by Tom Harris, America Outloud:
If today’s new climate activist standards boards succeed in their attempts to bring in mandatory greenhouse gas (GHG) reporting standards, then we are approaching a time when you will no longer be able to secure a bank loan to buy an ordinary internal combustion engine-power car, van, or truck. Or secure a mortgage for the purchase of a single-family home. Or a loan to build an addition to your home or install an inground pool in your backyard. Or borrow money to fly to Europe for your dream vacation.
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In other words, loans for any number of the energy-intensive activities we normally do today without a second thought will simply be unobtainable. And in the unlikely circumstance that you can still find a bank that will fund your high-energy borrowing needs, expect to pay far higher interest rates if your purchase is deemed by the bank as not helping them move forward with their transition plans of inching towards “net zero” across all their financial transactions.
Instead, you will be expected to restrict your purchase to low GHG-emitting products such as electric vehicles, mopeds, and bicycles and tightly packed multi-family dwellings such as we see in Europe where it is common even for professionals to not be able to afford their first small house until they are in their 50s. Oh, and that trip to Europe, inground pool, or house expansion you had been saving for the past decade? Nope, too energy and GHG emission-intensive, the banks will tell you. No loan for you.
Sound crazy? Yes, of course, since all this is based on the concept that reducing GHG emissions will somehow protect us from a global warming climate disaster, something that is not happening, and will not happen any time in the foreseeable future. Vancouver City Savings Credit Union, commonly called Vancity, a huge (CA $28.2 billion in assets) Vancouver, British Columbia-based financial co-operative, is already giving us a preview of what is on the horizon with their “Planet-Wise” loans.
cargo bike
Vancity’s Planet-Wise™ transportation loans provide financing for electric and hybrid vehicles at a preferred rate. They offer something similar with their Planet Wise renovation loans and Planet-Wise business loans so that you can do such things as “Upgrade your fleet to zero or low-emissions options, like electric vehicles or cargo bikes.” Imagine the fun it would have been last January, when 36.8 cm of snow fell on Vancouver, making your product deliveries with a cargo bike. Oh, but you’ll be saving the planet, you know – NOT! Vancity also gave us a preview of the future when they introduced a voluntary emissions-counting credit card, the first Canadian financial to do this.
As an aside, Vancouver city council has also lost their collective minds on climate change becoming the first Canadian jurisdiction to enforce limits on building GHG emissions. The city has introduced new emissions reporting requirements, effective June 1, 2024, for its largest buildings, a continuation of their multi-year plan to “decarbonize retail” and office spaces. Building owners in the city who fail to track and reduce GHG emissions will be hit with fines of up to $30,000 after a grace period ends in 2026.
We can expect all this to spread across Canada, Europe, and the United States in the years to come as the International Sustainability Standards Board IFRS Sustainability Disclosure Standards that I described last week in “Woke climate activist financial institutions are about to screw us all!” are translated into mandatory national standards. Banks will then be compelled to minimize financing of all activities that are emissions-intensive across their portfolios — mortgages, auto loans, personal loans, business loans, corporate loans, etc. — or explain why they haven’t met their targets.
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