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ENVI Committee Meeting

Notices of Meeting include information about the subject matter to be examined by the committee and date, time and place of the meeting, as well as a list of any witnesses scheduled to appear. The Evidence is the edited and revised transcript of what is said before a committee. The Minutes of Proceedings are the official record of the business conducted by the committee at a sitting.

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Minutes of Proceedings

44th Parliament, 1st Session
Meeting 110
Thursday, May 30, 2024, 3:30 p.m. to 5:42 p.m.
Francis Scarpaleggia, Chair (Liberal)

Library of Parliament
• Alison Clegg, Analyst
• Sarah Yakobowski, Analyst
As an individual
• Bruce Pardy, Professor of Law, Queen's University
• Ellen Quigley, Research Professor, University of Cambridge
• Céline Bak, Partner, Risk Advisory, Financial Services, ESG & Impact
Goodman Sustainability Group Inc.
• Faith Goodman, Chief Executive Officer
• Daan Van Acker, Program Manager
Montreal Economic Institute
• Renaud Brossard, Vice-President, Communications
• Krystle Wittevrongel, Senior Policy Analyst and Alberta Project Lead
Office of the Superintendent of Financial Institutions
• Peter Routledge, Superintendent
• Stéphane Tardif, Managing Director, Climate Risk Division
• Hon. Rosa Galvez, Senator
Pursuant to Standing Order 108(2) and the motion adopted by the committee on Tuesday, October 31, 2023, the committee resumed its study of the environment and climate impacts related to the Canadian financial system.

Céline Bak, Faith Goodman, Daan Van Acker and Renaud Brossard made statements and answered questions.

At 4:39 p.m., the sitting was suspended.

At 4:42 p.m., the sitting resumed.

Rosa Galvez, Bruce Pardy, Ellen Quigley and Peter Routledge made statements and answered questions.

Adam van Koeverden gave notice of the following motion:

The Parliamentary Budget Office published a short update under “additional analysis” on the PBO’s website on the day after the 2024 Federal Budget, on April 17, 2024. It relates to their often cited report, “A Distributional Analysis of Federal Carbon Pricing Under a Healthy Environment and A Healthy Economy.”

PBO staff discovered that both the fuel charge and OBPS (Output Based Pricing System) had been removed in the counterfactual scenario. Consequently, estimates of household net costs incorporating fiscal and economic impacts published in their March 2022 and March 2023 reports, reflect the broader economic impact of federal-equivalent carbon pricing.

In essence, it seems that the PBO may have inadvertently exaggerated the impact that carbon pricing would have on household budgets.

Despite that, their report still indicated that at least 8 out of 10 Canadian families get more money back with the Canada Carbon Rebate than the price on pollution costs.

That the committee invite the Parliamentary Budget Officer for one hour to discuss his recent findings on his report and how he plans to correct the record in his Fall Report.

Questioning of the witnesses resumed.

At 5:42 p.m., the committee adjourned to the call of the Chair.

Natalie Jeanneault
Clerk of the committee