The G20 has been actively doing work that is similar in theme to the work Canada is doing domestically on what's called “sustainable finance”. There is a G20 group that reports to ministers and leaders and is trying to elaborate and share information on disclosure regimes—climate disclosure regimes—and other types of market infrastructure elements and on data challenges and opportunities.
As to the part of your question on where Canada sits with regard to the other jurisdictions, I think Europe would definitely consider itself a leader in terms of the steps it has taken, as would the United Kingdom. The G20 does have a website that reports on the progress countries are making against its road map on disclosure and other climate-related regulatory activities. That gives a bit of a sense of the work going on at the international level at the G20.
A really important development has been the standing up of the International Sustainability Standards Board, to which the Government of Canada, along with other governments and the private sector, provided seed funding for a satellite office in Montreal. In international fora and in Canada, we see the global baseline standard-setting by the International Sustainability Standards Board to be of critical importance. That's because of globalization. We have many companies in Canada that work across borders, have clients across borders and have different regulatory impacts across borders. If the ISSB can help to support some harmony across standards and across jurisdictions, I think that would be helpful.
I think that's an important aspect for your final question around what it will mean for Canadian businesses. Indeed, there's a regulatory burden or harmony that they'll need to manoeuvre, but there are also the expectations of various jurisdictions on what their products are deemed as from an economic, a green or a transition perspective.