Currently, Canada's commitments to end subsidies are not binding. Canada is committed in good faith to eventually ending inefficient subsidies to the oil and gas sector. However, for the past 30 years, Canada has had a reputation for making very ambitious commitments and then failing to meet them. This undermines our credibility on the international stage, of course. As more and more countries want to set ambitious targets, there could be penalties economically and in terms of our reputation, because Canada can't be seen as a credible player.
This is where I think the oil and gas issue is fundamental, because it's the big issue that no one is talking about in terms of addressing climate change. As long as we continue to support this industry directly and indirectly, we're investing in the issue rather than in solutions. As a result, this has consequences elsewhere in the world.