Thank you, Mr. Chair.
Members of the committee, I'm fortunate to have with me my colleague Ms. Diana Sarosi, from Oxfam Canada. We thank you for inviting Oxfam-Québec and Oxfam Canada to present some of our recommendations today.
As we speak today, the world finds grappling with a multitude of crises: climate crisis, humanitarian crises, inequality crisis, all exacerbated by the COVID‑19 pandemic, armed conflict and inflation. This context is conducive to weakening the foundations of democracy and the erosion of rights, especially those of women and girls worldwide. This is why Canada's next budget can and must be an opportunity to ensure our shared prosperity by fighting against inequality and climate change, but also for women's rights and gender justice.
In terms of development aid, given the current context, we need to increase the international aid envelope by at least $1.2 billion in additional funds over the 2021‑22 level. Only such an investment will enable us to truly reduce global inequalities and promote a more stable, prosperous and greener global economy. In this regard, Canada must do its part and increase climate change funding in low-income countries, including more grants for climate change adaptation and for loss and damage, while prioritizing projects designed by and for women and girls and ensuring that they are involved in decision-making.
The climate crisis threatens the present and future of people everywhere. To build a sustainable future and meet its climate commitments, Canada must not only stop financing polluting projects, but also equip itself with the regulatory framework needed for sustainable finance.
A recent report by Oxfam-Québec on the carbon footprint of Canadian banks concluded that, if the eight largest Canadian banks formed a sovereign country, they would be the fifth largest emitter of greenhouse gases in the world, notably due to emissions financed by their investments, behind China, the United States, India and Russia. We therefore recommend that legislation be passed to ensure that Canadian banks have plans, targets and practices consistent with Canada's climate commitments and the objectives of the Paris Agreement that include measures to reduce financed emissions.