Just because Mr. Kenney raised the report, I wanted to clarify that the point of a carbon price is to avoid regulations that impose those higher implicit carbon costs. Those high costs that Mr. Kenney alluded to would be potentially imposed by regulatory policies, by non-pricing policies that could be used instead of carbon pricing. The point of carbon pricing is to focus on low-cost emissions reduction, thus avoiding high-cost ones.
On May 7th, 2018. See this statement in context.