Sure. Thank you.
We've seen some level of integration of climate factors into the banks' disclosure and their top-line processes. This is in parallel with these top-line net-zero commitments that they've set. However, this seems to be relatively limited to setting high-level board and management oversight and disclosing some risk management practices. We're not really seeing this carrying through when it comes to having concrete metrics and transition plans that would credibly align the banks' activities with net zero.
Then, going even further into the actual financial activities, while I think I described those in detail earlier, there we see a big level of misalignment with how the banks are financing the economy and a potential net zero by 2050 pathway. The Canadian banks really underperform their U.S. and European peers in this regard.