As data reporting and analysis of climate risk improve over time—not just for particular investments but also for economy-wide impacts—do you think it would be through the kinds of principles-based guidelines OSFI issues or more organically within institutions themselves that we might see an effort to push for the creation of products to help mitigate that economy-wide climate risk?
For example, could we make a case that when consumers are getting a mortgage, financial institutions could make it easier for, or consult proactively with, mortgage clients who are purchasing a new home? Could they, for instance, try to increase the insulation of the home or change to an electric furnace or a geothermal heating system as a way of reducing those economy-wide emissions and climate risks? Do you think the focus will continue to be on a particular business for itself—its own emissions impact and climate risk—or will there be ways of getting to use this data and these better practices for economy-wide impacts?