Environment committee  Yes, it's a governance issue. There needs to be better governance and transparency. Investors need transparency, predictability and clear and accurate signals.

Environment committee  OSFI is right. He does what his mandate tells them to do. That's why we need government. We need the act telling him that he has to take care more deeply in the questions of climate-related risk. Also, we need climate expertise in the modelling. Climate-related stress in modelling is good, but it doesn't make us attain the goal of reducing emissions.

Environment committee  Absolutely, because it's about opportunities. When risk is there, yes, there is a danger, but there are also the opportunities. When you innovate in order to mitigate the emissions, then you will create new technology, and you will create a different economy. I don't need to tell you that we didn't abandon the Stone Age for lack of stones.

Environment committee  We abandoned that age because there were better, cleaner, safer and cheaper ways of doing the same thing. That's the idea.

Environment committee  It will enable the sustainable jobs act. Without money, you cannot have your sustainable jobs act.

Environment committee  I wanted to say that we're lagging behind Europe, the United States and even China. Each country has its own approach: China issues orders, Europe is using a lot of regulations and the U.S. is injecting a lot of money. Those are three different approaches, but they achieve the same result, which is that those countries are beginning the transition to a low-carbon economy.

Environment committee  I recognize and I thank OSFI for putting out this guideline, but unfortunately, it's the minimum. It doesn't make us move. Transparency is equivalent to a diagnostic. It's like telling a patient, “You have cancer. Bye-bye. See you later.” They have to mitigate, they have to manage and they have to reduce the emissions.

Environment committee  It certainly doesn't help the cause. When management wears two or three hats at once, it becomes very difficult to be loyal to all of them. Several reports describe this situation. In fact, during a confidential meeting, I was informed that members from the oil and gas companies, banks, pension funds and insurance companies could fill a 500-seat room on their own.

Environment committee  Thank you. Merci. Meegwetch.

Environment committee  Thank you very much. Mr. Chair, members of the committee, it's an honour for me to have the opportunity to discuss with you climate and environmental impacts related to the Canadian financial system. As you know, climate change is accelerating at an alarming rate, and it's already having a devastating impact on Canada's economy and financial stability.