Natural Resources committee  There were scenarios from the NGFS—the network of central banks—with their projections, as well as analysis from a consulting company in the U.K. called Vivid Economics, which has since been purchased by McKinsey.

Natural Resources committee  The IEA has projections out that show significant decline in demand for oil and gas. The NGFS, the group of central banks, has scenarios that show declining demand. None of these are certain, but prudent managers in either the public sector or the private sector should be taking

Natural Resources committee  We have new work coming out this spring on electricity and providing clean electricity, and we have considered some of those questions and looked at the safe bets and wild cards in the electricity sector. Clearly, we need more, cleaner and more flexible electricity and we need

Natural Resources committee  I would say that technology shouldn't be picking winners. It shouldn't be picking individual technologies. That's for the market to decide. Policy should be as agnostic as possible on technologies.

Natural Resources committee  If it's natural gas, it needs carbon capture and storage. If it's nuclear, it needs to be low cost.

Natural Resources committee  It's pretty clear that to get to net zero, and to achieve our 2030 and 2050 targets, we need emissions reductions from across the economy and from all sources of emissions. That's also the path to cost-effectively achieving those goals, by making sure we're driving emissions redu

Natural Resources committee  I think we want to be creating as much certainty as possible about where policy is going. That would allow the market and investors to invest where they see fit to drive the innovations and the investments required to deliver on those emissions reductions and achieve those goals.

Natural Resources committee  Yes. I think if you're going to shift to a quantity-based cap on the sector, you want to provide as much certainty as well on the direction and levels of that cap over time. It will mean that there's less certainty about the price of carbon in that sector as a result. That is the

Natural Resources committee  I would agree.

Natural Resources committee  Thank you, Mr. Simard. We recently released new research and a new report exploring fossil fuel subsidies, and we found that there is a need to recalibrate the way governments—both federally and provincially—provide that support, whether through loans, spending or deferred inves

Natural Resources committee  Thank you for your question. The question of support for wild cards depends on the benefits that they can bring to society. The point isn't to provide support to an individual firm or an individual technology, but to make it easier to get to net zero. That means it's all about m

Natural Resources committee  Thank you for the question. I agree with Mr. Bernstein that the issue of leakage and competitiveness is one that has to be taken seriously. You don't want to be driving emissions reductions through production shifts to other jurisdictions with your policy. Border adjustments a

Natural Resources committee  They can absolutely be an effective part of the system. They are complicated administratively. It's the only downside.

Natural Resources committee  There's good research out there that is longer than a 30-second sound bite. The issue of collaboration and coordination of other countries is really essential. Canada would want to do this with the U.S. or the EU as part of those carbon clubs that Mr. Bernstein is referring to.

Natural Resources committee  There's more than one way to create these incentives. It could be, as Mr. Bernstein suggests, by increasing the price of carbon over time for the average cost in those output-based pricing systems. The trade-off is certainty in price versus certainty in quantity. That trade is ha