Sure, thanks, Jeanne. I'm happy to add to your comments.
Good afternoon. Thank you for the question, Madam Chair.
Yes, as Jeanne said, this is an evolving policy space. It's very topical, no question about it. There is a lot of interest from around the world. I think a lot of that is being driven by the European Union. They announced that they have been conducting a number of studies and analyses, and I understand they will be in a position to release, as part of their broader environmental package, a CBAM, a carbon border adjustment mechanism. There will be details on that in mid-July. We are following this very closely, obviously, as Canadian exports to the European marketplace could be impacted.
As to whether it is WTO-consistent, well, we don't know. I think this is the challenge with respect to carbon border adjustment mechanisms. There have been a great number of studies over the years and no one has yet implemented one that is WTO-consistent, so we're watching carefully. As Jeanne noted, Canada is currently analyzing whether that policy is appropriate for Canada. We'll continue that analysis, and the consultations will follow later this year.