I will just repeat that CAPP doesn't take a position on one pipeline over another. What we really push for is two things. First, it should be commercially viable, and then we invite people to remember that a business case is required to attract capital and go through the process to build a pipeline. Separate and distinct from that is the requirement for what producers need to attract capital of their own, to scale up and to fill and keep filled any new pipeline. I would say that this portion of the public discourse has been largely absent.
That's why we are really focusing on policy that on the producer side.... There are two parts. There's a whole equation, and we've only been focused on one part of the equation. For our part of the equation, we're really focused on regulatory certainty and competitive policy—as I said in my opening remarks, carbon policy that is competitive with other producing nations.
We're very focused right now on both the methane regulations and industrial carbon pricing. The new federal methane regulations were released just before Christmas. As written, they are incompatible with operations. We identified very early on that those regulations were unworkable. Insufficient amendments were adopted in the final regs to address industry concerns. By the federal government's own analysis, those new methane regs will place a net additional $14.6 billion in new compliance costs on the industry. Again, no other producing nation is doing that.
On the industrial carbon system, Canada's system really has to be competitive. There was a discussion paper released in December that was fundamentally misaligned with both the direction from the Prime Minister and the commitments in the Canada-Alberta MOU. As proposed, it's going to impose billions of dollars in costs on the oil and gas industry and other resource-based industries. Again, higher costs for carbon directly reduce Canada's competitiveness.