Environment committee  Thank you for the question. First of all, nuclear has been part of the climate bonds taxonomy since 2018, from what I remember. It is, as you all know, a controversial topic. Still, in terms of low-carbon solutions to produce electricity, it is up there. It is the lowest type of electricity production.

Environment committee  I'm sorry. I missed it. What did they add?

Environment committee  For biodiversity-related risks, I'll refer to what the insurance industry has to say about them, because they know all about physical risks. Climate risks are more readily quantifiable than the potential domino effect of these events on biodiversity, not to mention the impact of human and corporate behaviour on the environment.

Environment committee  The Climate-Aligned Finance Act sponsored by the senator provides a legislative framework for disclosure that would go beyond the Office of the Superintendent of Financial Institutions' guideline B-15, and even farther beyond what is coming from the International Sustainability Standards Board.

Environment committee  With respect to the risks related to climate change, it's like seeing the Canadian market as—

Environment committee  While it's true that green commitments can help fund renewable energy projects, there are places in Canada where the price of electricity can't be set in advance because it's determined by the market, and that increases the risk level for funding such projects. There are mechanisms like power purchase agreements that can establish the price in advance and make projects economically viable, with the capital allocated afterwards.

Environment committee  Thank you, Mr. Rhéaume. Good afternoon. We have been focusing on the International Energy Agency's net-zero scenario. According to the agency, 23% of the energy mix in 2050 will still be fossil fuels. In Canada, 31% of decarbonization efforts would have to come from the oil and gas industry for us to achieve the net-zero emissions objective by 2050.