Finance committee  I think you're referring to the taxonomy governance structure as opposed to the broader SFAC structure. On taxonomy, we're looking at two significant interventions. One is to have a working group that is brought to the table in a broader, more inclusive way to influence the work as it is being developed.

Finance committee  It's urgent.

Finance committee  Well, I would start by suggesting that there has been work done and progress made associated with a vision for Canada that I think as financial institutions we certainly would aspire to see as a shared vision that not only is held federally, but is held across provincial, territorial and indigenous leadership in the country, to ensure that the alignment is there, because time is of the essence and none of us have excess resources or time to spend unnecessarily.

Finance committee  Well, SFAC's current mandate ends in March 2024. I would hate to see us lose the momentum the current financial institutions are providing to this exercise. If we could find a way to continue an engagement process that would keep those folks at the table, I think it would really benefit the country.

Finance committee  I would point out that recent weather events in this country have taken a significant toll on the country's economy, including our tourism, which currently is being affected by folks being unwilling to come to the country when our air quality is as poor as it is. There are many examples of negative economic impacts associated with these weather events.

Finance committee  We haven't identified structure at this point, in large part because we feel—and I think Julie has raised this issue—that we need to get the principles right. We need to engage more broadly in what makes sense. We've been in that engagement process to date, ensuring that we are reflecting on the draft approach before we hit kind of a final structure through which we have the appropriate engagement.

Finance committee  First of all, I would encourage you to fill an additional opportunity for discussion with a room of scientists who have been working internationally over the last 30 or 40 years with the insurance and reinsurance industry globally. We have been tracking the implications associated with climate change in terms of these events.

Finance committee  Yes, absolutely. I couldn't say it better.

Finance committee  My response is similar. I think that we need to align our economic activities for ongoing prosperity with a 1.5°C scenario. That includes the oil and gas sector aligning itself.

Finance committee  I'll take that on initially. Look, I've been in the CEO position of a major financial institution incorporating sustainability commitments into strategy. It is not easy. It's hard work. From the experiences I have seen around the table at SFAC, these organizations have provided very senior resources.

Finance committee  In the road map, we've identified where the benefits are. Fundamentally, we will not experience being able to leverage those benefits as a country, and that's pretty serious stuff. When you look at an inability to be an attractive target for FDI, an inability for our domestic players to appropriately be able to embrace and execute on the shared understanding of what truly is transition, our ability as a country to ensure that we're directing the appropriate amount of capital to the right targets over the right time frames and our ability to effectively and accurately measure our progress and take corrective action when there is a requirement to take corrective action are all at stake.

Finance committee  No, I wouldn't refute anything that you have outlined.

Finance committee  Before I answer that question, Mr. Chair, I would like to add to the previous question's response with the fact that the oil sands production in this country from 2014 to 2021 increased 27%, yet employment in the same sector decreased by 20%. In 2022, that employment number decreased another 6%, so I would suggest there is not necessarily a direct tie-in to reduced production generating reduced employment, but rather increased production is also generating reduced employment.

Finance committee  I have a taken a close look at the bill. I think the bill's focus is more broadly based than the taxonomy recommendations that are specific to the implementation of a taxonomy framework for the country, whereas the bill in the Senate is looking at broader engagement and a legislative regime that would more extensively call into play the regulatory and legislative requirements associated with the broader workings of the financial industry.

Finance committee  Those two measures speak very directly to a series of recommendations that SFAC tabled with the federal Ministry of Finance and ECCC, the two sponsoring ministries of SFAC. We recommended that we accept, embrace and move toward a much more inclusive and mandatory disclosure regime for the country, ensuring that not only is it directed to the financial institutions and the role they play, but that it is inclusive of a broad, economy-based strategy.