I think that's a good point. The U.S. Inflation Reduction Act was not only passed within two months, but the ITC was first talked about in budget 2021. Then it was talked about again in budget 2022. There were two rounds of draft legislation. It's been a three-year process to get this to the state it's at now.
We think it is important that it be passed this year. We have timelines to achieve emission reduction targets by 2030, and it will, frankly, be impossible if we don't have all the fiscal pieces in place.
I should say that the ITC is not the only fiscal piece that has to be in place. There are contracts for differences. There are provincial programs such as the Alberta carbon capture incentive program. We need to have that fiscal package in place this year if these projects are going to meet their 2030 timelines.
In terms of global competitiveness, this is an important piece of the puzzle. I would say that the Inflation Reduction Act and some of the incentives available in the European Union or countries such as the U.K. and Norway are much more generous than Canada's are. Even with these investment tax credits, we're still not fully competitive with our international peer jurisdictions.
This is an important piece of the puzzle, but it is not everything we need. That's not only for our sector, but I think that, if there were people here from steel or cement and others, they would say the same thing.