I'm not a trade expert, so I would be reluctant to comment specifically on the various trade agreements.
With regard to carbon leakage, it's always an issue that comes up. I think the literature, as far as I'm familiar with it, suggests that it may be overplayed in certain arguments, but definitely you have to think about marginal impacts when you look at things like carbon pricing schemes.
I certainly don't have the level of knowledge that the previous speaker has in terms of some of the research. I will note, though, that I think we need to be skeptical with claims that it's all going to lead to leakage. The carbon regime is not the only factor that is related to Canada's competitiveness, and the reasons that people cite investments are not based only on climate change policy. There are other things that make Canada a great place to invest, which I think a lot of businesses are paying attention to.
The other thing that one will often hear is something that came up when I and my colleagues were doing research, for example, in advising the Green Climate Fund on how they should be supporting private sector development in this area. It is that companies just want policy clarity. They want to understand what the policy environment is and what the rules will be and that they will be fairly and transparently applied.
I don't think it's universally true, however, that firms are opposed to climate policy per se, even ambitious climate policy or even things like carbon pricing.
The other point I would make is that the international regime and the tradition is that accounting for climate emissions is production-based, not consumption-based, so you're accountable for what is produced in your economy, not what you export.
You can obviously think about how you want to stimulate as much as possible and co-operate with other countries, and that's what climate finance is for—to help them themselves improve their policy environments and help themselves reduce their emissions and raise their standards, and all that. That's hugely valid to do, but the expectation on signatories to the Paris Agreement and the UN climate convention is always that it's domestic emissions reductions that need to be addressed, and that's what the accountability is based on. It's not based on what you export. That may be unfortunate from a certain perspective, but that's just the way it is. That's what the treaty says, and that's where Canada's accountability is in terms of its own domestic emissions.
Thanks.