Thanks very much for your question.
I think you're right to point out that carbon pricing comes in different flavours. One flavour of carbon pricing is a carbon tax, and another flavour of carbon pricing is a cap and trade system, and another flavour of carbon pricing, which we currently have in place in Canada, is some sort of tradable performance standard. These are all quite similar. They all provide incentives to industry to reduce emissions based on the level of the carbon price.
I think there are fairly minimal differences between these systems. The main difference will be determined by the level of the carbon price in any of these systems.
My contention is that the existing carbon pricing system doesn't need to be replaced with another carbon pricing system implemented through cap and trade. We have the tools to mandate deproduction and generate deproduction in oil and gas and other sectors through the existing system of carbon pricing that's already in place. We don't need another type of system. I think there are relatively minimal differences between these systems.