Thanks, Madam Chair.
Thanks to our witnesses for being with us here this afternoon as we talk about the carbon border adjustment mechanism the EU is bringing in and how we can take next steps.
Mr. Campbell, you had very good opening remarks. You mentioned that it's better to make the investments now rather than pay tariffs to other countries so that we're investing in our own country instead of sending money away somewhere else.
I'm going to turn to Mr. Lundblad online. You mentioned it could hurt your industry if it's subject to carbon border adjustments. It's important I mention that our government is making investments to help the steel and aluminum industries. We've invested close to a billion dollars in Sault Ste. Marie and in Hamilton, Ontario, close by, for electric arc to make our industry less carbon-intensive. You mentioned that aluminum produced in Canada has the lowest carbon intensity in the world.
With carbon pricing in place, as we've heard from many witnesses in this study already, it gives us a competitive advantage when we compete with other countries that produce steel and aluminum. Could you speak to some of the competitive advantage we have, whether it's through innovation or carbon pricing? It's more than likely, with our carbon pricing in place, that we could be exempt from the EU's CBAM when it comes into force in 2025.