I would like to re-establish certain facts. There are limits to anything, Mr. Chairman. I remember the EnerGuide Program that used to be in place and that there was an agreement with the Agence de l'efficacité énergétique du Québec. Proof that Quebec benefited from this is provided by the fact that organizations such as Équiterre, that you are probably familiar with, were responsible for its implementation throughout Quebec. That is another issue.
The Montreal Exchange came to see us to ask that rules and hard caps for an emissions trading system be announced as quickly as possible. Europe has clearly told us that this market could be worth close to 70 billion dollars, which is why Europe was able to move closer to its Kyoto targets despite an impact on its gross domestic product of less than 1%.
Mr. Minister, we are at a loss as to what to do to convince you that this strong instrument provided to us under the framework of the Kyoto Protocol, which is the joint enforcement mechanism, could help Canada improve its greenhouse gas emission reduction record and perhaps even at some point in time reach its Kyoto targets.
Do you acknowledge that such exchanges have been set up elsewhere and have allowed others to reach their Kyoto targets while at the same time reducing the impact on the economy of their communities? A less than 1% impact on the European economy! Is that not proof that there is a way of setting up such a system while respecting the Kyoto Protocol and minimizing the costs for our economy?