Environment committee  Listen, I think this is a complex question. I understand that it's a supply and a demand issue. I understand the complexities with—

Environment committee  Thank you to the member. We've made our commitments very public around financing climate solutions and helping our clients navigate the energy transition. We're proud of what we're doing.

Environment committee  I agree that we have a great opportunity in front of us. We have a stable economy, innovative companies and strong talent. We have world-class companies in our energy sector. They will invest in helping us through this transition, and financial institutions have a role to play in that.

Environment committee  I think transparency and trust are key to what we're trying to do at the Bank of Nova Scotia. We've done a lot of disclosure. We've been recognized for that disclosure by a number of third parties. We've won awards for that disclosure. I think disclosure is really important. I think it's really important that all stakeholders understand where we're allocating our capital and how we're helping our clients through the transition.

Environment committee  As I mentioned, indigenous reconciliation is extremely important, and economic reconciliation is part of that. As a Canadian and also as a bank CEO, I'm pleased to see the participation of indigenous communities in a lot of the sustainable infrastructure currently invested in.

Environment committee  Thank you. Mr. Chair, my message to Canadians was that we can be a leader in the energy transition. We have a stable economy, innovative companies and strong talent. We should move away from emissions reductions at all costs to a comprehensive strategy that encompasses all sources of energy.

Environment committee  Our objective is to help our clients get through the energy transition in a thoughtful way that both helps them get through the transition to reduce emissions and helps the Canadian economy thrive. What you're hearing today from the Bank of Nova Scotia is that that's our commitment.

Environment committee  I won't speak to the Suncor MOU that you referenced, but I think indigenous reconciliation and economic reconciliation are connected. I think that's important to consider. I also recognize that we've made progress in that regard, with some of these equity ownerships from indigenous communities into pipelines, for example.

Environment committee  Mr. Chair, the energy transition is a business opportunity as well as the right thing to do. If we as institutions, pension funds, government and banks can make it attractive both from a scale perspective and a returns perspective for capital to flow into the energy transition, maybe it will be effective for the pension funds.

Environment committee  We are a signatory to the Net-Zero Banking Alliance, and we do voluntarily commit to reducing our financed emissions for our lending investment portfolios over time to align with pathways to net zero by 2050. What I would say is I'm very proud of the work that has been done to date to do that.

Environment committee  We have set these sectoral targets, which have highlighted interim progress to 2030 in oil and gas, power and utilities, and transport. That allows us to get to the path to 2050 and the commitments to net zero. I'm very pleased with where we're heading.

Environment committee  Good afternoon, Mr. Chairman. I am pleased to have this opportunity to provide comments during today's meeting. I am joining this meeting today from our Scotiabank office in Toronto, which is home to many first nation, Inuit and Métis communities. I acknowledge the treaty holders, the Mississaugas of the Credit First Nation, and recognize that Toronto is “one dish with one spoon” territory.