First, I'd like to thank all the witnesses, who have made themselves available to answer our questions.
My questions are for Professor Leroux.
I know that 400 academics signed a letter calling on the federal government to end tax credits for carbon capture and storage initiatives. The letter mentioned that this technology was not to be rejected, but it proposed decarbonization solutions that would limit the use of concrete and cement and it recommended that the oil and gas sector be excluded. Unfortunately, that's not what we're seeing in the 2022 budget.
It's clear to you that this tax credit constitutes a subsidy to the sector.
Recently, I heard about the carbon takeback obligation, which brings extended producer responsibility into full force. For example, if you produce a barrel that emits one tonne of greenhouse gases, you have to capture one tonne of greenhouse gases. This approach would be incremental and predictable.
In your opinion, would a regulation of this kind appropriately place the cost of carbon capture, utilization and storage on the shoulders of the industry and fossil fuel consumers, rather than on all taxpayers by siphoning off public funds?