Finance committee  Of course.

Finance committee  I'm afraid I have to go back. I'm not aware of that detail. I'm sorry.

Finance committee  With respect to lack of comparability, Mr. Usher mentioned earlier the ISSB, which is a baseline disclosure requirement on sustainability that governments can then implement. Having comparable sustainability and disclosure will help significantly to provide transparency to the market so that it can better know what is consistent with Paris targets.

Finance committee  With regard to carbon credits, the guidance does talk about what role carbon credits and offsets can play in a credible transition plan. There is a risk today that the market is at a key point in trying to address concerns about greenwashing while also recognizing the need to use offsets to achieve global climate ambition.

Finance committee  Governments now are beginning to look into the question of so-called brown taxonomies or emissions-intensive taxonomies. This is to come in the EU. Part of that discussion will focus on minerals. In Indonesia, as I mentioned earlier, they're quite focused on how to move away from coal, but mining is very important there, so they're asking the same questions.

Finance committee  The second paragraph tries to make a distinction between green finance and transition finance. The idea is that high-emitting companies and high-emitting sectors need to get on a pathway that is consistent with climate objectives. They can't flip a switch to be able to do that, so there needs to be a process.

Finance committee  Okay, your question is this: What is the economic impact of implementation of sustainable finance regimes?

Finance committee  Yes. There's economic modelling of what the cost of the transition will be. I think that is the broader...and maybe even more relevant than a narrower question of sustainable finance initiatives, which are only a part of achieving the transition. I will be happy to follow up, send you relevant studies and look into your specific question.

Finance committee  There's a recent Financial Times article questioning whether the 1.5° target is still within range. It will be quite challenging, and all countries every year at the UNFCCC and at the COP event will receive this question: Can we achieve it? Unfortunately, there's no choice for us other than to try.

Finance committee  I think everybody would.

Finance committee  Thanks for the question. The ASEAN countries are developing a taxonomy framework with a traffic light system. The lower tier is principles-based, recognizing that some of the economies have much lower GDP per capita than others, and so it's going to be a stretch for them. Then there is a middle range, where there are some thresholds for activities that are introduced.

Finance committee  If that question was directed at me, I'll give it a try. Canada is one of 195 countries that signed on to the Paris Agreement. Globally, in order to avoid the worst impacts of climate change, including on Canadians, we need to get to 1.5°, and countries have adopted their targets to reach that.

Finance committee  I would go back to previous comments about what the IEA and UNFCCC have said about new investments in fossil fuel exploration and development. Overall, the broad case is that they're not compatible with 1.5°. There are a number of governments that have done this, nevertheless. It is a challenge moving forward.

Finance committee  What I might say is that governments as a whole, across the OECD and elsewhere, have a challenge about defining eligible activities for funding, including in the wake of recovery efforts from COVID. The objective is trying to steer investments in areas that are consistent with the Paris Agreement and social objectives.

Finance committee  That's a good question. Not having authored that study, I will be a bit imprecise. Carbon pricing and the minimum carbon price set at federal level would seem to be very important. Measures to encourage investment, perhaps through tax credits, can be very helpful. There are emissions trading schemes in some jurisdictions.