I think that my questions will be directed mostly to Mr. Chan.
It's nice to hear that you're from my alma mater. I don't know if you studied there, but you're teaching there, I assume, and researching there.
On the issue of efficient versus inefficient subsidies, you touched on the issue of fossil fuel subsidies and making sure that, if there are going to be subsidies, they actually lead in a direction of improved sustainability. At one of our last meetings, we had the environment commissioner here, and the Department of Finance was questioned about whether we are actually delivering on the commitments we've made internationally at the G20, I believe—commitments to move away from inefficient fossil fuel subsidies.
I'd be interested to hear your take on whether the term “inefficient” has any meaning within that dialogue and whether there's a definition of efficient versus inefficient that you can provide us with.