Yes. I'm really concerned about competitiveness. To be honest, I think the world is going to move to a low-carbon economy whether Canada likes it or not. To me, the challenge is, does Canada prepare itself to be competitive in terms of generating wealth and jobs around where that economy is going? I think that's a real concern.
In terms of the transition, carbon pricing is the most cost-effective way to reduce emissions. I have yet to hear today or anywhere else that someone has come up with a more cost-effective solution to reduce emissions. That said, it's not perfect. There are some things that it doesn't reach as well. Ecofiscal has put out a whole report on that, which I won't bore you with today—but I can give you the link—in terms of the reasons why in the short term you may need other regulations or incentives to help accelerate the transition.
I think we're looking at fuels, coal phase-out, and a couple of other areas where there are going to be specific regulations—methane. Those regulations are necessary because pricing won't do all the work fast enough to get us there, but we do have to deal with the competitiveness impacts of doing that. That's why things like output-based pricing.... That's why I suggested things like the accelerated capital cost allowance. If we're going to be pushing firms to make those investments, let's give them some relief to help lower the costs of doing so.