Finance committee  I'll try to provide a quick answer. The reference to the Inflation Reduction Act in the U.S. is very relevant because the European Union has come up with a sort of proposal to respond to it, and it is triggering international discussions on the role of industrial policy and meeting climate targets.

Finance committee  Europe is an interesting model. It may not be one that can be directly applied to Canada, but their approach in taking a whole-of-government look at how you can accelerate investment for the low-carbon transition is important. They have thought about sustainable finance, as you are doing now, across different government actors, and have thought not only about costs but also incentives and opportunities.

Finance committee  Green hydrogen is one of these enormous opportunities that Mr. Usher referred to. It essentially will play a key role in heavy industry and moving it away from current emissions-intensive activities, while still being able to deliver steel and other products that the economies need.

Finance committee  Mr. Usher, do you want to have a shot?

Finance committee  Thank you. I would just say that the green bond markets have grown significantly. Maybe with respect to Canada's green bonds, the new horizon for green bonds is linking green bond issuances to financing the transition. I think Japan will have announcements on this by the end of the year on its plan for financing the transition through issuance of these instruments.

Finance committee  Briefly adding to that, there is a range of policies that countries adapt and there are political economy challenges sometimes with carbon pricing policies in some jurisdictions, despite the fact that, overall, it's economically a very efficient way to reach targets. For example, you can see in the Inflation Reduction Act that the use of tax credits is by far the predominant approach.

Finance committee  One thing I might say is that I believe that in Canada, in terms of values, there's a recognition of stewardship in thinking of future generations and the question of what sort of world we can give to future generations. In that context, it's essential that we redouble efforts globally to reduce emissions and that governments engage with the knotty problems of actually getting there.

Finance committee  I'd be happy to do so.

Finance committee  Going back to the previous question, I actually did say that the OECD has done economic modelling on the overall transition that will occur, and may well have it at a country level. I would be happy to share that study. I'm sure it's not expected to be easy. It's important to also note at the same time that not addressing climate has enormous costs as well, of course.

Finance committee  That's a very interesting question. I was referring to a Financial Times article raising the question of whether 1.5° is still within range. The reason is that when you look at global emissions, we have to peak by 2025 in order to get on that target, that path. That said, every 0.1° after 1.5° has significant impacts.

Finance committee  There is always a question about what will be done in the future and what current policies are. To the extent that there's a gap, political will can change that calculus. It's easy to point south of your border, to the U.S., where it was thought that policies were not ambitious enough.

Finance committee  I think countries will be looking to address just transition considerations at the regional level. It makes sense politically to address which regions will have economic losses and to try to provide a buffer to make the transition easier. I think these mechanisms are relevant, certainly, to Canada and other countries.

Finance committee  I'll leave some time for Mr. Usher if he wishes. If you look at the number of financial institutions that have taken on net-zero targets, you know that they are very focused on what they are expecting has to be the case, which is that you need to take into account future physical climate risks.

Finance committee  I'll be happy to look for studies. You're asking for productivity per worker in the green sector versus....

Finance committee  The EU green deal is a very important initiative, and—