That's a very important question because many people think we can achieve our objectives associated with the adoption of electric vehicles without regulating. Some automotive manufacturers—though not all—say the market should be allowed to operate on its own.
The problem with that point of view is that markets are increasingly being regulated around the world, in the United States, for example, where some 15 states have net-zero emissions standards, and in Quebec, British Columbia, Europe and China. If the federal government doesn't adopt a net-zero standard, the country will be headed for a deficit because automotive manufacturers will prioritize shipping their electric vehicles to regulated markets.
Here's another extremely important aspect. If we want to discuss the future of the transportation electrification economy in Canada, we'll have to introduce a net-zero emissions standard guaranteeing that we meet our electric vehicle adoption targets as established by the federal government, which call for sales of net-zero emissions vehicles to rise to 20% in 2026, 60% in 2030 and 100% in 2035. That would establish some market predictability. Automotive manufacturers, infrastructure providers, electricity suppliers, distribution channels, construction companies and people engaged in research and development will want to come to Canada for that simple reason.
And I can prove it. Six months ago, the federal government officially announced that it would adopt a net-zero emissions standard, and, since then, $15 billion worth of funding has been announced for transportation electrification in Canada.