Mr. Cannings, first of all, thank you for the questions.
I would perhaps dispute a couple of assertions you made.
TMX is not about a new project. It is about making sure we get oil to the right place and to the right markets and at the right price and not suffer the discounts we suffer at the moment.
I would also say that I recognize the IEA report as being seminal. We are still sifting through it and making sure we get a good analysis of it. I am invested in it. I'm a founding member of the IEA's Global Commission on People-Centred Clean Energy Transitions—the wording is a bit cumbersome, but I think you get the idea—and that is because I am advocating consistently and every time I meet with the IEA. We're meeting again on that commission next week to talk about workers. I agree with you on that point. While lowering emissions is urgent, it must be done effectively and it must be done in an orderly fashion. That word “orderly” sounds...but it's very important that we get it right in order to make sure we protect our industry and our workers and at the same time lower emissions with urgency. I do believe meeting that challenge is possible.
I would say on the IEA, again, to come back to my earlier point, that there are different types of oil. There are some that are inherently lower emitting than others. That is a fact. Newfoundland and Labrador, for instance, has some of the lowest in the world.
Second, we have the capacity in this country to make sure that we lower those emissions even further. For instance, on natural gas, not all natural gas can be utilized in the same way. We see it as a very positive thing for blue hydrogen. Blue hydrogen, as part of our national hydrogen strategy, is where we see Alberta going. It's where we see Saskatchewan going. Right now we have about a 90% efficacy, and that 90% will be captured by CCUS. We believe we can drive those numbers higher—I have great faith in our ability to do that—so we can get closer to 100%. Blue hydrogen being used in that space to produce hydrogen is only a plus for lowering emissions and for Canadian competitiveness and for Canadian workers.