Let me first say that refineries and refinery operators have not been sitting still over the last number of years in terms of the continuous improvements they've made to their operations in areas of energy intensity. This is fundamentally an energy-intensive industry, and while there are some process emissions, much of the industry's emissions issue is associated with combustion. There has been lots of incremental activity when turnarounds are done and when maintenance is done. All of these opportunities to look at reducing energy intensity from a cost perspective as well from an emissions perspective are pursued.
The industry's track record over the last 10 to 20 years has been quite positive in terms of reducing energy intensity, improving efficiency and reducing costs and emissions. However, there are physical limits.
The low-hanging fruit has been picked. There are still some opportunities. Not all refineries are the same. Some are better than others, but that's a reflection of...these refineries have been around for a long time. They have different configurations. They were made to serve different markets and to produce different product slates, so it's very difficult to treat every refinery as the same.
That's the challenge around the feasibility. Virtually no refinery in the world has achieved the current target. As of January 1 of this year, that's what Canadian refineries are expected to achieve, or they have to pay. The challenge lies in the fact that the technology costs, if they are available, are so high that paying is the answer. This really doesn't reduce emissions.