I would just add one thing.
If you look at the Paris Agreement, article 6 deals with ITMOs. That's one article. There is an expectation, I think, that every country will put in its suite of activities and its nationally determined contribution, and that those will be varied and include regulatory provisions governing different aspects of how emissions are generated in those various countries. In that sense, I think you have to look at both areas.
Frankly, for pricing, I'm not an economist. I'm a lawyer, so I understand the regulations better.