Natural Resources committee  If the government's intent is to establish certainty in emissions levels in that sector—as has been the focal point for discussion—and if that is required, a cap-and-trade system can better deliver that certainty.

Natural Resources committee  The output-based pricing system represents a starting point, even for a cap-and-trade system. It wouldn't be starting from scratch. There is a possibility to transition the existing system to that sector-level cap system. That would be a way to accelerate that process.

Natural Resources committee  Thanks so much for inviting me to speak today. Should the government adopt an emissions cap for the oil and gas sector, our research suggests that a well-designed policy would be consistent with an economically prosperous pathway to net zero for Canada. I would like to make three points today, drawing on our research.