Yes. In terms of other costs, the financial institutions will each make their own taxonomy or bespoke version of it. It will never be as detailed or done with the same level of public consultation. That will contribute to confusion. You will have a lack of green bonds that have credibility. Green bonds issued with a credible taxonomy can save anywhere from one to 10 basis points, so if you issue a $10-billion bond and you have a savings of four basis points, that means $4 million each and every year for the life of that bond.
Then you have the ability to leverage OSFI. OSFI would like to align capital, which would align investments from the banks with the climate transition. That would ultimately go back to GDP, enabling investments in Canada.
You will have a continued reputational risk from greenwashing because no investor will be able to know if the investment made by company X is aligned with Canada's transition. You'll also have a lack of ability to be in international dialogues. I can tell you that I get invitations from the World Bank and all sorts of groups to participate for Canada, but I cannot.
Last is ultimately your ability to finance the transition in Canada.