As I was saying in my remarks, the carbon price tries to capture that environmental value, or put a price on the negative impact of the activity. As such, it rewards the activities that don't suffer that cost. The cleaner technologies are induced or encouraged, incentivized, to come onto market. It helps to level the playing field between the technologies that are polluting, that have an advantage currently because they're not priced, and the ones that are cleaner and are sort of disadvantaged because we're not taking account of the fact that they are cleaner.
There is a lot of evidence to show that the more flexible the regulation or the approach, like a carbon price or a well-designed regulation, they do induce innovation. We have done a meta-analysis of the Porter hypothesis, which shows that it does hold true in many circumstances. I can share that with you, if you'd like.
All the evidence we've seen, in looking through the academic research as well as the grey literature and talking to others, is that it really does induce innovation. The challenge is that the carbon price is much lower than the true social cost of carbon, so it will only induce so much. There are other market barriers and challenges that will also require some policy intervention.