Thank you so much, Mr. Chair.
I just want to say a huge thanks to you, Mr. Machin, and your team for your excellent work in managing what I think most agree is a “best in class” and well-run pension fund. You've done a wonderful job in responding to a wide range of questions today, and most of my questions have already been asked.
There is one area I want to delve a bit more into. The chair raised some very important questions around investment in oil and gas companies. You provided a wonderful response around the fact that we're going to need some traditional oil for many years to come, but climate change is still happening. The world will be looking at all companies to reduce their emissions.
Mark Carney, a recent Bank of England governor, in one of his last speeches said, “Companies and industries that are not moving towards zero-carbon emissions will be punished by investors and go bankrupt”.
You've mentioned that every company CPPIB invests in has to show that it is disclosing risk posed by climate change to its business. Do you think that we also have to start moving towards asking businesses to show how they're moving towards zero-carbon emissions?