This is page 12. I have one more page to go.
This graph shows the relationship between capital investment and improvements in reducing energy intensity and reducing emissions. It's very closely tied. If we want to accelerate this process, we have to encourage more investment in new technology and the replacement of existing technology. That's true for industry, but it's also true in the energy sector. It's true for every household. It's true for every Canadian driving a car. This is an issue about how to bring new technology on board.
There are other elements here. A well-defined and efficient market for trading emissions credits is essential. The fact that we have not had a well-defined market in Canada has put us behind the eight ball and the Europeans are way ahead of us here, but this market has to be efficient. It has to be low cost to administer and low cost to take part in. We need close coordination with the provinces. We need significant public investment in transportation infrastructure and waste management and less intensive energy sources, targeted technology solutions incorporated into the public procurement policy. And as John has pointed out, we need a wide engagement on the international scene to transfer best practice to Canada and to accelerate emission intensity reductions around the world.
Let me just wrap this up. In my view, we cannot achieve our Kyoto target through real emission reductions in Canada alone, by the Kyoto timeframe. We need a plan that's focused on accelerating reductions and emission intensity, on accelerating improvements in technological progress. In my view, the debate about the Kyoto target has led to counterproductive policy, and we have to focus on solutions--I couldn't agree more. We have to focus on accelerating technological progress, setting realistic objectives, engaging industry in finding the solutions. Above all, let's move beyond the debate and let's start making these investments to actually get real action here in greenhouse gas reduction.
Thanks very much, Mr. Chair.