The Hon. the Speaker: Honourable senators, when shall this report be taken into consideration?

(On motion of Senator Black, report placed on the Orders of the Day for consideration at the next sitting of the Senate.)

The Hon. the Speaker: Senator Richards wishes to ask a question. You only have about 1 minute and 10 seconds left, Senator Dalphond. Do you wish to take a question?

The Hon. the Speaker: Honourable senators, it is now 6 p.m., and pursuant to rule 3-3(1) and the order adopted on November 25, 2021, I am required to leave the chair unless it is agreed that I not see the clock and we continue on. If I do not hear a “suspend,” we will continue.

Senator Galvez, please continue.

Senator Galvez: In conclusion, the financial sector is not exempt from the impacts of climate change; it’s — quite the opposite. Traditional tactics to solve economic problems have not helped the climate crisis. In fact, past approaches have advertently or inadvertently worsened the climate crisis by supporting polluting industries.

Canadians need the financial sector to act according to this climate reality. Meridional Canada warms twice as fast as the planet’s average, and the Arctic three times as fast. We must, therefore, accelerate transition in an orderly manner.

The Bank of Canada, having just released the results of its first exercise to understand the risks to the Canadian financial system, is falling behind in the race to net zero. Several national and international organizations and jurisdictions are not only leading this reflection but are proposing policies and legislative tools, with some already being implemented. Canada must follow suit if we aim to remain a competitive, prosperous, sustainable economy for this and future generations to come.

I look forward to having a robust debate with you in this chamber and with society at large. I expect that our fellow colleagues, bankers, economists, auditors and anyone with interests in developing a sustainable economy in a healthy environment for Canadians will bring perspectives and positive contributions to this debate. I imagine a few committees will be interested in aspects of this bill, particularly the Standing Senate Committee on Banking, Trade and Commerce and the Standing Senate Committee on National Finance, but also the Standing Senate Committee on Energy, the Environment and Natural Resources. I look forward to hearing from experts during committee studies, and I remain open to improvements that could strengthen this legislation.

Thank you, colleagues. Meegwetch.

The Hon. the Speaker: Are honourable senators ready for the question?

The Hon. the Speaker: Is it your pleasure, honourable senators, to adopt the motion?

The Hon. the Speaker: Honourable senators, when shall this bill be read the third time?

(On motion of Senator Black, bill placed on the Orders of the Day for third reading at the next sitting of the Senate.)

The Hon. the Speaker: Senator Galvez, will you take questions?

Senator Galvez: Yes.

The Hon. the Speaker: Is leave granted, honourable senators?