Thank you very much for your question.
This is where the issue of voluntary versus mandatory actions comes into place. We have lots of initiatives like the net-zero banking alliance, which is purely voluntary. We have other bodies that are purely voluntary as well. There's a lot of urging action: “Let's just get our financial institutions to do more, but let's not regulate them.” We've spent a lot of time urging voluntary action, but we're not getting that voluntary action from the titans of business you had here in June: the CEOs of the big banks and the CEOs of the big oil and gas companies. They could not commit to making the right level of investments in climate solutions and renewables that we all need to see, and they doubled down on the continuation of financing of oil and gas to the same degree they've been doing since the Paris climate agreement was signed.
I stated earlier that $1 trillion has gone into fossil fuels from 18 of the biggest financial institutions that are headquartered in Toronto—my city—just in 2022, leading to over a billion tonnes of fossil fuel emissions. This is why we need regulation. Voluntary action is simply not enough. What I don't understand is how the CEOs of these institutions can stand in the towers in downtown Toronto when the sky turns orange, as it did last summer when we had the fires across Canada, and look out their windows and say, “I'm going to do another oil and gas deal, and I'm not going to choose to finance renewables.”
You can look at the Royal Bank of Canada as a good example, with $265 million—