The aluminum industry is 90% in Quebec and 10% in British Columbia, two different carbon pricing regimes. In British Columbia, it's a carbon tax, whereas in Quebec, it's a cap-and-trade system for greenhouse gas emissions. We remain very supportive of the Quebec carbon market, which allows the industry to seek reductions at the best possible cost. It's a market, so it's very efficient.
We're moving towards a world that will increasingly seek to decarbonize. The U.S. Inflation Reduction Act is an American-style way of doing that. What is behind this legislation—and we must not forget this—is that the U.S. administration, at least the one currently in place, is in the process of benchmarking its carbon indicator for large products such as steel and aluminum, and therefore establishing a carbon reference system in order to manage products from abroad. This mechanism isn't a replication of the European system, it's very different, but it's somewhat of an American replica of what Europe has put in place.
Our industry in Canada is at the crossroads of these two systems. With our carbon footprint, which is the lowest in the world at two tonnes of CO2 equivalent per tonne of aluminum, we are winners in both cases. So for us, it's a tried and tested system.