We are not talking just about principles, but we are basing our opinion on our experience. Europe has a carbon exchange. We have plants in Germany, Sweden, France and in the United Kingdom. We experienced the establishment of this exchange. It was very beneficial for our sector. We complied with the requirements, we reduced our emissions and that enabled us to trade credits with other companies that had to pay in order to reduce the volume of their carbon emissions. This is something that has been tried and proven to work well. It will continue next year. The European Union set it up for a limited time period, but it will begin again in January. I think that this is a good example to follow for two reasons: first of all, we must make it advantageous for those companies that comply with the regulations or objectives; secondly, we must penalize those who pollute, so that they pay a bit more.
In Canada, it is the oil industry that pollutes. It should be up to them perhaps to pay a little bit for those who are better corporate citizens and reduce their greenhouse gas emissions. That is the point we have reached. It can take some time to set up such a measure. Many people want this type of thing in the near future.
I think that it would be better to set up this exchange in Montreal rather than in Calgary. We are a little bit more aware of the environment. We have expertise in this type of thing, which would ensure that the carbon exchange would be effective and operational.