The Canadian Environmental Protection Act, the current CEPA, in section 326 provides the government with the authority to include regulations for tradeable-units systems in regulations it develops for toxic substances. So given that greenhouse gases are currently listed as toxic substances, the government could establish a tradeable-units system in any regulation it develops for those greenhouse gases. What Bill C-30 does is it improves the ability to set up an efficient tradeable-units system.
For example, ideally you would want to be able to impose an automatic penalty for a unit that is being traded under this system so that if a regulated entity was emitting x units over its allotted amount, it would know what the penalty would be. At the moment under CEPA, we can't do that. The bill would allow the minister to develop a regulation that identifies minimum and maximum penalties.
That's a long way of saying that, yes, we could establish an emissions trading regime. Bill C-30 would enable the government to establish a more efficient trading regime.