The complexities that you're getting into here are one of the reasons why I don't expect we're going to see agriculture covered by a CBAM-like instrument anytime soon. It's one thing to say that we're going to charge you for every tonne embedded in your steel production, because we know how much fuel is going in. We know the emissions factors involved in processing. We can pretty much estimate what your greenhouse gas intensity of operations is. It's a completely different thing if we're talking about agriculture as an activity where, as you say, you have soil carbon being either retained or emitted, depending on the differences in practices. You have application of fertilizer, which could, depending on how you apply it, have quite different emissions-intensity profiles. These are the complications that I think would absolutely....
Let me give you an example of why I don't think that could happen. I know I'm not answering your question directly, but the EU did not include chemicals in the CBAM. Why not? This is a highly emissions-intensive, trade-exposed sector. It didn't include chemicals, because the downstream value chain in chemicals is insanely complicated. Once you get beyond the six basic plastics— everything downstream in there—you have thousands and thousands of products. Moreover it's difficult to understand how you allocate emissions to all the different products that might come out of a single facility. That complexity made them back off and say that they weren't even going to cover it.
I think you face the same kind of complexity in the context of agriculture, and moreover a political unwillingness to subject European agriculture to direct inclusion under the EU ETS. Therefore, there is no legal route to including it in the CBAM. However, if you did that, it would have to be a process of bilateral negotiation between the EU and Canada on how you figure out the emissions factors and what assumptions you make in terms of carbon uptake and emissions—they need to be different practices. It would have to be a vastly complicated negotiation. There's no straightforward answer to that question.