Environment committee  With respect to the risks related to climate change, it's like seeing the Canadian market as—

Environment committee  I wouldn't necessarily link that to climate change. There are challenges in Canada, including productivity issues, but our financial system is very robust. On that side of things, we're not particularly worried.

Environment committee  Do you think it stands to say that Canada actually has more to lose with respect to the impacts of climate change? I've heard that Canada is warming more quickly than other countries. Would you say that's the case?

Environment committee  Given that Canada seems to be more vulnerable because we're a large country and sometimes it takes more time for emergency services, because we have a lot of forests so we're vulnerable to things like forest fires, and because we tend to have seasons and with that comes seasonal weather, this is a bit personal, perhaps, but do you think it would be irresponsible, given our vulnerability, to not be one of the leaders lowering our emissions and demonstrating a commitment to fighting climate change globally?

Environment committee  If I look at what we have worked on with respect to the green taxonomy, as an example, we think it's important both to reduce emissions and to ensure we are adapting to climate change. The way we put it is that, because the country is becoming riskier, we need to play offence and we need to play defence. We think the work that was done to establish the country's first national adaptation strategy was incredibly important.

Environment committee  We're seeing an increase in frequency and severity of extreme weather events as a result of climate change. We're seeing.... I mentioned in my remarks the comparison to 2016 and the Fort McMurray fires, also noting that it's a community that has had evacuation orders to neighbourhoods just days ago, actually.

Environment committee  Finally, we have two representatives from the Insurance Bureau of Canada, Jason Clark, national director, climate change advocacy, and Rachel Barry, manager, government relations. We'll begin with AlphaFixe Capital. I believe Mr. Rhéaume will be giving the opening address. Welcome to the committee, Mr.

Environment committee  In fact, Canada just received an award from the Climate Scorecard, which rated us and gave us a score of 70% for what we've been doing on climate change. We're not perfect, and some are ahead of us, but we've certainly come a long way from where we used to be pre-2015. You've spoken about the cost of climate change. We've seen the insured cost of climate change go from an average of $400 million per year in Canada to about $2 billion.

Environment committee  It's clear that the only scenario where opposing climate action makes sense is if you don't believe that climate change will have real costs. However, the evidence is staring us in the face. Could you share with the committee the consequences of not taking action to address climate change by putting a price on pollution?

Environment committee  I also thank our friendly officials for being with us to answer important questions about the fundamental issue of fighting climate change. I am very happy to be here today to replace my colleague. In Longueuil, people are very concerned about fighting climate change. I will remind you that in 2019, my riding was the one where the Green Party obtained the highest rating in Quebec: 12%.

Environment committee  It is very clear, according to the science, that we've entered the era of climate change and that we have to play both offence and defence. We have to play offence in the sense that we have to put in place everything we can to reduce, as rapidly as possible, carbon pollution in Canada and around the world.

Environment committee  It will make it possible to achieve one-third of Canada's emissions reduction by 2030. Every day, Canadians see the costly impacts of climate change, from droughts and wildfires to flooding and atmospheric rivers. Climate change costs Canadian households an average of $720 a year, and that is set to rise, according to the Parliamentary Budget Officer, to $2,000 a year per household by 2050.

Environment committee  I'll be the first one to recognize that it is complex, and you want simple answers. I'm sorry. There's no simple answer when it comes to climate change or modelling.

Environment committee  Based on anything one can find in the literature, building additional fossil fuel infrastructure will increase emissions. The International Energy Agency says so. The Intergovernmental Panel on Climate Change says so. Putting public money into building the Trans Mountain expansion—this is the point about the U.S. Department of State analysis—particularly when the price of West Texas Intermediate is low, will actually increase emissions.

Environment committee  I've done some research and read some pretty interesting reports that have come out from international organizations such as the Intergovernmental Panel on Climate Change and the Organisation for Economic Co-operation and Development. These reports looked at how much Canada would need to invest in technology to be able to meet its targets without using carbon pricing.