Senator McPhedran: Senator Marwah, can you give us a sense, please, of the timing of the work of this special committee, and when we can expect to receive a report back to senators?

Hon. Marilou McPhedran: Honourable senators, my question is directed to Senator Marwah as Chair of the Standing Committee on Internal Economy, Budgets and Administration and is related to the climate crisis the world over, but also as it relates to the Senate.

The Sierra Club and six other non-profit organizations recently reported that fossil fuel financing from the world’s 60 largest banks reached US$4.6 trillion since the adoption of the Paris Agreement. The latest report from the UN Intergovernmental Panel on Climate Change, released April 4, warned it’s now or never and underscored the imperative to the financial sector to rapidly reduce its support for fossil fuels.

Senator Marwah, my question to you as chair of Internal Economy is informed by all of the big five banks in Canada — Scotiabank, RBC, CIBC, BMO and TD — being among the world’s top 20 financiers of fossil fuel producers, and the Sierra Club report named three Canadian big banks among the “dirty dozen” of top international fossil fuel financiers. RBC is number 5, Scotiabank is number 9, and TD is number 11. Senator Marwah, could you please inform us as to the bank or banks that the Senate of Canada uses for administration of the Senate, including payment of salaries to senators and their staff?