Thank you.
The bottom line of my intervention is to say that it's not enough, and this is what current policies in both Canada and elsewhere are focused on. It's not enough to turn the tap on for green finance investment, because we have a financial system that is malleable and that is flexible. When we do that, we just get more and cheaper energy.
What we need to do is to actively turn the tap off for fossil fuel financing. Whatever the landscape of interests—the cross-holdings between companies, say, between the financial sector and the oil and gas sector—might be, I think effective regulation would prevent some of this investment from happening.
This allows me maybe to say something that I was going to say at the end, namely about what a credit policy could look like. For instance, you could charge banks that have a higher exposure to fossil fuels. You could charge them higher interest rates as the central bank, or you could require higher capital requirements. At the extreme, you could even tell them that if you get into financial trouble due to your fossil fuel holdings, we aren't going to bail you out. All of these are measures that would effectively incentivize those banks to reduce their lending to the sector.