As investors, we're still waiting for a little more clarity on the actual details. I think the broad understanding, as it stands now, is that the government is supportive of a new pipeline, which is terrific. We've spoken to the economic merits to that. Our understanding is that it is being tied to the construction of the Pathways project, which is a roughly $24-billion project intended to make incremental production net zero, at least on a scope 1 basis.
Broadly speaking, I would say we're opposed to the Pathways project. The oil sands are 0.1% of global CO2 emissions. The notion that we can solve the global climate crisis—if I'm going to use those words—by impairing such a massively important part of our economy is extremely simplistic.
It's interesting that, when we look at new coal plant construction in China, just over the next three years, it will totally overwhelm all of the CO2 emissions from Canada. We're placing additional burdens on a sector that is the engine of growth and that can lift literally millions of Canadians at a time out of poverty, when other oil-producing jurisdictions are swinging against the fallacies of net zero by 2050. Essentially, only Europe and Canada are now embracing that. Europe is not an economic model that I think we want to embrace.