Thank you very much, Mr. Chair.
It might be actually important for us to hear from more American witnesses, Mr. Chair, particularly from the Pew Center on Global Climate Change, about some of the trends in Washington. I will just put that to the committee.
Perhaps I could go back to Mr. Delbeke. Mr. Delbeke, there are varying estimates of the size of an international carbon market once up and running. I know Deutsche Bank has been leading, out of Germany, a lot of the analysis. The World Bank has been completing analysis. Some of the numbers I've seen here in Canada show that in 2005 it was an $11-billion market worldwide. It is growing rapidly. I've also learned just this morning about Canada's move from about 33% of the market in the late-1990s to probably less than 1% today, and there has been a massive shift to Europe and to the London, U.K. markets in particular, in the city, which has become the hub of international emissions trading.
Can you give us a sense of the magnitude of the international market? I'm told by some experts in Canada that a mere domestic market here in Canada is likely to be very small, very illiquid, and largely irrelevant on the international scene. What is your thinking? What does your analysis show? How big a market do you anticipate? I know Deutsche Bank, about four or five years ago, estimated that a fully fledged international emissions trading system under Kyoto would be larger than any stock exchange presently on the face of the planet. How big is this going to get?