Environment Committee on Nov. 18th, 2024

[Laurel Collins, NDP, Victoria, BC]

Thank you.

My next question is for Ms. Wrye.

We had Adam Scott from Shift here. He testified at committee about the role of pension funding and how it plays into financing fossil fuels in Canada. According to Shift's latest pension report card, the Canada Pension Plan investment board invested $7.5 billion in fossil fuel companies. Many of these investments are in foreign countries, such as the U.S. and Peru. They are not creating Canadian jobs with these investments.

Can you talk about any direction you've been given, or any work you're doing, when it comes to shifting Canada Pension Plan investments towards greener and more sustainable alternatives?

[Kathleen Wrye]

The Canada Pension Plan and its investment board are not within my area of responsibility at the department. The Canada Pension Plan, as you know, is a shared federal-provincial initiative. There are others in the department who are responsible for the Crown.

I can speak only about federally regulated pension plans.

[Laurel Collins, NDP, Victoria, BC]

Would you have some of your colleagues follow up in writing?

[Kathleen Wrye]

Certainly.

[Laurel Collins, NDP, Victoria, BC]

I'll go back to you folks.

Can you talk a bit about who is being consulted when it comes to climate finance policy development?

[The Chair, Liberal, Francis Scarpaleggia]

Please be very brief. You have about 10 seconds.

[Clifton Lee-Sing]

We consulted with other jurisdictions internationally. We consulted with financial institutions and other government departments, as—

[Laurel Collins, NDP, Victoria, BC]

We had only 10 seconds.

Could you follow up with a list of the folks who were consulted? I'm interested in civil society and institutions, as well as—

[The Chair, Liberal, Francis Scarpaleggia]

Please get that in, Mr. Lee-Sing, and we'll distribute it to the members.

Mr. Mazier, we're going to make this a three-minute round, so you have three minutes.

[Dan Mazier, Conservative, Dauphin—Swan River—Neepawa, MB]

Thanks.

According to section 4 of the Office of the Superintendent of Financial Institutions Act, the Minister of Finance is responsible for the Office of the Superintendent of Financial Institutions.

Is this correct? Please answer yes or no.

[Clifton Lee-Sing]

I think that's correct.

[Dan Mazier, Conservative, Dauphin—Swan River—Neepawa, MB]

Thank you.

Again, for Mr. Lee-Sing, how much will it cost financial institutions and companies to comply with OSFI's climate-related financial disclosure requirements?

[Clifton Lee-Sing]

I'm not well positioned to talk about the costs and the relationship between FIs and OSFI. I believe OSFI does work on a sort of cost recovery model, but I don't know what those costs might be. I think that would require a follow-up directly with OSFI.

[Dan Mazier, Conservative, Dauphin—Swan River—Neepawa, MB]

Your minister is responsible for OSFI, yet you don't know what—

[Clifton Lee-Sing]

I personally don't know.

[Dan Mazier, Conservative, Dauphin—Swan River—Neepawa, MB]

Did the finance department conduct an analysis of how much OSFI's mandatory climate-related financial disclosure expectations will cost companies, yes or no?

[Clifton Lee-Sing]

No.

[Dan Mazier, Conservative, Dauphin—Swan River—Neepawa, MB]

You did not?

[Clifton Lee-Sing]

No, I'm saying I don't know. I apologize.

[Dan Mazier, Conservative, Dauphin—Swan River—Neepawa, MB]

The question was this: Did the finance department conduct an analysis of how much OSFI's mandatory climate-related financial disclosure expectations will cost companies? You're telling me that the finance department did not do—

[Clifton Lee-Sing]

I'm sorry. I'm saying that I'm not aware of anything.

[Dan Mazier, Conservative, Dauphin—Swan River—Neepawa, MB]

How about you, Ms. Wrye?

[Kathleen Wrye]

No, I'm sorry; as I said before, I've been responsible for federally regulated pension plans. That is an area that's outside my expertise.

[Dan Mazier, Conservative, Dauphin—Swan River—Neepawa, MB]

No one's aware....

Mr. Barbe...?

[Nicolas Barbe]

Thank you for the question. I'm not aware either.