I'm not an electricity expert. My family is from Whitby, Ontario, and I know just enough to be dangerous, but if you're going to dig up every line in this country, in this city, in this province, and replace it with the green transformer boxes to accommodate the much larger number of EVs on the road, you're going to have to change transmission lines and perhaps build another five or six nuclear reactors, another three or four Site C dams and another two or three Muskrat Falls dams. You get the idea that, while we have this concept that we can make that transition, that we can do it within an eight-year, 10-year or 20-year period, there comes a question of who is going to pay for this and how it is going to be paid for.
For RBC to be making this point, I think it's interesting, because the first question they and bondholders—Moody's, Fitch, Standard & Poor's—will be asking is how the credit rating of your country is going. Notwithstanding all of the ESG and disinvestment moves by woke capitalists, the reality is that it will come down to consumers and to the Canadian public having to pay for this.
I don't disagree that we should go in that direction, but I think we have to do so methodically, as the science and technology permits. Trying to get trendy and virtue signal and involve yourself in political demagoguery doesn't achieve anything more than to frustrate the very people you want to have on board.
My guess is that we're going to be with oil and gas for a very long time. Whether Canada produces it or not is a question for you as politicians. Would you prefer that Venezuela, Russia, Iran or Saudi Arabia produce it, or can the Canadian government be involved as a partner with continuing down this road of demonstrating that it's getting its act together with respect to substantial decreases in emissions of all types, not just carbon. Let's talk about other emissions as well. New technologies, DEF and other things.... We have to be responsible, not just to ourselves and to our consumers, but also to the rest of the world, which wants a whole lot more Canadian oil and gas, like it or not, despite the narrative.