Thank you, Mr. Cannings.
I believe that the clean fuel regulation is fundamentally on the right track, but I think that we've ended up in a situation, just given the length of time it's taken to develop this admittedly fairly complex policy, in a place where the regulation is perhaps a bit unbalanced relative to what was originally envisioned.
When the government announced the clean fuel standard, as it was then called, back in 2016, they were targeting 30 megatonnes of emissions reductions by 2030. That scope of ambition and the scope of the coverage of the policy was reduced by about a third in favour of carbon pricing last winter, under the healthy economy, healthy environment plan, along with the commitment to quite drastically increase the rate of growth in the carbon price. That was a reasonable policy decision to make. However, as a result, I think the design of the clean fuel regulation has ended up in a place where there were all kinds of flexibilities introduced into the regulation to account for the fact that it was originally intended to cover liquid, gaseous and solid fuels, and now it's only focused on liquids.