Thanks for the question.
It is a difficult concept, the financing of some of these projects, particularly when projects make sense economically on their own—and that's often the case. In energy efficiency there are projects that will pay for themselves. So when you look at it on a balance sheet, it can be puzzling as to why people wouldn't invest in some of those projects.
I think the concept of the green bonds is effectively to either help lower the risk of getting that capital or to make those types of investments meet hurdle rates by lowering the actual costs of borrowing. That's kind of the concept. The idea, ultimately, is to create a pool of money that the government would back by allowing individual Canadians to invest their money in that area. We do see that it would have a cost to it, because the government would have to back those loans and there probably would be some defaults, and there would be administrative costs as well.
But ultimately you could create a pool of money that Canadians could use to invest with, either in energy efficiency upgrades or, theoretically, in renewable energy projects as well. Here, we're sort of targeting energy efficiency, but ultimately you're creating that pool of money that is low risk and has a low cost of interest, I guess. So you can make those investments in projects that ultimately have a payback on them, but may have either a high capital barrier or a lower return on investment than otherwise would be made in the private sector.