Evidence of meeting #134 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 recommendations.
A recording is available from Parliament.
Liberal
Bloc
Monique Pauzé Bloc Repentigny, QC
Thank you, Mr. Chair.
I think everyone has received the motion I will be making, which is very simple and is not at all revolutionary. I am prepared to send a letter to the Minister of Environment and Climate Change and the Minister of Finance concerning our study of sustainable finance.
Given that you have told me the analysts could not have the draft report ready for December 16 and it was going to be postponed, I thought we might start on drafting a letter right away. My proposal was inspired by what Mr. Deltell said when he talked about drafting a letter and a report on protecting the boreal caribou.
I will read the motion, which states:
That the committee send a letter addressed to the Minister of Environment and Climate Change and the Minister of Finance to inform them that, as part of the study on the climate and environmental impacts related to the Canadian financial system, the committee is making the following priority recommendations:
We in the Bloc Québécois believe that these are truly priority recommendations. After the holidays, when the report is considered, there will be more recommendations.
1. Reforming Canada's financial system to align—
Liberal
The Chair Liberal Francis Scarpaleggia
I'm sorry to interrupt you, Ms. Pauzé, but I want to be sure I understand correctly. If we adopt this motion, these recommendations will be included in the committee's upcoming report on environmental and climate consequences related to the Canadian financial system.
Bloc
Monique Pauzé Bloc Repentigny, QC
There are four recommendations, but there will definitely be several more.
Bloc
Monique Pauzé Bloc Repentigny, QC
The first recommendation is as follows:
1. Reforming Canada's financial system to align with climate commitments, as set out in Bill S‑243, the Climate-Aligned Finance Act, which would itself provide a robust, science-based regulatory framework for conducting transition plans and annual progress reports and address greenwashing concerns around climate action.
We know that a number of people have spoken about this important bill, which has been under consideration in the Senate since forever. It was obvious that we were going to talk about it again.
The second recommendation is then as follows.
2. The Office of the Superintendent of Financial Institutions is reconsidering the interpretation of its mandate, as suggested by the Commissioner of the Environment and Sustainable Development, and is issuing detailed guidance on transition plans.
This second recommendation is therefore based on what the commissioner of the environment and sustainable development had proposed.
The third recommendation is as follows.
3. Managers of federally regulated public pension funds, in particular the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board, be required to fully disclose their investments in private equity funds.
Several witnesses have told us that this is not just about banks, it is also about public pension funds.
The fourth and final recommendation is as follows.
4. That a Sustainable Development Working Group be established within the Competition Bureau and that the rules be strengthened to combat greenwashing in the financial sector and to crack down on greenwashing.
Here again, a number of people have spoken to us about this.
The action to be taken is to send a letter that would ask both ministers, the Minister of Environment and Climate Change and the Minister of Finance, for a response within 45 days of receiving it on what the departments have already undertaken. The witnesses have told us in committee that the departments had already moved forward on this issue. We will therefore request a detailed response on what the departments have already undertaken and what they intend to put in place for each of the four previous recommendations.
This letter will not include the report that will have to be considered as soon as the House returns, that is, at the committee's meetings during the week of January 27.
Liberal
The Chair Liberal Francis Scarpaleggia
I would like to offer a clarification or make a suggestion, which I think we talked about a few weeks ago.
In order for us to have a draft report that has some substance, as we usually do, I suggest that a text be prepared to accompany the recommendations. When I spoke with the analysts, I was told that the first draft report could be ready for February 12, so I am finding it hard to see how we might be in a position to discuss the first draft report in the week of January 27.
Liberal
Liberal
The Chair Liberal Francis Scarpaleggia
We could word it like this: “This letter does not include the report that will have to be considered on February 12.”
Bloc
Monique Pauzé Bloc Repentigny, QC
I think you mean “that should start to be considered on February 12.”
Liberal
The Chair Liberal Francis Scarpaleggia
We would be killing two birds with one stone by putting it in the calendar that we will start considering the first draft report on February 12. This is a friendly amendment.
November 25th, 2024 / 11:15 a.m.
Conservative
Conservative
Branden Leslie Conservative Portage—Lisgar, MB
Is it typical for the chair to offer friendly amendments and make them up on the fly?
Liberal
The Chair Liberal Francis Scarpaleggia
No, I'm not offering them.
I just wanted to let the committee know about certain facts. We will not be able to have the first draft of the report before February 12.
Liberal
The Chair Liberal Francis Scarpaleggia
Ms. Pauzé, could you move a friendly amendment to specify February 12?
Bloc