I am pretty skeptical with respect to the extent that we can realize real emission reduction here in Canada within the Kyoto timeframe when it comes anywhere close to even beginning to reduce emissions from the current levels.
As I said, the rate at which we would have to invest in new technology and replace technology, which is what we have to be focusing on, goes well beyond the Kyoto timeframe right now. And I agree with John that the longer we wait, the more important buying emissions credits will be.
Certainly, put in place a regulatory framework that encourages improvements in emission intensity. But that's a long-term target, and I don't think we're going to be able to achieve that by 2012. If we are going to be within the Kyoto framework, if it is to meet that target, we really wouldn't have very many options to do that other than to purchase emission credits, and I would think the best way to do that is to make sure we have the most effective investments in international projects that actually lead to emission reduction. I would imagine a very large part of our international aid budget should be then targeted on climate change and emission reduction.
I think those are important.
Frankly, every country can't be buying emission credits from around the world, because that's just saying it's not our responsibility. At some point you have to focus on domestic emission reduction, and we need the type of framework that provides that incentive for making technological progress. It's a long-term issue.