Thanks, Mr. Chair.
I have a comment before I start with my questions.
When $750 billion is being handed in supports to the banking sector at the same time that people with disabilities have not yet gotten a cent in this country, I think that's why there's increasing resentment. People with disabilities are trying to put food on the table and keep a roof over their head, and they've received not a single dollar. Seven hundred and fifty billion dollars, three-quarters of a trillion dollars, is going to the banking sector with the results that I mentioned earlier.
There has been $5 billion in immediate profit so far in the pandemic. Governor Macklem mentioned 700,000 deferred mortgages, but they all come with penalties and fees and compounded interest charges, which means the windfall profits for the banking sector are going to skyrocket later on in this year. That's my comment.
My question is more on the issue of climate change, and thanks for talking about the importance of a whole-of-economy approach.
Deputy Governor Wilkins mentioned the issue of the risks of transition. We'd like to hear how the Bank of Canada and you as new governor evaluate the cost of climate change so far per year to the Canadian economy. What do you think the cost is, and how do you see that growing over the next decade if we do not take the action that is required to reduce greenhouse gas emissions?