On the question, then, around the difference between emissions intensity and hard caps, I'm still confused as to why industry wouldn't seek the certainty of a hard cap—a fixed, across-the-board, level playing field for all of the competitors in your association—as opposed to the notion of intensity reductions. If climate change is a serious consideration and there are some, at least, in your industry willing to internalize the costs, why is there a reluctance about a hard cap concerning something we see as a threat both environmentally and, in the Stern report and others, economically? If we've done it before under the Montreal Protocol and other agreements, why is there the resistance to that?
On December 5th, 2006. See this statement in context.