Environment Committee on June 13th, 2024

[Darryl White]

Pardon me.

Is that better?

[The Chair, Liberal, Francis Scarpaleggia]

Yes, it is.

[Darryl White]

Thank you, Chair.

I think the most effective thing we can do is to serve our clients on the transmission. That's the best way we can reduce real-world emissions, as opposed to walking away and just declaring that our own emissions are better. This is the best way we can reduce real-world emissions. That's our strategy.

[Leah Taylor Roy, Liberal, Aurora—Oak Ridges—Richmond Hill, ON]

Okay. So you're not committing to investing only in projects that reduce emissions in the oil and gas sector.

[Darryl White]

We're committing to continuing to finance our clients.

[Leah Taylor Roy, Liberal, Aurora—Oak Ridges—Richmond Hill, ON]

Mr. Masrani, would you commit to that?

[Bharat Masrani]

We have laid out a very clear climate action plan as to how we are helping our clients achieve their net-zero goals. We have laid out a strategy that clearly outlines the basis on which the bank will—

[Leah Taylor Roy, Liberal, Aurora—Oak Ridges—Richmond Hill, ON]

Okay. Thank you. I'm sorry. I don't have much time. I'm really looking for a direct answer.

Mr. Thomson.

[Scott Thomson]

Thank you to the member.

We've made our commitments very public around financing climate solutions and helping our clients navigate the energy transition. We're proud of what we're doing.

[Leah Taylor Roy, Liberal, Aurora—Oak Ridges—Richmond Hill, ON]

Okay. Thank you.

I think part of the problem is that the commitments are vague. We're talking about sustainable investments. There's no real definition around it. There's not a lot of transparency around it.

I want to switch my question to something else. I referenced the fact that we had the CEOs of the oil and gas companies here last week. They all said that the price on pollution program was very important in terms of their making decisions on long-term investments to reduce emissions. Today you've talked about the need for certainty and stability.

Would you agree that a Leader of the Opposition saying that he's going to get rid of that program at this point is somehow introducing uncertainty and instability into some of the investments that are being made?

We can start with Mr. Masrani.

[Bharat Masrani]

I'm not sure I really understand what the actual question is.

[Leah Taylor Roy, Liberal, Aurora—Oak Ridges—Richmond Hill, ON]

Let me repeat it, then. You mentioned the need for stability and predictability. Last week we had the CEOs of the oil and gas companies here. They stated that the price on pollution program that is in place is necessary for that stability for companies making long-term investments to reduce emissions. I'm asking you if the threat of cancelling that program introduces instability or uncertainty into some of these investment decisions.

I'm sure you're looking at some of them with your clients as well.

[The Chair, Liberal, Francis Scarpaleggia]

We are kind of out of time.

[Leah Taylor Roy, Liberal, Aurora—Oak Ridges—Richmond Hill, ON]

Mr. Chair, with all due respect—

[The Chair, Liberal, Francis Scarpaleggia]

I guess what I'm getting at—

[Leah Taylor Roy, Liberal, Aurora—Oak Ridges—Richmond Hill, ON]

—when someone was on mute, I lost a lot of time.

[The Chair, Liberal, Francis Scarpaleggia]

I understand. What I'm getting at is that we can't have five-minute answers from everybody here.

[Leah Taylor Roy, Liberal, Aurora—Oak Ridges—Richmond Hill, ON]

Thank you.

[The Chair, Liberal, Francis Scarpaleggia]

Can you all just take a brief stab at that? We are over time.

[Bharat Masrani]

Since the question was put to me, all I can say is that we've laid out a very clear plan as to how we will manage through this transition.

I'm not sure whether I can add anything. I think the point on the taxonomy is important.

Thank you.

[The Chair, Liberal, Francis Scarpaleggia]

Mr. Thomson, do we need policy stability in climate policy? That's the question, I think.

[Scott Thomson]

Listen, I think this is a complex question. I understand that it's a supply and a demand issue. I understand the complexities with—

[The Chair, Liberal, Francis Scarpaleggia]

Okay.

We'll have to go to Mr. White.

[Leah Taylor Roy, Liberal, Aurora—Oak Ridges—Richmond Hill, ON]

I'm sorry. I just want to restate the question. I was asking whether we need stability in climate policy for investment decisions.

[The Chair, Liberal, Francis Scarpaleggia]

Mr. White, go ahead.