Who from the panel would like to comment on the cost of compliance without the use of an international carbon market?
In his ten-page communication to the Prime Minister and the Minister of the Environment, the president of the Toronto Stock Exchange said on December 21 that Canadian companies would be disadvantaged with the domestic market only because the cost for each tonne of greenhouse gases reduced would be excessively high, especially because of the small size of the Canadian market.
Carbon traders in the States and elsewhere have told me that a domestic market alone would be an illiquid market, a small market. The cost per tonne of reduction would be excessively high.
Can you give me some understanding of what the impacts on your businesses and bottom lines would be if we were only playing in a domestic emissions trading system in Canada?