Thank you for your question, Mr. Garon.
We are certainly at a time when policy leadership is an opportunity on climate finance. I mentioned a number of other jurisdictions that are moving in this direction, including most of Canada's largest trading partners.
An important piece here would be to recognize that Canada is currently behind other countries when it comes to setting climate finance rules and regulations. OSFI, the main federal financial regulator, put in place guideline B-15 a few months ago, which requires disclosure, essentially reporting on emissions, from large, federally regulated financial institutions. When they came out with that, they recognized that the first piece of infrastructure in climate finance regulation put us about three to five years behind other countries when it comes to financial supervision on climate change.
OSFI is very much looking at this from the risk perspective. What are the risks from climate change to financial institutions? They recognize that moving that forward, which was quite a significant effort for them, put us where other jurisdictions were three to five years ago. If we want to move into a position of leadership, if Canada wants to attract capital for the green transition and be recognized as a leader, we have quite a bit of work to be done, and we've outlined a few of those, me and other colleagues in our testimony here today.
I will point to the proposed climate-aligned finance act. That bill is a very comprehensive piece of policy legislation for what is required to bring Canada's financial system, our banks' pension funds, in line with Canada's existing commitments under the Paris Agreement. Senator Galvez, when drafting that bill—
Pardon me. Is my audio coming through all right?
Again, I'd like to thank the member for his question.