I'll start.
I think it's important to note that the federal backstop is a backstop. It applies to provinces that don't have a similar regulation. Quebec, which has a cap and trade system, is not affected directly by the federal backstop. The cap and trade system is seen as functionally equivalent to the federal policy, so Quebec is proceeding with its own policy.
There is an equivalence between the cap and trade system that's being used in Quebec and the carbon pricing or levy system that's being used in some of the other provinces. You could think of someone driving a car. The way you're going to experience the cap and trade system in Quebec is through an increase in the price of gasoline in your car, and you'll experience that, as a commuter or a driver in Quebec, in exactly the same way you'll experience it in B.C., which has a tax on carbon. In other words, as a driver, there is no difference in incentives for you to reduce carbon emissions under the policy in Quebec compared to the policy in British Columbia. They're functionally equivalent, and that's why the two policies are both allowed under the federal rules.