The past is no indication of the future. Obviously, that's a political decision. The government must take a stand.
Our research nevertheless gives us a perspective suggesting that companies that publish disclosures have the opportunity to compare themselves to their peers in terms of their carbon intensity and, potentially, the proportion of their capital investments aimed at growing the sustainable qualities of the company.
One of the witnesses talked about the fact that Canadian SMEs are part of global production and value chains. By publishing these disclosures, they can understand how they compare to their peers in terms of carbon intensity. In other words, we're comparing apples to apples. The management teams then decide on the investments they want to make to try to find markets that would be profitable for them.
So it's circular: After disclosure, investment decision-making leads to new business and, as a result, it can lead to more investment.