Sure.
Basically, it's a transformation of the economy similar to the Industrial Revolution—in one minute or less. I'm being glib, but the Industrial Revolution in many ways was built on unlocking fossil fuels. It wasn't the only thing, but it was a big part of it. We're now going through a new industrial revolution that will be built on transitioning to a different set of fuels. We won't eliminate fossil fuels, but we'll depend on them much less. We will be generating clean energy, and we'll be using much less energy.
The good news for Canada is that we actually have a relatively clean electricity grid already. Most of our electricity is carbon-free. The government has brought in a law to phase out coal power production by 2030. That's a good idea. The market's going to kill coal power anyway, but this will do it earlier so that we can bring in the energy of the future.
If you want to move to things like electrifying heat and electrifying vehicles, which is where the world's going to be in 20 years.... In 20 years, you will not be able to buy an internal combustion engine car. China, India and western Europe have banned the sale of internal combustion engine cars in 20 years. So, let's move to where the puck is going.
The part I would say is this, though. We think a lot about this low-carbon transition in terms of reducing greenhouse gas emissions, but the other part of it isn't just the technologies we use. It's what we make as a country. We could meet our climate targets by buying electric cars from Nevada, solar panels from China and biofuels from Brazil. We'd meet our climate target, and we'd hollow out our economy. So, we actually want to be making that stuff too. We want to be punching above our weight for our vehicle industry, our resource industry and our manufacturing industry to be world leaders in low-carbon, clean and innovative production.
That's why—and I didn't get into it because I didn't have enough time—in addition to an incentive for electric vehicle adoption, we should be putting just as much energy into helping our auto manufacturing sector reposition itself to be making the vehicles of the future, not just cars, but buses, trains, etc., and making the biofuels that are going to be the transition fuels. This is also a manufacturing story, not just a consumer story.
We're doing well, but we have to keep going.