The issue with greenwashing is that it's easy to say any investment can be green in some way, and that's a real risk. We've seen in a lot of climate policy in Canada historically that you get a tiny little bit of reduction in emissions, but there's no structural change. Having a robust taxonomy that can make it clear to investors and to governments what kinds of firms and sectors are making a meaningful contribution to long-term emissions reductions is very important. Otherwise, we crowd investment into short-term solutions that can reduce emissions maybe in the next five years but actually make it more costly to reduce emissions in the long term.
Unfortunately, we see that a lot with, for example, coal-to-gas conversions and a lot of investments in blue hydrogen or carbon capture. These are the sorts of investments that might reduce emissions at a very high cost over the next five to 10 years but actually make it more expensive to get to net zero in the long term. Having a credible taxonomy can make sure that our investments are aligned with our long-term goals.