Thank you, MP Morantz.
Is private capital for beneficiaries, fiduciaries, investment managers, pension fund managers and so forth, who have an overriding duty to maximize risk-adjusted returns, or is private capital actually semi-socialized capital that should be used to deliver public policy objectives? That seems to me to be the big question.
I have to say that I'm slightly bewildered by a lot of the talk that's going on in this committee to the effect that we need these rules in order to attract capital to Canada to finance renewable investment. If returns on renewable investment are competitive around the world, Canada will attract funds. That's what's happened in Europe. A lot of those funds have been juiced up at a cost to consumers in the U.K., Germany and so forth with the world's highest electricity costs, but fundamentally, it's about returns. If you have the right return, you will attract capital.