No. Our exports to Europe are actually favourably impacted by the EU CBAM, especially in the context of steel and aluminum. In both sectors, we have a lower average GHG intensity than European producers. The CBAM actually gives us a price premium in the European domestic market. We are advantaged by having a carbon price, because that will be deducted from our CBAM fees, but as Dr. Purdon has noted, it's complex to figure out how much.
With respect to whether we need such a mechanism in Canada, at present our competitiveness issues are dealt with by the sectoral standards within OBPS and free allowances in Quebec, but as we get further toward net zero, we will have to start thinking about our own border carbon adjustment mechanisms.