You can't have a functioning cap-and-trade system. The whole premise of a cap-and-trade system requires somebody, usually a government, to put a price on CO2 emissions or the equivalent of CO2 emissions. The Europeans had a rather chaotic genesis to a cap-and-trade system in Europe. The price of CO2 in Europe, the last time I looked, a few weeks ago, I think was $10 or $11 a tonne, well below the initial starting price. Of course, the Europeans awarded their industries that asked for special exemptions or permits...they over-awarded permits. It caused the collapse of the CO2 market there. The expected price collapsed.
It depends on artificial pricing allocations. It depends on a market that functions efficiently. We have a nascent carbon trading platform here in Canada, in Montreal, trading of futures on CO2 emissions when we get a national system in place here. The price there, I think, is $10 or $11 or $12, well below what people think carbon should be priced at. The whole problem with cap and trade and carbon pricing is that it's an artificial market. Nobody knows what the stuff is worth. I think that's a real serious concern, that people really have not confronted in a thoughtful way how you price something like CO2 emissions. You cannot have a cap-and-trade system without putting a price on it, because that's the commodity that gets traded on the market. People buy those or they sell those, and you need a price.