Sure. Mission innovation is one place where we're playing this, and some of you will have noted that Minister McKenna contributed to that announcement in Marrakech at COP 22 around the seven challenges identified in Mission Innovation. These will be pursued as priority areas in the coming years.
Canada is co-chairing this set of activities with the United Kingdom. So we play quite a significant leadership role, and the one area where Canada has already put its hand up to be a global leader is around bioenergy. Generally, countries widely recognize Canada as a world leader in this domain, but we're also playing quite actively in a number of other domains, like smart grid energy storage, where we have a lot of strengths, both nationally and in our companies, especially in the Toronto area. We've got quite a strong concentration of companies in this space. Off-grid/remote communities were also specifically identified as one of the seven priorities, and I mentioned earlier to committee members our keen interest in Canada to make some headway. We think we have important things to contribute in that regard.
Another area I would note is carbon capture, utilization, and storage. As we know, we have large-scale commercial sites already fully operational in the country and have made a lot of progress lately with the technologies on the use side of CO2s. There's an Xprize competition currently under way that is co-funded by Canadian producers, and we're now at the finalist stage, with 28 or so finalists. They want to bring it down to the top five. That's a pretty exciting area where we're looking for global solutions to that issue of the use of CO2s, and on the capture side of CCUS, Canada is very much a world leader, along with the U.S., I would say. We're probably the top two nations in the world in bringing the cost down, which is the main focus.
I wouldn't want to lose sight of sectors that maybe are seen by some as less sexy, but where Canada has a lot to offer. One of those sectors is energy efficiency, because a lot of our energy ends up being used in our residences and a lot of solutions have to be tailored to our climatic conditions. A lot more can be done in that regard for houses, commercial buildings, and industrial sectors. So I think it's important to keep an eye on those.