The big policy holes are the large emitter trading systems: the industrial carbon-pricing systems. The federal government sets a benchmark standard and the provinces can choose to implement their own policies.
A number of jurisdictions have watered down the system. Saskatchewan has suspended its system entirely. Alberta announced a bunch of changes just last week. This puts significant downward pressure on emissions and prices. Traded prices right now in TIER are below former prime minister Stephen Harper's levels, at under $15 a tonne. The market's illiquid with these latest changes. That really doesn't put the long-term signal in place that we had seen.
On the EV availability standard, pausing that is a big deal. Yes, there are issues around sales. The slowing sales had a lot to do with fewer subsidies being available as well. When you look at the transportation sector, the population is growing and emissions are not falling as fast. You're not getting the technology uptake that you anticipated. That's another big one.
Also, then, methane regulations in oil and gas need to be strengthened. A lot of our work was assuming strength in oil and gas regulation. That could be slowing.
Soon there's clean electricity regulation, although the clean electricity regulation really doesn't come into force until 2035, so it doesn't have much of an impact now. Sure, there's an investment horizon, but it's 10 years away.
It's stuff like that. There are a number of policies that we can point to, including the repeal of the carbon tax in B.C. and the federal....