With respect to climate change, we have a mandate at the Bank of Canada to foster a stable and efficient financial system. A key role of the financial system is to channel savings to productive investments. As we learned in the last crisis in 2008-09—it didn't happen so much in Canada, but globally—if the financial system becomes unstable, everybody suffers.
One of the risks to the financial system is that climate risks are mispriced. The risk, to be frank, is that they're underpriced. A reckoning then comes and there's a very rapid repricing of that risk, which, if it were large, could lead to financial stability issues.
The other part of the job of the financial system is to efficiently allocate capital to its most productive investment. If you're underpricing climate risk, the risk is that you're not going to invest enough in renewable energy or more climate-friendly investments.
As I said in response to a previous question, it's very hard. There's so much uncertainty about climate change that it's very hard to make predictions. We undertook a study with OSFI and six financial institutions to look at scenario analysis. What came out of that study, which we published in January, is that there is a lot of adjustment for the Canadian economy to adapt to climate change—