Thanks.
Earlier you spoke of the five must-have criteria to make something investable by the CPPIB. You said that the first one was predictability. I took that to mean, when we were talking about project investment approval, predictability of the rules or the governance structures into which you would be proposing investment.
Over the last 10 years, we have seen exactly zero pipeline proposals in Canada, despite overwhelming global demand for Canadian energy. We hear repeatedly that it is the uncertainty and the unpredictability of the regulatory environment in Canada that is the chief barrier to companies like Enbridge or like TransCanada, as it was formerly known, to actually invest and be prepared to put money at risk to build in Canada.
We're in a productivity crisis. We're two years into the deputy governor of the Bank of Canada's break-glass emergency speech. What can you say about the necessary policy conditions and government actions that need to be taken to actually have a predictable system to make the Canadian economy investable for large projects?