15  The Bank of Canada could apply standards to prominent payments systems, based on the CPSS-IOSCO “Principles for Financial Market Infrastructures” (CPSS-IOSCO, April 2012). These standards would be adjusted so that they reflect the different nature and magnitude of the risks posed by prominent payments systems.
Mark Carney refers to this as “the tragedy of the horizon”.11 The public sector can lead the way with this transition. Expenditure and tax policies could help catalyse private investment for the climate transition and promote behavioural change needed to meet climate targets. Indeed, this is one of the primary objectives of the Next Generation EU financial package.