Finance committee  I'm Robert Sample, director general of capital markets division at the Department of Finance.

Finance committee  The size of the first-time homebuyer incentive that each borrower takes on is a variable that needs to be worked through as there is borrower pickup. The program parameter that we could speak to is the $1.25-billion envelope.

Finance committee  That's correct.

Finance committee  Thank you, Chair. Yes, that's correct that the government would bring the prohibition into force at a later date, on its choosing, via an order in council.

Finance committee  Yes. The prohibition will be applicable only when the Governor in Council approves an OIC to bring it into force. What this provision does is essentially grandfather—

Finance committee  Speaking on the provision of control, control of a corporation is an additional policy that's being worked through now and will be brought through via a statutory instrument at a later date. Should a superior court or a provincial court find that there has been a contravention to the prohibition, as you have outlined, the minister could then apply to the court for a judicial sale of the property.

Finance committee  Thank you very much, Chair. Thank you for having us here today to appear as witnesses. Both Matt and I are very pleased to be with you to support your study on green finance, an important and timely topic in the context of building Canada's net-zero economy. In keeping with my responsibilities, I will focus my remarks on the Government of Canada’s efforts to develop the foundational market infrastructure needed to scale up Canada’s sustainable finance market.

Finance committee  Thank you very much for your question. Particularly for a country like Canada, it really involves two aspects, one being green finance. That's about capital markets, financial activity and investment into low-emitting or zero-emitting economic activities. Particularly for a country like Canada, transition finance is also important, and that is about financing the decarbonization of emission-intensive activities that are critical for sectoral transformation.

Finance committee  There are a variety of financing mechanisms, and likely more will be elaborated on over the coming years and decades. There is public sector funding at federal and provincial levels for this type of activity and investment. However, because of the amount of investment required, these activities cannot rely solely on public sector funding, and there is a ramping up of private sector capital mobilization in these types of green and transition activities.

Finance committee  I can't speak to specific terms.

Finance committee  There are a couple of elements to tease out there. First, some types of projects or economic activities are green, so they're low-emitting, but importantly, as I think you're pointing to, a number of transition activities that require decarbonization will be critical factors in economic prosperity for Canada.

Finance committee  I can't speculate at this time on future areas of policy work or decisions by the government.

Finance committee  The G20 has been actively doing work that is similar in theme to the work Canada is doing domestically on what's called “sustainable finance”. There is a G20 group that reports to ministers and leaders and is trying to elaborate and share information on disclosure regimes—climate disclosure regimes—and other types of market infrastructure elements and on data challenges and opportunities.

Finance committee  Thank you very much for your question, Mr. Garon. I'm sorry, but I will answer in English. It's a good question. I would say there are a number of different aspects to a government taking a decision on a policy. The sustainable finance action council comprises 25 private sector financial institutions and has a mandated work plan.

Finance committee  It's important to have a variety of stakeholder perspectives when government policy is being considered. The SFAC, as I mentioned, brings in 25 private sector financial institutions. That's one perspective on advice that comes to the government, and they have consulted on all of their activities.