Finance committee  The new nuclear is not.

Finance committee  Thank you for your question. Quickly, I think voluntary is not good enough with respect to transparency, because people get to make their own rules. One of the key issues right now for instance is that banks use different criteria for determining what their finance emissions are, and we need to standardize those so investors can compare and government can compare apples and apples.

Finance committee  OSFI is going to have to play a key role in this because they're the federal regulator. The problem right now is that OSFI is very focused on looking at the risks to banks from the energy transition and not the risks to the energy transition from bank practices. I think we need to have both halves of that.

Finance committee  We look to the IPCC, the IEA's 1.5°C scenario and say that's the trajectory we need to be on. In the IEA it's that overall global oil and gas production is down by 25% by 2050. I do think oil and gas is going to be phased out within my children's lifetimes, but perhaps not within mine.

Finance committee  I'm afraid I don't know the answer. I would say that many experts think that these cases wouldn't likely succeed, but it's a threat, and just getting tied up in court is a concern. The European Commission issued a clarification of their interpretation of the law, saying that they don't think this would breach the law, but it's kind of like an opinion.

Finance committee  Thank you for your question. I'm going to answer in English, because I'm not familiar with all the technical jargon in French. This is a very complicated issue around transition finance. Canada is the only country that has introduced such a category. The key question, I think, from Greenpeace's perspective is whether or not it locks in emissions.

Finance committee  Okay. We were particularly heartened to see the recent cross-party support for using every legislative and regulatory tool at its disposal. We hope we can get on with the job. Thank you.

Finance committee  Thank you for the opportunity to speak with you today. My name is Keith Stewart, and I'm a senior energy strategist with Greenpeace Canada. I'm also a sessional lecturer at the University of Toronto, where I teach a course on energy and environmental policy. While green finance and taxonomies may seem like particularly arcane areas of policy, they are incredibly important in the current moment.

Environment committee  Yes.

Environment committee  I'll take it as a compliment.

Environment committee  I would add the gap is now larger, given the policy reversals in Ontario, which haven't been accounted for yet, but we're not currently on track. That target needs to be ratcheted up. That's part of the Paris Agreement. We all agreed to review those targets next year and increase them.

Environment committee  But I do think every day about what I'm doing to try to make sure they inherit the best world possible. I know you guys are doing that too. The science is telling us we have to move so fast. It seems it's so fast that it can't possibly be true. We can't possibly be expected to do that, but we're being asked to do extraordinary things to transform our energy systems and change our economy to protect our livelihoods and to protect our ecosystems that we all depend on.

Environment committee  If you look at the World Commission on Dams, their report on hydro power that Greenpeace uses to guide our support or opposition to particular dams, it really depends on how it's done. Run of river is clearly the most environmentally friendly and can produce lots of power. The massive dams that create large reservoirs create greenhouse gas emissions of their own with the rotting of vegetation, etc.

Environment committee  I think it's a great base that can be built on. There's a bunch of things that I would add, as I was saying, on integrating climate tests into infrastructure decisions, to get that longer-term perspective on avoiding carbon lock-in, but yes. It clearly needs to be ratcheted up, but it's not a case of having to sweep it all away and start again.

Environment committee  We've had seven different national plans on climate. This one is the most serious, I would say.