Senator Gignac: In accordance with the mandate letter she received from the Prime Minister, the Deputy Prime Minister and Minister of Finance is supposed to work with the provinces and territories to move toward mandatory climate-related financial disclosures. South of the border, the Securities Exchange Commission is already taking action and has released proposed regulations to require U.S. businesses, among others, to disclose the impact of climate change on their business model.

Senator Gold, would it be possible to know the status of discussions between Ottawa and the provinces? Have discussions begun about making financial disclosures on the impact of climate change mandatory in Canada? If so, has a deadline been set?

Hon. Clément Gignac: My question is for the Government Representative in the Senate.

Senator Gold, the Canada Pension Plan Investment Board, which represents over 21 million Canadian contributors and beneficiaries and manages over $550 billion in assets, submitted a brief to the Standing Senate Committee on Banking, Trade and Commerce last week regarding the low levels of investment in Canada.

In its brief, CPP Investments talks about important considerations related to the challenges posed by climate change. The brief states, and I quote:

Having consistent and accurate climate change-related financial information enhances our ability to make sound investment decisions in the best interests of our contributors and beneficiaries.

Senator Gold, if Canada is to successfully achieve its energy transition, don’t you think it would be important to provide pension funds and long-term capital providers with better tools for assessing investment opportunities in Canada?