I would compare this to the type of protection given to our big GHG emitters under the pricing system based on performance. Every sector is given an emission intensity rate. Regardless of whether their emission rates are higher or lower than the set intensity rate, emitters are encouraged to make efforts to reduce their emissions, because they can exchange their carbon credits if they're under the set rate and if they continue to improve their environmental record. Our standards do actually offer some protection, but the signal, the incentive to do more, remains. We could have used the same concept or type of system for all fossil fuels. However, the decision was made to go in a different direction for certain fossil fuels in the agriculture sector.
On April 29th, 2021. See this statement in context.