I might differ from the previous response a bit.
I find that the output-based pricing system is different from what we see in most of the other jurisdictions with carbon pricing, where they have absolute cap-and-trade systems that have been introduced. There are lots of complications. There are some elements...things like the output-based pricing scheme in some of these other climate emissions trading systems, but the output-based pricing system in Canada is significantly different.
I'll give you the numbers in my head after looking at some of these reports. The vast majority of carbon pricing is now in these emerging cap-and-trade systems. A lot of them tend to be sectoral. Indonesia's cap-and-trade system is focusing on the industrial sector. It's not as widespread as what we have in Quebec, which is a bit different. It's the same in the European Union, where it's mostly in industry and power generation. Now the European Union is developing a second emissions trading system for the transport and building sectors, which will be separate systems. However, as I understand it, it's an absolute cap-and-trade system, which is different from what we have with our output-based pricing system, currently.
