Public Accounts committee  Yes. As we said in the report, the material for the discussion around the eligibility of projects are minutes: the records of decisions, board minutes and the project committee review. They're very concise and they're very high level, so it's very difficult, as an auditor, to understand the level of engagement, the level of discussion, for a specific project.

Environment committee  Physical risk is when, due to a weather event or a climate-related event, there is a disruption in a business model or a disruption in stock, which has an impact because the capability of this company to pay back, for example, its financial commitment, could be jeopardized. This is, really, due to the physical impact of a climate.

Environment committee  There is the effect of net-zero in the overall modelling, which is 19 to 20 megatonnes, and there is an internal target from the NZA, which is not public.

Environment committee  They don't have access to the target.

Environment committee  In the NZA, some projects are developing technology that could serve all industries—oil and gas and other industries, such as steel and aluminum. It's not industry-driven; it's more technology-driven, and some technology could apply to multiple sectors such as oil and gas and steel.

Environment committee  I'm not sure I understood the question. I'm sorry. Projects that are financed through the net-zero accelerator, could apply to.... You need a technology. You need a technical answer to an emission. You can think of, for example, some technology like CCUS or filters for carbon capture.

Environment committee  No. They could.

Environment committee  Well, there are some companies in the oil industry that applied to the SIF-NZA for a solution to produce some products with a lower footprint.

Environment committee  Well, again, you need to have a technical solution. We looked at who applied. We looked at the large emitters. We noted that the process was long; the process was time-consuming. That could explain why some big emitters did not apply. It could also be, as we said in one recommendation, that the SIF-NZA is one element in a whole-of-government strategy.

Environment committee  Yes. The first figure, $143, is applicable only to those projects for which there is a contractual greenhouse gas reduction commitment. The $543 is for the entire program budget and all approved projects. So the first figure is for five projects and totals $886 million, and the second figure is for all 14 projects.

Environment committee  Sure.

Environment committee  I don't have the number in front of me, and I don't know if the officials from the department have this information.

Environment committee  Throughout the project, the various steps are monitored to check on the extent to which those companies receiving funds from the department are meeting their commitments in terms of lower GHG emissions, diversity, the place of women and so on. There are various criteria.

Environment committee  We looked at the project funding processes. These projects cover a 15 to 20-year period, so it's sometimes difficult to assess their impact, particularly when they involve new technology that has not been used very much. That's why sometimes the department doesn't do a quantitative assessment of the project impact.

Environment committee  We reviewed the six projects analyzed by the interdepartmental working group on greenhouse gas reduction. In four of the six cases, we found that recognized greenhouse gas reduction principles had not been followed. For instance, for building sites, the analysis had not taken carbon emissions from building materials into consideration.