Yes, Canadian banks and pension funds are major investors in fossil fuels.
I think the risk is twofold. There's the risk that involves making climate change worse and the physical impacts that come with that. We've seen that risk when we look at all the destroyed infrastructure from these more extreme storms, etc.
Then there is what we call the transition risk. If we keep making the heavy investments in Canada and abroad with Canadian banks, insurers, etc., in fossil fuels, and the world successfully makes a turn away from fossil fuels—which is, for instance, what the IEA is going to do—even with no new climate policies, we'll see a reduction in the market for fossil fuels and we'll be left with a bunch of white elephants.
We're going to end up paying the cost for that. We're going to end up having to clean up all of the old wells on the public's dime, because the companies will go bankrupt. They're already very good at transferring those costs to us. That's a huge risk to the rest of us as well.