Request for Inquiry into a Possible Net Zero “Climate Cartel” in Canada

Open Letter to Alberta Securities Commission and Canadian Securities Administrators on Net Zero Compliance Complaints by Investors for Paris Compliance (I4PC)

To Whom it May Concern:

A climate activist group known as “Investors for Paris Compliance” (I4PC) lodged a complaint on August 20^th, 2025 with the Alberta Securities Commission (ASC) regarding statements or lack of them on Net Zero plans made by two Alberta-based companies, Cenovus and Enbridge.  It’s the old catch 22 – under the new Competition Bureau ‘greenwashing’ laws, you can be sued for misleading the public for a myriad of silly reasons if you present the Net Zero plan your investors, governments and environmental group (ENGOs) demanded of you; and under the ASC compliance, now you can be attacked for “non-compliance” for withdrawing that Net Zero plan from the public so that you won’t be hit up by ENGO ‘greenwashing’ lawfare.

In this document, we speak for no one but ourselves, Friends of Science Society, a volunteer-run, non-profit concerned with and critically reporting on climate science and energy policies since 2002.

1. Investigate: We request that the ASC and CSA conduct an investigation into the possible existence of a so-called Net Zero “climate cartel” in Canada, such as reportedly has been found by the US Republican House of Representatives Judiciary Committee, as outlined in their report: “Climate Control: Exposing The Decarbonization Collusion In Environmental, Social, And Governance (ESG) Investing.”

As outlined in that report, several of the asset managers named therein and alleged to be part of said “climate cartel” are also significant investors in Cenovus and Enbridge.  As outlined in “Climate Control…” various parties such as shareholder proxy groups, asset managers, and environmental non-governmental organizations (ENGOs) collaborate to coerce companies to take actions to force compliance with Net Zero targets, that ultimately damage shareholder value, and that are contrary to free market principles.

Through different but coordinated actions, these groups nudge and coerce companies into complying with creating a Net Zero plan; then they apply ever more pressure to force the company into compliance with absolutely unrealistic Net Zero goals that for some companies, like airlines or oil companies, would, in fact, force them out of business.  This is contrary to all principles of free market investment and shareholder value.

2. I4PC references climate activist crony organizations as if scientists. As part of the complaint, I4PC references the Science Based Target initiative (SBTi) in Part 3, Section A, Point 39, on page 8.

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

It turns out that the SBTi is just another climate action proxy for carbon traders.  According to page 19 of the March 2025 version of “Corporate Net-Zero Standard” issued by SBTi:

“The SBTi is incorporated as a UK charity, with a subsidiary, SBTi Services Limited, which hosts the SBTi’s target validation services.  Our founding partners are CDP, The United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).”

In fact, SBTi and the CDP are under investigation in the USA by Florida Attorney General James Uthmeier for possible anti-trust violations as part of the alleged “climate cartel” referred to above, according to this Aug. 05, 2025 report in ESG Today.  

None of these are scientific organizations.  “We Don’t Have Time” was one of the manufacturers/backers of Greta Thunberg.  Greta was then capitalized upon by various organizations promoting carbon markets, like “We Mean Business.”  “We Don’t Have Time” board members featured Cathy Orlando, of Canada’s Citizen’s Climate Lobby, which claims responsibility for introducing the carbon tax and ‘dividend’ (rebate) program in Canada.  Orlando is also the mother of Sophia Mathur, lead plaintiff in the “Mathur et al vs His Majesty the King in Right of  Ontario” which began when Mathur was twelve.  The case concerns Ontario’s cancellation of cap-and-trade legislation and the children’s claimed Charter Rights which would be affected by this change of law.

In an Aug. 08, 2025, C2C Journal article titled, “The Children’s Lawsuit Against Ontario’s CO2 Emissions Targets,” retired lawyer Andrew Roman makes the case that Ontario cannot be held responsible for 99.7% of emissions in the world which may affect these young people; therefore, the case is moot.  However, the cost and burden to society of these now 7 years of on-going litigation is hidden, but not small.

In the case of I4PC, we suggest the same is true.  It may also be that I4PC is engaging in this complaint in relation to an effort to establish cap-and-trade as the ‘Net Zero’ solution for Canadian energy companies.

Read the open letter below.