Thank you, Mr. Chair, and thank you to our witnesses for joining us today.
My questions will be for the CEO and executive director of RBC, David McKay.
Mr. McKay, in your opening remarks today, you espoused your commitments to net zero and reducing emissions. You reiterated your recently published goal to triple renewable energy lending to $15 billion per year by 2030.
For reference, RBC currently finances fossil fuel industries in Canada with more than $30 billion per year.
If you achieve your objective without reducing funding for fossil fuels in the oil sands in Canada, RBC's clean-to-fossil-fuel financing ratio will be less than 1:1. That's in 2030. The International Energy Agency states that a 6:1 ratio of clean-to-fossil-fuel energy funding is necessary to achieve net zero, which, as I said, is your stated goal.
Is your goal that was published earlier this year—which is to, within six years, still fall within about 12 times short of what the International Energy Agency states is necessary—sufficiently ambitious?