COP26 DRAFT DEAL — A proposed deal for the COP26 climate talks laments countries' failure to align their targets with limiting warming to 1.5 degrees Celsius and calls on them to submit new pledges in 2022, POLITICO's KARL MATHIESEN reports from Glasgow this morning. Here is the text, which was released earlier today. Cue a fierce three-day debate among the almost 200 countries represented in Scotland, before the conference is scheduled to end Friday. Mathiesen writes: "The deal as drafted has no guarantee of passing and is likely to face stiff opposition." CULTURE CHANGE — Bank of Canada governor TIFF MACKLEM closed the show at the third annual Conference on Diversity and Inclusion in Economics, Finance, and Central Banking. Macklem did what any good textbook on speeches recommends. He opened with a joke: "The issue of diversity and inclusion is very close to my heart," he said. "And when a central bank governor says something's close to their heart, what do they do? They give a speech about it." Macklem acknowledged the obvious: Central bankers have a long way to go to be truly diverse and properly inclusive. These three quotes stood out from his 10-minute closing remarks on Tuesday to the gathering of colleagues from the U.S., U.K. and Europe: — This isn't overreach: "Chair [JEROME] POWELL kicked off the conference by observing that entrenched inequalities prevent some of our citizens from fully participating in labor markets. ... This conversation has sparked a debate about whether central banks are expanding their mandates. Whether we're overreaching, getting distracted from our focus on inflation targeting, and even a criticism that we should stay in our lane. My own view is that we are tasked with serving our citizens, not some of our citizens." — Straight to the people: "In this new world of ubiquitous information, we need to develop a direct channel to speak to people. That means being more accessible and more relatable. … We want to increase our accountability and relevance through clear, relatable communications. Trust comes when everyone understands the actions we are taking, and why." — The inequity of printing money: "Quantitative easing can boost wealth by increasing the value of assets, such as the investments Canadians have in their retirement savings plans and company pension plans. But of course, these assets aren't distributed entirely evenly across society. As a result, QE can widen wealth inequality." Watch Macklem's full remarks. TALKIN’ ‘BOUT OUR GENERATION — Deputy Prime Minister CHRYSTIA FREELAND takes the stage today to address the Toronto Global Forum on the “future of the Canadian and world economy.” A hypothetical topic for a government minister who has made it a habit to not answer hypothetical questions. — If you’re at the conference: POLITICO’s own JOHN YEARWOOD is hosting a fireside chat with Infosys President RAVI KUMAR about the future of work. NEW LINE 5 LINES — White House spokesperson KARINE JEAN-PIERRE said ongoing discussions between Canada and the U.S. shouldn't be interpreted as an indication they’re thinking about shutting it down. “That is something that we're not going to do,” she said. Jean-Pierre called Canada “a close ally — a key partner in energy trade as well as efforts to address the climate crisis and protect the environment.” — The 68-year-old pipeline is at the heart of a dispute between Michigan and Canada. Formal negotiations have yet to be announced related to Michigan Governor GRETCHEN WHITMER’s legal battle to shut down the Line 5. Happening concurrently, but independently, an engineering study continues to evaluate a proposed tunnel to house a new 30-inch pipeline, replacing the one submerged in the Straits of Mackinac to address concerns about potential oil spills. PRAIRIE SOVEREIGNTY — Saskatchewan Premier SCOTT MOE doubled down on his “nation within a nation” pitch after his comments to radio host ROY GREEN earlier this week picked up some steam. The Saskatchewan Party leader is asking for more provincial autonomy on policing, taxation, internationational relations, firearms regulation and immigration. Moe’s grievances with Ottawa were heard by O’Toole, who again accused Trudeau of being “a threat to our national unity.” THE WEIGHT OF THE GAVEL — Barely 24 hours into her new role, Liberal Caucus Chair BRENDA SHANAHAN told Playbook her predecessor, FRANCIS SCARPALEGGIA, has been giving her advice — “mostly technical” — about how to run a smooth hybrid meeting during a pandemic. “We’ve all seen those gaffes on Zoom,” she said. While most Liberals traveled to Ottawa Monday for the party’s first caucus meeting since the election, between 20 to 30 MPs opted to join via Zoom. Those who attended in person had to lock their phones and wearables at the door, #confidentiality. “You can't be on your phone, sitting on a park bench somewhere, participating in national caucus meetings,” Shanahan said, before noting some exceptional circumstances because #pandemic. “We all love it when somebody’s kid comes on the Zoom screen. It certainly brightens up the meeting.” | 
