Thank you, MP Collins.
I would highlight the well-put points by colleagues from Carbon Tracker saying that transitioning away from fossil fuels is essential to keep warming to safer levels. Decarbonizing the process of that in fact creates an opportunity cost. As I said, I used to work in finance, and that concept of opportunity cost is fundamental, as is the sunk cost of throwing bad money after bad, which we should not be doing with this taxonomy.
I'll underline again this global perspective and agreement of transitioning away from fossil fuels. The United Nations Framework Convention on Climate Change, which includes just about 200 countries, agreed that we need to transition away from fossil fuels and increase renewable energy and energy efficiency. Just two days ago, the UN Summit of the Future reiterated those points about transitioning away from fossil fuels, scaling up renewable energy and increasing energy efficiency.
That trajectory is quite clear globally and Canada would be entirely remiss to move in a different direction. That's from a climate perspective. From an investment perspective, the credibility of a taxonomy would be incredibly hampered, to put it lightly, if it were to include fossil fuels. For both business and environmental reasons, artificially labelling fossil fuels—oil, gas or coal—as sustainable does not make sense.