Thank you very much for the question.
There are already several examples of sustainable finance around the world. Even just in terms of climate, all the tools, including the carbon tax, have made it possible to find a way to finance the fight against climate change.
In the field of nature itself, projects are being carried out. For example, in Australia, forestry projects have been carried out, and these have demonstrated the ability of major international financial institutions to value nature and get involved through private capital while promoting conservation to protect biodiversity. It is examples like this that we want to use and bring to Canada because, at the moment, 80% of the funds spent for conservation are public funds. We will not be able to achieve our objectives if we cannot change this dynamic.
It is a major challenge, but I believe Canada can be a leader. Private organizations must also shoulder a share of this responsibility. It must not fall solely on individuals and governments. It must be shared, as everyone benefits from nature. Everyone needs water. Everyone needs clean air. Nature conservation is a way of protecting the vast natural capital we have in Canada. We are privileged. We have extraordinary resources, but the responsibility must not rest solely on our shoulders or on public funds. We need to broaden the movement, and there is a desire to do so. Our mechanisms must allow us to harness these movements.
There was a finance ministers’ summit on nature in Banff. I met people there, and the enthusiasm was incredible. This enthusiasm is present in many countries around the world, in Europe and within the United Nations. They want to support this initiative, because it is the only way to achieve major goals.
The work we have accomplished is already extraordinary, but the next step is extremely demanding. We need everyone to make an effort. That is what the third pillar will be for, as well as the expert committee we want to set up.
It was extremely important to highlight all of this.