However, before we can talk about Canada's broad investment in net zero across government and the private sector, we first need to ensure that Canada is a competitive environment for investment writ large. New tax increases that foster uncertainty and phase-outs of incentives that stifle investment and signal to the world's innovators to look elsewhere are not helping to attract or retain the kinds of entrepreneurs and investors that are going to advance bleeding-edge, made-in-Canada net-zero solutions.

Additionally, investors require clarity, guidance and data about opportunities to invest in Canada's net-zero transition in order to accelerate capital flows, create the jobs of tomorrow and grow our economy. Without access to this information and these tools, Canada cannot be globally competitive in fuelling net-zero investment.

Canada should adopt a common definition for what constitutes investment that supports net zero. Greater transparency on Canada's transition plans would help track progress, help facilitate accountability and help the private sector plan investment strategies. In addition, the development and standardization of climate-related transition and physical risk disclosures—ideally with as much harmonization as possible while accounting for Canada's unique challenges and opportunities—will enable organizations to track and accelerate their progress and provide information and confidence to investors. Initial guidance issued by the OSFI is a positive step.

It is worth noting that many of Canada's largest federally regulated financial institutions participated on the government's sustainable finance action council, which has made a variety of recommendations to advance progress towards developing and building a strong and successful sustainable finance marketplace. These recommendations have not yet advanced. In the absence of standardized Canadian-specific guidance, a patchwork of various standards and guidance has emerged within Canada and around the world, leaving businesses and investors frustrated and confused as they plan and navigate their net-zero ambitions.

All the while, Canada gets farther from achieving its goals and attracting the kind of investment that will grow and sustain our economy for generations to come. The Canadian Chamber's green transition finance council and net-zero council are ready and willing to support.

My colleague, Bryan, and I will be pleased to answer your questions. Thank you.