Yes, that was a correct quote. On the one hand I'm referring to domestic reductions. My modelling group was one of the groups picked in the national climate change process in 1998-99 to assess Canada's ability to achieve Kyoto. At that time, in running our model we recognized that we would need the equivalent of a greenhouse gas tax of $120 to $150 per tonne of carbon dioxide, and it would have to be implemented in 2000. Even then, it was touch and go if Canada could achieve it in that short timeframe. The reasons relate to capital stock turnover--the long amount of time it really takes to change your emissions.
On the credit trading, I won't give a lot of detail, but the problem is that tradeable permits are like currency: they require a level of trust. We see that happening in Europe today, and it would take much longer to happen on an international scale. I think Canada would mostly be buying credits, if any, from the European market, and we could have a significant upward pressure on that price. I'm also worried that politically it would be very difficult for the Canadian government to send a large amount of money overseas.
You asked about technologies. I would simply say that we have many technologies that could get our emissions down dramatically over a 40-year timeframe or several decades if we started immediately with policies that were compulsory in nature, which is what I'm calling for if we want that. The technologies relate to nuclear power, perhaps, all sorts of renewables, some degree of efficiency, and using fossil fuels with zero emissions through carbon capture and storage. All of those things are viable and would lead to increases in energy costs that were manageable and would involve increases of less than 1% per year of our energy costs.