One of the first things that stands out is that many small projects were impacted by Bill C‑69.
That said, there's also the emissions cap issue for the oil and gas sector. It is undoubtedly part of the set of measures that have hindered development in the sector, particularly in terms of energy infrastructure.
Investor surveys were conducted on environmental regulations. In Canada, nearly 68% of those surveyed said they were concerned, versus only 41% in the U.S. That's a central element.
We understand Canada is much less competitive and attractive when it comes to capital. Capital investments in the oil and gas sector has decreased since 2015, particularly when we adjust for inflation. This poses a problem, because the oil and gas sector is one of the most productive and highest value-added sectors. Regulations that block projects are detrimental to Canada and that's been going on for more than 10 years.