 Thank you, Maureen, and thank you for inviting me to present and all my congratulations for your election in parliament. I thank you for your dedication to the public service, but I am sorry that I cannot be with you today, but at least it allows me to do my job, the economy, the emissions, and so on. Now, like the United Kingdom and 70 other countries, Canada is committed to achieving a net-zero economy by 2050. As MPs, you'll have enormous responsibilities for setting the environmental and economic policies that are necessary to achieve that commitment, all while supporting a just transition and unleashing the ingenuity of Canadians to create jobs and growth across the country. The financial sector will play a critical role in this process. Changes to climate policies, new technologies, and growing physical risks are going to prompt the reassessment of virtually every financial asset. Firms that align their business models and strategies to the transition to a net-zero world will be rewarded handsomely. Those that fail to adapt will cease to exist. So increasingly every country, every company, and every investor is going to be asked what their plan is for the transition to net-zero. As one topical example, just this week the world's largest asset manager BlackRock called climate change the, and I quote, the defining factor in companies' long-term prospects, and it declared that the world's on the edge of a fundamental reshaping of finance. Now's the time to ensure that the financial sector has what it needs to ensure that every financial decision can take climate and climate transition into account. And that's what I want to talk about today. I want to talk a bit about what needs to change for that to happen in the financial sector. And I'm going to use three Rs, reporting, risk, and return. With the COP26 later this year in Glasgow, this year will be critical. The UK and Italy, as chairs of COP, aim to deliver an ambitious international plan to make progress in all of these areas. But in your new roles, as Canadian members of parliament, you can help the Canadian financial system lead the way. Let me explain how. So let me start with the first R, reporting. Two and a half years ago, in response to a call from G20 leaders, the private sector formed a group called the TCFD, and they delivered its recommendations on reporting to G20 leaders in Hamburg. The objective was to ensure that the market had the right information to price climate risk and to reward climate innovation and investment. Since then, the TCFD has generated a step change in both the demand and supply for climate reporting. The demand for TCFD disclosure is now enormous. Current supporters control balance sheets totaling $120 trillion and include the world's top banks, the top asset managers, largest pension funds, largest insurers. And as I mentioned this week, BlackRock called for companies, called for all companies in which they invest, to disclose in line with those TCFD recommendations as part of a fundamental reshaping of finance. Now with all that demand, as you'd expect, supply is responding. Four-fifths of the top 1,100 companies globally now report climate-related financial risks in line with at least some of the TCFD recommendations. And the intention for this year is to build on this foundation by enhancing both the quantity and quality of disclosures to make these standards, the TCFD standards, as comparable, as efficient, and as decision-useful as possible. By COP26 in November, we intend to explore pathways to make TCFD disclosure mandatory. Canada's expert panel on sustainable finance has already recommended that Canada introduce a mandatory complier-explained regime for TCFD disclosure. So Canada will need to decide whether to coordinate such a globally comparable and efficient way for Canadian companies to tell their stories. The second R is risk and risk management. Climate change creates both physical risks and transition risks. We're familiar with the physical risks. They arise from the increased frequency of severe climate and weather-related events that damage our property and disrupt trade. But there's another risk, transition risks, and those result from the adjustment towards a net-zero economy. For the financial market to understand where the risks and opportunities lie, disclosure needs to go beyond the static, that is just what a company's emissions are today, to the strategic, that is what are their plans for tomorrow. And that means assessing the resilience of firms' strategies to transition risks. Now the Bank of England is becoming the first regulator in the world to stress-test its major banks and insurers against these types of transitions, different climate pathways, pathways that include the catastrophic business-as-usual scenario and also the ideal but still challenging transition to net-zero by 2050. We'll also look at a late climate action scenario that could bring a sudden recognition of the scale of potentially stranded assets. The Bank's Bank of England's stress-test of the world's largest and leading international financial center will show how major firms expect to adjust their business models as the transition to net-zero progresses, and it will show what the collective impact of these responses could be on the wider economy. It will reveal the banks and by extension the companies that are preparing for the transition to net-zero as well as those who have not yet developed strategies consistent with Canada's commitment to net-zero. Over the course of this year, we expect a number of other central banks and supervisors to launch similar tests. And again, Canada can be among the leaders. Finally, the final R return. The Paris Climate Agreement of almost five years ago calls on the financial sector to reorient financial flows in line with the two-degree target. Achieving this transition will require sustainable investment not to be a niche but to go mainstream. And for that to happen, sustainable investment must do more than just exclude encourageably brown industries and it must do more than just finance new deep green technologies. Sustainable investing must catalyze and support all companies that are working to transition the economy from brown to green. And framing this debate will be absolutely critical for Canadian companies in the energy and the metals and mining as well as other sectors. It's a transition for everybody. To date, approaches to measuring and managing the financial implications of climate change for investment have been inadequate. Just reporting a carbon footprint is not forward-looking. And divestment focuses only on the most carbon-intensive sectors and it doesn't reward those in those sectors that are taking action. Green investments are still on a small scale and the impact of shareholder engagement is hard to measure. So to track which companies are making progress, we need much richer taxonomies. We need 50 shades of green. We need transition indices composed of corporations in high carbon sectors that are adopting low carbon strategies. And we also need so-called degree warming assessments by the leading owners of assets. For example, GPIF, which is the world's largest pension fund, they estimate that their assets are currently invested in a way that is consistent with a warming of the global temperatures of 3.7 degrees by 2100. Such a forward-looking measure can help asset owners and asset managers understand the transition pathways of their investments and develop strategies to align those financial flows with the necessary transition to net zero. Degree warming will reveal who's on the right and the wrong side of this transition. And it will also provide a signal to governments about where the economy is on the transition path and therefore the effectiveness of the policies, a signal that you as MPs can decide how to react to. A degree warming approach will also empower consumers, giving them more choice in how they invest to support the transition as they see fit. With our citizens, particularly the young, demanding climate action is becoming essential for asset owners and asset managers to disclose the extent to which their client's money is being invested in line with the values of those clients. And to move to conclude, I want to be clear. Financial policymakers will not drive the transition to a low carbon economy. It's up to parliaments, governments, to establish the climate policy frameworks, and then it's up to the private sector to make the necessary investments in reaction. That's why financial markets are now being reshaped by the transition to net zero. It's something that will reveal the valuations of companies that could change over time as climate policies adapt and carbon intensity declines. It's a process that will reward countries and companies that are leading the transition in sectors as diverse as energy and artificial intelligence. It will help smooth price adjustments as opinions change rather than concentrating them in a single so-called climate-Minsky moment. And this process of setting up a transition with the 3Rs will allow feedback between the financial market and policymaking. It will help policymakers like yourself learn from what's happening in the market, and for markets to internalize your objectives and your strategies. As countries like Canada build their track record and the credibility around climate policy grows, the market will allocate capital that's necessary to deliver innovation and growth, and it will pull forward adjustment to a low carbon future. And in order to fund the private sector investment that we need, from conventional energy to renewables, from goods to services, from infrastructure to AI, it's critical that Canada is at the forefront of these developments. So I hope that you'll come away from today with at least some ideas of how to make this a reality in Canada so that we can lead the transition to net zero with growing jobs and incomes for all of our fellow citizens. Thank you again for inviting me and merci beaucoup et bonne chance.