First, the code has come a long way over the last number of years. Originally—here in Ontario, for example—we were only able to go to four storeys. Then it quickly jumped to six storeys. Currently, we can build a mass timber building in Ontario up to 12 storeys. As of January 1, we will be able to go to 18 storeys.
Code has traditionally fallen behind the market, but in fact, at least in Ontario and Coquitlam, as I understand it, it is actually ahead of the industry. The code allows us to go to 18 storeys, but the industry is a little slow to design, engineer and supply buildings up to 18 storeys. It varies across the provinces. It also varies across different states in the United States. Eventually, it will all catch up. This is a very positive development for the mass timber industry and environmental performance.
On the issue of climate change, the concrete and steel industries are responsible for somewhere between 12% to 14% of the carbon dioxide in the atmosphere today. We need to find other ways of building that don't exacerbate the carbon dioxide problem, and mass timber is part of that solution.
What we're doing, as indicated earlier, is leveraging our forests' natural ability to absorb carbon dioxide and store the remaining carbon, ultimately in the form of these beautiful buildings. Unlike the concrete and steel industries that are spewing all of this carbon dioxide into the atmosphere, the mass timber industry is not only removing it from the environment but also storing it in the form of these beautiful buildings.
There's a huge environmental push for this form of construction.