The private sector often goes where the potential profits are. The behaviour of consumers is also driven by price signals. As I'm listening to some of the other witnesses, perhaps we can get consumers to change their behaviour based on more education and information about what are the most environmentally friendly options. Unfortunately, that's not going to lead to a change in behaviour as effectively as the price signal.
In terms of how carbon pricing can spur innovation, carbon pricing sends a market signal and makes higher emitting materials and activities more expensive. This means that individuals and businesses are going to be looking for lower carbon options, whether it's technology or materials. This will increase the demand for these new options and technologies. The market is going to move in and try to take advantage of these opportunities, like the carbon cures that take carbon dioxide and use it to create more concrete, thereby lowering the footprint in building projects.
Another example is the ecobee smart thermostat technology. As the market demand increases and more technologies enter the market and start competing, we're going to see more options. We're also going to see these options become more accessible and less expensive.