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.