Environment committee  As with any policy, the more stability and predictability we have, the better, recognizing that it's an ongoing and changing dynamic and the market reacts to the change.

Environment committee  Pardon me. Is that better?

Environment committee  Thank you, Chair. I think the most effective thing we can do is to serve our clients on the transmission. That's the best way we can reduce real-world emissions, as opposed to walking away and just declaring that our own emissions are better. This is the best way we can reduce real-world emissions.

Environment committee  We're committing to continuing to finance our clients.

Environment committee  It's an important consideration, yes.

Environment committee  I don't think energy projects should be held to a different standard. We look at any project, whether it's energy or otherwise, through the lens of risk and return, to your point just a moment ago, Mr. Leslie.

Environment committee  I should point out that the role of the banks in the ecosystem, whether it's in the transition or any other sector, is to decide whether or not we're going to finance a project or finance a company, and we assess each of them on its own merits. Rather than follow a prescription that's been given to us, we have to, at the same time, of course, stay within all the guidelines of our regulatory and legal requirements.

Environment committee  Thank you for the question. I think it's important to consider the role of the banks in the overall ecosystem. In my opening remarks, I talked about partnering with our clients to be their partner in the net-zero transition. That means that our clients drive the decisions that work for their businesses, and we work to structure financial solutions around them.

Environment committee  I do think that it is useful, because it would create a common language, as I said earlier, in terms of how we effectively label sustainable finance. Conversely, finance does take place without the taxonomy. In the end, simply put, the more common disclosure we can all have, the better.

Environment committee  The entrepreneur in that particular instance would have an opportunity to go to multiple channels to source the capital.

Environment committee  It's difficult to opine on a hypothetical, but I agree with you, practically speaking, that it could be the case.

Environment committee  Thank you for the question. To make sure my answer is as accurate as possible, I'll reply in English. The first thing I would say, Mr. Deltell, is that we do not take the view that we wouldn't support any particular sector. In the example you gave, if a client came in, we would assess all of the risks of their proposal—whether they be environmental, credit, market or legal—and we would assess their proposal as we would any other, regardless of whether it was a carbon-related proposal or not.

Environment committee  Thank you, Mr. Chair. Chair and honourable members of the committee, my name is Darryl White. I am the chief executive officer of BMO Financial Group. I am pleased to join my competitors today to discuss the work of the financial sector relevant to this committee's study. I'd like to begin by acknowledging the traditional lands of the indigenous people from which I am joining you today, and on which we have the privilege of doing business.