Thank you for those questions.
The biofuel policy in Canada has gone beyond the clean fuel regulations from the beginning, when former prime minister Stephen Harper put the renewable fuel requirements in place. Those still exist within the clean fuel regulations, so really, the CFR is built upon the strong start that former prime minister Stephen Harper put in place.
Its importance cannot be understated. Having a federal signal that requires fuel suppliers to reduce carbon intensity, that has land use and biodiversity criteria, that has the plumbing to include aviation fuel in the next update.... There's a reason why the clean fuel regulations are internationally recognized as very good policy. They are extremely important for the agricultural sector. They have a very agricultural sector-friendly approach in a world where policies are generally, in some cases, turning away from the solidity that agriculture-based biofuels provide.
To your second question, it's importance is fundamental to the agricultural, canola and forestry sectors. We saw the impact of foreign markets and the impact they had on Canadian production. The 5.9 megatonnes of seed that used to go to foreign export markets—our largest one for seed is China—is essentially 2.3 billion litres of renewable diesel that could be used at home, produced at home, to lower emissions at home and also be exported. It's extremely important in that sense. It would also provide the opportunity for forestry-based residuals and products to be processed in Canadian refineries. It's very useful in its role to encourage the development of these resource-based sectors.
Industrial carbon pricing is also a useful framework. Of course, we would like to see the shape it takes, but we view industrial carbon pricing, in a world with trading relationships, as a way to link jurisdictions that have similar focuses on reducing emissions. Therefore, we're very supportive of smartly applied industrial carbon pricing.