Environment committee  It's very different from a stock market.

Environment committee  The market will collapse down to nothing, which is why a prudent investor is not participating in it. And let's put the numbers in context. We all read about the value of the EU allowance market and we read about big numbers, but the January 1, 2005, to-date turnover of EU allowances--arm's-length turnover when I net out swaps--as a percentage of the stock of allowances that are in the market is 2.5%.

Environment committee  I just wanted to add an anecdote here, and this goes to Kyoto structure. According to their financial statements, over the last five years British Petroleum globally has spent $50.48 on the development of increased oil production capacity for every dollar it has spent on all alternatives, renewables, and natural gas production capacity.

Environment committee  Thank you for having me. I'll try to be quick. I'd like to point the committee in a different direction than prior witnesses have. I've enjoyed reading the blues, and for a change, I've decided not to cover ground that others have covered before me. For a bit of background, GEMCo is a not-for-profit consortium of Canadian large emitters.