Yes.
Taxonomy is an important part of the sustainable finance piece of the government's climate plan. This is really about mobilizing private sector capital because, to get to net zero by 2050, the government does not have enough financing on its own to do that. The private sector is very much going to be required. The Government of Canada is very much committed to fostering the development of an overall sustainable finance market to try to support that kind of investment and drive economic growth and help fight climate change.
In October 2024, the previous incarnation of the government announced a plan to deliver sustainable investment guidelines, or the taxonomy, to help mobilize private sector capital towards activities essential to building a net-zero economy. As you may recall, this was in response to the Sustainable Finance Action Council's advice, which supported the idea of having an arm's-length and external-to-government body or group develop a voluntary green and transition finance taxonomy—