So this is already happening. I thought we had more time, but you are saying that we do not. The requirement to have a transition plan to a net-zero portfolio is already being established. We are following Europe, China and the G20 countries.
To answer my Conservative colleagues, I could say that the cost to be considered is not the cost of putting all of this in place, but the cost of doing nothing, which would be catastrophic for Canada. That is my understanding.
You pointed out earlier that the 2022 budget included new funding for the Montreal office of the International Sustainability Standards Board. That's a major development. So there is a centre in Canada—in this case in Montreal—that is working to create international standards to define what sustainable finance is.
We were talking about taxonomy earlier. What is important is to have an international standard.
Why is it so important?