Yes, we need certainty, we need clarity, and we need some transparency. That goes through everything, from the ability of a business to know whether it will be eligible to the speed at which a decision is made. The Macdonald-Laurier Institute spoke compellingly as well of the audit risk and the other factors that come into play in a decision by a business to use private capital.
What we need to do, and what is very important, is to have long-term private sector-funded growth of our net-zero economy. For those decisions to be made over the long-term, there needs to be that certainty. If we look at the IRA in the United States, we see that it was passed in August 2022. We've had a series of signals from government on the sorts of investment tax credits and other program elements that will be introduced. A full year has gone by, and then some. We're now in the fourth quarter of 2023. Investment decisions for 2024 are largely already made.
If we're lucky, major projects may be starting to move in a year's time from now, so we're talking about a two-year to three-year lag. There's already funding coming out of the U.S. for these major projects, and we're that far behind.