Evidence of meeting #114 for Environment and Sustainable Development in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was bank.
A recording is available from Parliament.
5:10 p.m.
Liberal
Adam van Koeverden Liberal Milton, ON
I'm sorry.
I'm sorry to interrupt, Ms. Pauzé.
The witness said he thought we should move away from emissions reductions. Could he clarify that?
5:10 p.m.
Liberal
The Chair Liberal Francis Scarpaleggia
That's not a point of order, but it's noted.
Ms. Pauzé, you may continue.
5:10 p.m.
Bloc
Monique Pauzé Bloc Repentigny, QC
I hope you had stopped the clock during that exchange.
Finally, Mr. Thomson, you're making the same pitch as the oil companies, that you're going to do carbon capture and storage and you're going to get it all right.
I'd like to know why Canadian banks devote a relatively higher proportion of their financing to fossil fuels, compared to banks in the rest of the world.
5:10 p.m.
President and Chief Executive Officer, Scotiabank
Our objective is to help our clients get through the energy transition in a thoughtful way that both helps them get through the transition to reduce emissions and helps the Canadian economy thrive. What you're hearing today from the Bank of Nova Scotia is that that's our commitment.
We need to be thoughtful, be committed to it and take a long-term view on it.
5:10 p.m.
Bloc
Monique Pauzé Bloc Repentigny, QC
It's funny, Mr. Thomson, but the solutions I hear you proposing today are exactly those of the oil and gas industry. That's mostly what I'm hearing.
Do I have any speaking time left, Mr. Chair?
5:10 p.m.
Liberal
5:10 p.m.
Bloc
Monique Pauzé Bloc Repentigny, QC
Mr. Dodig, you have a policy to cease doing business with oil and gas industry customers who are not making adequate plans for the energy transition. Can you tell me whether or not this policy includes specific deadlines for action? Your answer will dictate my next question.
It will be quick, I swear.
5:10 p.m.
President and Chief Executive Officer, Canadian Imperial Bank of Commerce
Thank you for your question.
We have timelines. We work with clients in a very commonsensical way. Larger companies have better resources and better plans—
5:15 p.m.
Bloc
Monique Pauzé Bloc Repentigny, QC
That does answer the question.
I invite you to send the clarifications to the committee clerk.
Thank you.
5:15 p.m.
Liberal
The Chair Liberal Francis Scarpaleggia
In fact, if you could send the committee clerk the timeline you just alluded to, we could distribute this information to committee members.
Mr. Green, you have the floor.
5:15 p.m.
NDP
Matthew Green NDP Hamilton Centre, ON
Mr. McKay, several reports, including one by the Centre for Future Work dated December 2022, have confirmed that inflation in Canada is driven by profits in a few sectors. Oil and gas top that list.
Do you know what sector number two is, Mr. McKay?
5:15 p.m.
President and Chief Executive Officer, Royal Bank of Canada
I'm sorry. No, I'm not familiar with the report you're referencing.
5:15 p.m.
NDP
Matthew Green NDP Hamilton Centre, ON
The second one was banking, sir. As Canadians struggle to make ends meet paying for higher mortgages, and with higher gas prices driving up inflation, their earnings are padding the corporate profits of fossil fuel companies—which you also invest in and profit from—and banks like RBC.
What do you have to say to workers about your personally benefiting from a double whammy of investing in oil and gas and higher interest rates on mortgages?
5:15 p.m.
President and Chief Executive Officer, Royal Bank of Canada
We are very concerned about the overall impact of higher interest rates on Canadians. We're working with Canadians on their mortgages. As you know, mortgage rates and bond pricing are set by the market, at the end of the day. We are working—
5:15 p.m.
NDP
Matthew Green NDP Hamilton Centre, ON
Mr. McKay, do you know the average salary of a Canadian here in Ontario, your own province?
June 13th, 2024 / 5:15 p.m.
President and Chief Executive Officer, Royal Bank of Canada
—very hard with Canadians to help them continue to manage their finances.
5:15 p.m.
NDP
Matthew Green NDP Hamilton Centre, ON
Do you know what the average salary is of a Canadian here in Ontario, sir?
5:15 p.m.
President and Chief Executive Officer, Royal Bank of Canada
Is that average household income, or—
5:15 p.m.
NDP
Matthew Green NDP Hamilton Centre, ON
No, it's salary. It's roughly $94,153, sir.
Sir, in 2023, we had the hottest year on record. How much money did you make?
5:15 p.m.
President and Chief Executive Officer, Royal Bank of Canada
I don't recall the exact number in 2023.