Evidence of meeting #132 for Environment and Sustainable Development in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was taxonomy.

A recording is available from Parliament.

On the agenda

MPs speaking

Also speaking

Clifton Lee-Sing  Director, Markets and Securities, Financial Stability and Capital Markets Division, Department of Finance
Kathleen Wrye  Director, Pensions Policy, Financial Crimes and Security Division, Department of Finance
Nicolas Barbe  Director, Economic Policy, Sustainable Finance, Department of the Environment
Lindsey Walton  Director, Americas, Responsible Investment Ecosystems, Principles for Responsible Investment
Alice Chipot  Chief Executive Officer, Regroupement pour la responsabilité sociale des entreprises
Anthony Schein  Chief Operating Officer, Shareholder Association for Research and Education

The Chair Liberal Francis Scarpaleggia

Maybe you could [Inaudible—Editor]

Adam van Koeverden Liberal Milton, ON

I'll ask it again, Mr. Schein, in the hope that you might be able to provide at least a written response, if you can hear me. I had a preamble, but I'll just ask the question.

In your expert opinion, is it remotely possible that the costs associated with disclosures as they relate to sustainability could possibly outweigh the opportunity losses and potential liabilities of inaction on this?

12:55 p.m.

Chief Operating Officer, Shareholder Association for Research and Education

Anthony Schein

Certainly, I think the cost of inaction is nothing to dismiss. I did miss a bit of the back-and-forth there, but we see the cost of doing nothing as very significant. There is a real risk of Canada being left behind in the economy of the future.

The Chair Liberal Francis Scarpaleggia

Thank you.

That concludes our meetings to produce a report on our very interesting study on the environment and climate impacts on the Canadian financial system.

I thank the witnesses for their testimony. There were some good exchanges.

1 p.m.

Conservative

Branden Leslie Conservative Portage—Lisgar, MB

Just before we exit, can I just ask for clarity for after our scheduled meeting on Friday? Will the clerk be already reaching out to all the witnesses for the proposed meetings to establish them on the set dates?

The Chair Liberal Francis Scarpaleggia

Which meetings? There were so many meetings in that motion.

1 p.m.

Conservative

Branden Leslie Conservative Portage—Lisgar, MB

All of them, I guess.

1 p.m.

Liberal

The Chair Liberal Francis Scarpaleggia

Yes. Well, we'll be working on that.

Ms. Pauzé, you have the floor.

Monique Pauzé Bloc Repentigny, QC

Mr. Chair, we have just concluded our study on sustainable finance.

Could we send you an email telling you what we want to see in the report? You often ask us to do something like that.

1 p.m.

Liberal

The Chair Liberal Francis Scarpaleggia

The clerk, the analysts and I will provide an update on all the work scheduled for the coming weeks.

Indeed, we'll need to make decisions about what we expect from committee members. We should also set deadlines for the submission of information or suggestions we'll need. Tomorrow, we'll try to set our objectives in keeping with what is set out in the motion.

Thank you everyone. We'll see you Wednesday.

The meeting is adjourned.