Thanks for the question.
To start with the last part first, yes, carbon pricing is fundamental. The research of the institute has shown that the industrial carbon pricing system in Canada has driven the bulk of emissions reductions in the country. That would include emissions reductions from such industrial sectors as oil and gas, although, as you mentioned, emissions continue to go up. Carbon pricing plays a role there, certainly, but there are other complementary policies as well that we've looked at. Those include more stringent methane regulations, a cap on oil and gas emissions and other market-based policies.
I think this gets back to the idea of a taxonomy. We've laid out a framework for how investments in oil and gas might meet the label of transition under very stringent requirements. We put out a paper on that last year. Essentially, it would require commitments at a corporate level to net zero with clear, credible transition plans as well as having, at the asset level, an emissions curve that aligns with net zero. It's a high bar but not impossible. That's the type of policy that we see as necessary to bend the curve.