Thank you so much, Mr. Chair, and thank you particularly to Terry Duguid.
My questions are for you, Mr. Gooderham. I know what you're talking about when you say that we have nine years, but I'm not sure we have a shared fact set around the table about why you say nine years. I'm just going to run through some numbers and ask you to speak to the question of opportunity costs when I finish this.
It's the IPCC October 2018 special report on 1.5°C that specifically says there's only one way that we hold to 1.5°C, and that's deep cuts this decade on the order of 50% below 2010 levels by 2030. That's a quite unforgiving number. The IPCC has said that if we fail, the window will close permanently. If we get to net zero by 2050, it will be too little, too late. We will have exceeded potentially 2°C, 3°C and so on.
My question to you is in terms of carbon budgets and the unforgiving nature of the physics of the atmosphere. If we put our money into fossil fuel subsidies, what do you see as an opportunity cost, particularly if it's a technology like carbon capture and storage, which has failed to meet its targets in countries around the world? What does it do to our chances of being able to survive on the planet into the next half of the century?