we can fly 19 hours nonstop. 30 years ago, half that distance was achievable.

Bio-fuels exist. However, if the airports across the globe don’t provide bio-fuels then his zero emissions pledge is shot. According to the IEA, aviation biofuel (aka sustainable aviation fuel (SAF)) is forecast to be 20% of all aviation fuel by 2040, from 5% in 2025.

The IEA stated,

SAF are currently more expensive than jet fuel, and this cost premium is a key barrier to their wider use. Fuel cost is the single largest overhead expense for airlines, accounting for 22% of direct costs on average, and covering a significant cost premium to utilise aviation biofuels is challenging…Subsidising the consumption of SAF envisaged in the Sustainable Development Scenario (SDS) in 2025, around 5% of total aviation jet fuel demand, would require about $6.5 billion of subsidy (based on closing a cost premium of USD 0.35 litre between HEFA-SPK and fossil jet kerosene at USD 70/bbl oil prices).

For commercial aviation to be a success, cost is always a factor. Great advancements like the Concorde died because of sustainable economics, not because of the accident. The vaunted Boeing Sonic Cruiser died at the concept stage because airlines couldn’t accept the commercial economics afforded by those higher speeds. So we have been stuck at 900km/h for decades and for decades to come.

Yes, there have been talks of electrically-powered planes (several developmental prototypes exist) but the technology to make them fly 10,000km at 900km/h with 300+ passengers on board won’t be met by 2050. Airbus intends to

make the technology available to fly a 100-passenger aircraft based on electric and hybrid-electric technology within the 2030s timeframe.”

Don’t buy into the malarkey that 10% of Qantas passengers carbon offset their travel. If one does the math, less than 3% of miles are actually covered by such virtue signalling. Either way, more than 90% don’t care to pay for their carbon offsets.

A link between bushfires and climate change?

CM, like everyone else, hopes the loss of life and damage is kept to a minimum by these bushfires. Sad that politicians leverage tragedy to push narratives that aren’t remotely close to the truth.

It doesn’t take too much time or effort to work out what causes fires. Greens Senator DiNatale only needed to refer to the Australian Institute for Criminology (AIC) which noted over a 5 year study period that half of all bushfires were deemed suspicious or deliberately lit. Another 35% were accidentally lit. So 85% were down to human factors, not climate. The statistics were based on data comprising on average 54,000 bush fires per annum.

The US Department of the Interior (DOI) noted that 90% of wildland fires are caused by humans, 49% of that being deliberate.  So there is consistency in bushfire data across nations.

The Rural Fire Service publishes its data on burn-offs. This is a fundamental part of containment. They update the status of bushfires here.

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Unfortunately to The Greens, everything is linked to a climate emergency.

If DiNatale was truly compassionate about those suffering losses from these fires, perhaps he might just stick to reality and spend 10 minutes surfing the WA Government’s Bushfire Front (BFF) site which clearly states,

“Large wildfires are inevitable”

This statement is, to put it politely, bosh. Large wildfires can only occur when there is a combination, at the same time, of three things:

  1. an ignition source,

  2. severe fire weather and,

  3. a large contiguous accumulation of fuel. Remove any of these three and you cannot have a large wildfire (= megafire).

We obviously can’t control the weather, nor can we hope to eliminate all possible avenues of ignition. The only factor we can control is the large contiguous accumulations of fuel. Therefore, broadscale fuel reduction burning is the only defence we have against large wildfires. This will not prevent fires occurring, but it will ensure fires are less intense, are easier and safer to control and will do less damage.

Does it work? Yes it does, as has been shown many times, over many years, by the experience of Western Australian forest managers. The “proof of the pudding” is the incidence of large wildfires in Western Australian forests over the last 50 years. There were a number of very large fires in Western Australian forests from 1900 to 1960, but after the 1961 Dwellingup fire disaster, the wide-scale fuel reduction program carried out by the then Forests Department, ensured that the fuel accumulation was well controlled. The graph below demonstrates this very clearly. It was only after the burning program gradually fell away following a diversion of resources away from forest areas, that the area of wildfires began to climb again after about 1990.

As we know the Greens are not great fans of back burning.

“Prescribed burning causes untold ecological damage”

This is a common argument among academics and green activists, but in fact is just a speculation that fits their ideological stance. It is futile to call, as they do, for complete knowledge of every little impact of fire on every component of the biota.

There is also a section on how the aborigines managed fires. Presumably, skills learnt before settlers came…

Across the whole of Australia, the early settlers and explorers commented in letters and reports that the land looked like a park, with extensive open forests and woodlands, with grassy patches often seemingly arranged in a planned fashion. They also described how they observed aborigines frequently burning patches of bush and were impressed by their skill in handling fire to confine a burn to a set area.

Plenty of video evidence for DiNatale to access here.

Or there is a section written just for him on bushfires and climate change. Some pull quotes,

“Compared to slope, wind strength, fuel quantity and dryness, temperature is an insignificant driver of fire behaviour. Experienced firefighters do not fear a 40-degree day per se. This is because even on a hot day, a fire in one or two-year old fuel can be controlled; on the same day a fire in 20-year old fuels with high winds would usually be unstoppable.

“Carbon dioxide emitted in smoke from a mild-intensity burn is rapidly recaptured through photosynthesis by regenerating understorey plants and by increased tree growth so that the situation is carbon-neutral within 2-4 years of a burn. After this there is positive accumulation of CO2 in plants.”

The BFF supports a fire management system built upon mitigation and resilience. Relying on increased suppression forces and technology is not the answer. Fires in heavy, dry fuels in eucalypt forest on a windy day cannot be controlled, regardless of the fire-fighting resources and technology available.”

With respect to ignition sources, the AIC notes, “most arsonists are white male, mid-20s, patchy employment record, often above average intelligence, but poor academic achievement and poor social development skills…56% of convicted structural arsonists and 37% of bushfire arsonists in NSW had a prior conviction for a previous offence.

Perhaps we should look to the real causes instead of making assumptions based on narratives rather than facts.

CM will take climate change seriously when the 11,000 signatories do

Image result for mickey mouse climate

What do

Mouse, Micky
Professor
Micky Mouse Institute for the Blind
Namibia

Dumbledore, Albus
Headmaster
Hogwarts
United States of America (the)

Aardvark, Araminta
Professor of Zoology
University of Neasden
United Kingdom of Great Britain and Northern Ireland (the)

have in common?

They are but three of the 11,000 signatories attached to the non-peer reviewed paper which the media made absolutely zero attempts to question the validity of. Typical drip-feed brainless and contemptable reporting. No wonder mainstream media ratings continue to flail.

Although one could argue that anyone could poison the signatory well (this link has been temporarily suspended). The site notes,

If you are a scientist from any scientific discipline [does that include criminology, psychology, anthropology, communication, history, law or any other social science?], we invite you to sign our Viewpoint article “World Scientists’ Warning of a Climate Emergency” by Ripple et al. 2019, which is now in press with Bioscience Magazine. It is important that we get signatories from a wide variety of scientific disciplines. By signing, you will be included in the full list of scientists who have signed this article. Before signing, we ask that you view this short article by clicking the “Read the Article” tab below (the main text can be read in < 8 minutes), or read the condensed version directly below. When you click “sign the article” and add your name, you will be indicating that you generally agree with our article, helping get this message to world leaders. Note that signatories speak on their own behalf and not on behalf of their affiliated institutions.

This is akin to someone asking for likes or shares on social media feeds. It dilutes its validity by the very argument of thinking the quantity is superior to quality. After all, Einstein once said to someone who claimed he would get 100 scientists to debunk his thesis, “it only takes one to prove me wrong!

Even if one was to argue that wicked flat-earther climate sceptics added Mouse, Dumbledore and Aardvark, the reality is that the system’s lack of due process is self-evident. Furthermore, “generally agreeing” to an abridged version says more about the scientists who would put their name to such a paper without understanding the full contents. It is like people blindly signing a petition to stop rubbish bins being installed at a beach even though they are visiting interstate and unlikely to ever return. Sheep.

This is a common failing of the climate alarmist movement. Extinction Rebellion had many heavily green-leaning CEOs sign an open letter to The Times. It turned out most were affiliated with each other in one way or another and operated out of headquarters 100s of miles from the epicentre of the protests which disrupted local businesses which had to suffer the consequences of their selfishness. Hardly independent minds.

The ultimate irony of renewable energy – go off the grid

Basically prepare for their failure and become self sufficient off the grid.

Lewis Hamilton’s life had no meaning

One’s heart must bleed for Lewis Hamilton. The soon to be 6x World F1 Champion said,

I want my life to mean something and honestly up until now my life’s had no meaning...” until he went vegan.

CM is finding it hard to reconcile how Lewis believes a life spent at the pinnacle of motorsport, flying around the world on a private jet (which he recently sold), galavanting with bikini-clad supermodels on luxury motor yachts and torturing Pirelli tyres as he gives joy rides in Mercedes AMG sports cars is somehow a life without meaning!? CM is sure many would gladly take his place.

Could his veganism be the problem for turning him into a limp-wristed Extinction Rebellion activist in the making? To think of how his fossil-fueled life has led to a monster carbon footprint…no doubt he has the means to calculate and pay the offsets…

As Jo Nova recently noted,

Meat is a good (as in “the only”) source of Cobalamin, known as vitamin B12, which your body uses to make the myelin sheath on nerves among other things (it’s the insulation on your personal electricity grid). The side effects of not getting enough include:

demyelinisation of peripheral nerves, the spinal cord, cranial nerves and the brain, resulting in nerve damage and neuropsychiatric abnormalities. Neurological symptoms of vitamin B12 deficiency include numbness and tingling of the hands and feet, decreased sensation, difficulties walking, loss of bowel and bladder control, memory loss, dementia, depression, general weakness and psychosis. Unless detected and treated early, these symptoms can be irreversible.” — Zeuschner et al 2013″

Lewis understands the laws of small numbers in motor racing. 1/1000th of a second can be the difference between winning and coming second. He should take solace to know that animals make up 13% of the methane in the atmosphere. Methane is 722 parts per billion in the atmosphere. So animals – of which cows, sheep, pigs and chickens make a proportion of the total – are responsible for 0.000009386% of the atmosphere. Good luck beating that Lewis. Not even the Rolex timing device in F1 can measure a race with that small a margin.

Although, Lewis apparently wants to be a part of the solution.

That is the simplest thing to do. Quit the championship today dear boy! Forgo the sixth title even though it is one race from your grasp. That would be the ultimate gesture in finding a solution.

Naturally, he will continue on with his £40m per year Mercedes contract that expires end 2020. Perhaps he wants to beat Michael Schumacher’s record of 7 titles before he truly commits to a solution. Woke!

CM suggests he has a steak and just keeps on racing. F1 is such a boring sport now so having a clown on the grid can only add to its appeal. Alternatively, Lewis,  you could speak to the Mercedes F1 catering team manager to ensure that the fat-cat corporate clients and their mistresses can only dine on vegan offerings inside the entertainment chalet.