I'll admit that that's not the direction I thought you were going to go with the question.
The government's made it very clear that net zero is going to define its thinking, and it's something that it wants to achieve. I understand the arguments about not wanting government to put conditions on how it extends government support through this crisis and then through the recovery, and that's fair.
My belief is that the private sector and the financial institutions are typically better at allocating capital than governments are, but if that is going to be one of the overarching principles that this government is going to be using, we have to think about how to unlock savings in the economy. It's been mentioned that there are a lot of people who have stayed home and have saved a lot during this—and it's true; they have—but how we unleash and unlock those savings during the recovery is going to be a critical part to the success of economic growth.
If we do need to think about that within the context of net zero, then those are the rules that we're playing by. I think we need to think about some of those things.
I'm not an expert in sustainable development, but we've talked a lot—or I have—about some of the ways in which capital has probably been stuck with some of our big institutional investors instead of invested in the Canadian economy. For example, when you have an unrated potential investment, life insurers have to put a flat capital charge on their balance sheets, and what that does is it disincentivizes low-risk investments in the economy. That doesn't apply to banks. Banks do have the ability to use their own models on unrated investments; life insurers don't. You have all this capital that's sitting there, and it's not being spent.
I think that we need to think creatively about how to unleash that capital or those savings for investment, and if it's within that net zero framework, then we need to think about it that way.