Public Accounts Committee on Feb. 8th, 2022

[Jerry V. DeMarco]

Thank you.

I'm really happy that you're having these conversations and that no one is denying climate change in this conversation. We have depolarized it to a certain extent. There are legitimate questions about the effects of a short-term adaptation to a net-zero future and legitimate questions of the effects and what happens if we don't. I'm happy that you're having these conversations at this committee.

[Valerie Bradford, Liberal, Kitchener South—Hespeler, ON]

Thank you very much.

That was my final question, but I believe Han has another question.

[Han Dong, Liberal, Don Valley North, ON]

I do. I have lots of questions.

Commissioner, thank you so much. We're learning a lot.

You mentioned that on the road to transition, we can address some of the social and economic problems as well. In Ontario, shortly after the introduction of the Green Energy Act, they created an industry of renewable energy. At the time, it was one of the leaders or destinations for foreign investment, so we saw a lot of jobs being created.

What's your observation from a commissioner's view? Would you say that was a successful or good example for other jurisdictions or provinces to take a look at and learn from? Alternatively, would you say now it's too late and we've lost the competitive edge compared to other jurisdictions in the world in attracting investment and creating jobs in that transition?

[Jerry V. DeMarco]

You're touching on one area that we haven't talked about today, which is the opportunities of action.

We've talked about the costs of inaction and the costs of action, but there are also the opportunities of action. A renewable future requires significant investments in the private sector and they have the opportunity to profit from that, too, as well as from the related jobs that will be in those sectors.

The whole coalescing conversation around the opportunities that adapting to a net-zero future presents is something we haven't talked about much today. However, under the new legislation, the Minister of Finance is supposed to talk not just about the risks, but the opportunities associated with climate change under section 23 of the new legislation.

It's an important area and we do need to talk more about those opportunities.

[Han Dong, Liberal, Don Valley North, ON]

Do you think that benefit will trickle down to the different provinces?

[Jerry V. DeMarco]

It has to under the just transition approach. It has to. We shouldn't be, as I said before, writing off certain provinces that might have profited from fossil fuels in the past. They have to be able to profit from the green transition as well, and that's the just transition concept.

[Han Dong, Liberal, Don Valley North, ON]

Thank you.

[The Vice-Chair, Liberal, Jean Yip]

Thank you, Commissioner.

I'd like to thank all of the witnesses who have come today. It has been a very interesting and engaging meeting. Thank you very much.

Before we adjourn, will the committee be willing to meet for 30 minutes in camera on Thursday? As this is not an audit, the analysts' report will be drafted differently and they want to ask for recommendations from the committee. We can put it on notice for Thursday.

Are we in agreement?

Angela, I'm sorry. I cannot see the in-person response.

[Philip Lawrence, Conservative, Northumberland—Peterborough South, ON]

We are in agreement here. I'm not sure about Peter. He might be on the other side, but we are on this side.

[Peter Fragiskatos, Liberal, London North Centre, ON]

We're good.

[The Vice-Chair, Liberal, Jean Yip]

That's great.

Thank you very much, everybody. Have a great day.

We are now adjourned.