Sure.
If you go through those delightfully written federal-provincial working group reports on mitigation and carbon pricing that were prepared in advance of the pan-Canadian framework, they actually do a good job of laying out things that carbon pricing does really well and things it doesn't, as well as things that regulations do well and the things carbon pricing doesn't. They each have things they do well.
I would also point out, not just in the PCF but also in Canada's long-term, low-emission strategy, which we submitted, that basically to reach our 2050 target, which is to get very low emissions, some of the things that don't seem to be the most cost-effective to get the first 10% of reductions are really important for getting the last 20% or 30%. These are things like requiring net-zero new buildings and having aggressive retrofit schemes. These complement each other, but when we're doing our policy, we have to think about not only what's going to get us to reductions in the next five years or even 12 years but also what's going to get us to zero carbon in the long term.
As you know, as Environment Canada's report states, things that help us get to a 30% reduction target, things like switching from coal to natural gas, can actually impede us from getting to that longer-term net zero. If you're looking at that net zero, you might say, “Let's leapfrog straight to renewables and not build a bunch of natural gas plants.” These are the kinds of policy options that are before us.
We have thoughtful treaties on how to do this. It's now a question of implementation. I think we're definitely going to need both. Carbon pricing does some things really well. It can raise revenues. It can help to do other things, but not everything.