Friends of Science Society has issued an Open Letter to the Alberta Securities Commission responding to an Investors for Paris Compliance complaint about net zero reporting demands. The Net Zero Banking Alliance (NZBA) announced it is pausing activities.

CALGARY, AB, Aug. 28, 2025 /PRNewswire/ -- Friends of Science Society issued this Open Letter to the Alberta Securities Commission in response to a complaint filed by a shareholder group called the Investors for Paris Compliance. Investors for Paris Compliance state "We work with investors to hold Canadian publicly-traded companies accountable to their net zero promises." 

The Friends of Science Society's Open Letter was posted one day before the Net Zero Banking Alliance (NZBA) announced that it is pausing activities, as reported by ESG Today.

Recent reports by climate policy analysts Roger Pielke, Jr. and Jessica Weinkle, have revealed that central banks are using an exaggerated report to assess climate "damage" – one that also has questionable conflicts of interest, says Friends of Science Society. In a January 2021 UN interview, Mark Carney, then UN Special Envoy on Climate Action and Finance, claimed that climate change was an existential threat and to reach Net Zero, "We now need to make measurement and disclosure mandatory."

The recently published US Department of Energy (DOE) climate science report refutes the notion that climate change is an existential threat, says Friends of Science Society. Thus, in the opinion of Friends of Science Society, mandatory emissions measurement and disclosure by companies appears to be moot.

In Friends of Science Society's Open Letter, the organization also requested an inquiry into whether or not there is a so-called "climate cartel" operating in Canada, similar to that discovered by the Republican House Judiciary Committee, as detailed in their "Climate Control" report.

Friends of Science Society says the thrust of the Investors for Paris Compliance complaint filed with the Alberta Securities Commission (ASC), concerns energy sector companies Cenovus and Enbridge. These corporations had withdrawn their published Net Zero plans so as not to be trapped by alleged "misinformation" claims under Canada's new, onerous "greenwashing" act.  Friends of Science Society produced the video "Molecule Madness – Counting CO2 Molecules is Not in the Public Interest" in 2024, about the implications of such disclosure, and the new greenwashing regulations.

Friends of Science Society disputes the claim by the Investors for Climate Action that such Net Zero plans are required under securities "material disclosure" laws, citing a US Competitive Enterprise Institute (CEI) report to the US Securities and Exchange Commission (SEC). CEI argued then, that such, "proposed disclosures are climate policy masquerading as materiality." CEI said such emissions reporting, "picks legal, but politically disfavored, industries and targets them for destruction."

Investors for Paris Compliance claimed, in their complaint to the ASC:

39. The Science Based Targets initiative (SBTi) states that climate-aligned target-setting must include scope 3 when scope 3 emissions make up at least 40% of total emissions.¹⁷

SBTi and the CDP are under investigation in the USA by Florida Attorney General James Uthmeier according to this report in ESG Today.  

Friends of Science Society is critical of the elaborate international system for evaluating corporate emissions.  The disclosure requirements are burdensome and expensive, as outlined in Friends of Science Society's response to Catherine McKenna's "Integrity Matters" report. The climate accounting requirements for corporations of a certain emissions output must measure and disclose Scope 1 (direct), Scope 2 (indirect), and Scope 3 (supplier/value chain) levels of emissions, making it virtually impossible to be accurate. The Competitive Enterprise Institute in the US estimated the cost burden of mandatory reporting to be in the trillions of dollars, with a major impact on farmers.

Net Zero ideology and its impact on farmers will be the focus of Friends of Science Society's September 25, 2025, special event. More details here.

As outlined in a January 2025 press release, posted by Friends of Science Society, Canada is planning on implementing a Carbon Border Adjustment Mechanism (CBAM). A new report for the Canadian Global Affairs Institute warns of the pitfalls of CBAM for Canadian companies.

The US DOE climate science report affirms that carbon dioxide is not the driver of climate change, putting mandatory emissions reporting and CBAM in question, says Friends of Science Society.

About
Friends of Science Society is an independent group of earth, atmospheric and solar scientists, engineers, and citizens that is celebrating its 23rd year of offering climate science insights. After a thorough review of a broad spectrum of literature on climate change, Friends of Science Society has concluded that the sun is the main driver of climate change, not carbon dioxide (CO2).
Friends of Science Society

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SOURCE Friends of Science Society