Absolutely. Thank you for the question, MP Blaikie.
I'll start maybe by expanding on that information I provided. It was from Oxford net-zero tracker, which does a study about net zero commitments globally. They were the ones that highlighted that only 4% of global commitments from companies are backed up by action.
I appreciate the perspective that regulatory certainty would make it easier for investors who are moving in the inevitable direction of the green transition. I think that's certainly demonstrated by the momentum behind the Sustainable Finance Action Council and my colleagues here on the floor who are advocating for a green transition taxonomy, saying that would be very important to bring certainty to investors and clarity to a market on what a green investment constitutes.
I think one reason that regulations make so much sense for the sector is that climate change as it applies to finance is very complicated. Setting rules overall for what defines credible investment does provide certainty for institutions and also helps organizations ensure they're moving in the right direction.
I think the other point that's relevant here is what my colleague, Mr. Stewart, raised about how individual organizations are concerned about a response from moving in a particular direction. Regulation would make it clear that is the direction of travel and that moving towards reduced emissions and climate resilience is in fact what's expected of them and of course in their best interest.
From an opportunity cost perspective, I think this is very important for Canada to be able to attract investment ongoing, which is of course important in order to build up ongoing industries in the green transition and provide jobs for Canadians across the country. Providing regulatory certainty like other governments have done in the U.K. and the EU would help attract capital for the burgeoning green economic sectors.