I think just high level, I'm not an expert in carbon border adjustments as an area, but what I understand and what experts I've consulted with and have spent time trying to understand their thinking on have told me there is no, at present, market pricing in carbon intensity. We're talking about policy tools on a national level for imports and exports, but at present, for any emissions reductions that Canada or any energy producer does, the cost of that is not carried on to the consumer of the product. It's a cost that the producer has to bear. I think that's important as a principle to keep in mind.
I think, generally, border carbon adjustments are a reality that Canadian exporters are ready for, and any policy mechanism, OBPS, in a good design does need to reflect that reality. We need to be compliant with future EU and U.K. standards.
