Thank you. That was a nice summary.
Maybe I'd just highlight a couple of things.
As you get into the details of policy design it's important to recognize that there are some decisions you can make about the framework and also how you finance or invest in different technologies that can really help on the economic development side. I highlighted energy efficiency as one example of that, where you get significant benefits coming back to consumers as you bring the consumption of energy down at the same time as you're bringing CAP into place. There are other design elements that can be extremely helpful, such as offsets design, whether international investments are allowed, those kinds of things.
So there are significant ways to reduce costs. In fact, if you look at some of the U.S. modelling, in some cases you see allowance prices or the cost of carbon rising but GDP impacts going positive as you invest in new technologies and reduce your dependence on foreign sources of energy. So there are significant economic benefits to be achieved.