Environment committee  I would agree as well. Global demand for all forms of hydrocarbons continues to grow. We've said for a long time that those barrels should best come from Canada, where we produce the most responsible barrel globally.

Environment committee  Demand for all hydrocarbons has been growing. Depending on who you believe, demand for oil this year will grow somewhere between 1.2 million and 2.2 million barrels. Demand for natural gas typically grows at about seven billion to eight billion cubic feet per year. That doesn't necessarily translate into profitability for Canadian oil and gas because the other requirement we have is egress to those markets.

Environment committee  We've been really clear as an industry that we're willing to invest in carbon capture and sequestration. I think I said in my opening remarks that we're about 25% of the existing GHG emissions in Canada.

Environment committee  I don't think the numbers we're talking about are out of line with the numbers you talked about. I think the piece you're missing is the operating costs that go with it. It's not only the capital investment up front, but also the operating costs that go with carbon capture and sequestration.

Environment committee  As I mentioned before, Cenovus has made a commitment to reduce our emissions by 35% by 2035, and we're well on our road to achieving those targets. I think the comments around the emissions cap are a bit different. What's been said is that we don't need an emissions cap and that all the incentives that are present today are the incentives to reduce our emissions and we've made those kinds of commitments.

Environment committee  If you look at the energy industry as a whole, our emissions actually peaked in 2017. Although production has continued to increase, our intensity has actually gone down. As an individual company, I can tell you the same things happen with us. We are down two million—

Environment committee  Emissions in the oil and gas industry peaked in 2017.

Environment committee  I would agree with my colleagues. I think the investment is continuing to decarbonize and the Pathways members are all doing their individual investments as we wait for a financial framework that works for everybody with Pathways, as well as some regulatory certainly. I know at Cenovus we made a commitment to reduce our greenhouse gas emissions by 35 % by 2035.

Environment committee  Sure. I'll take a crack at it. I think we as a company and Pathways have been clear that a carbon tax can work to reduce emissions, but it has to be universally and ubiquitously applied. It can't target one particular industry or segment of the economy. I think the other piece that's important is that there has to be an alternative—

Environment committee  We too believe in investing in the communities where we do business. I believe that since 2019 we've spent about $1.4 billion with aboriginal businesses, and since 2009 about $4.5 billion.

Environment committee  The short answer to your question is that this was done of our own volition. I would like to take credit for that, but it was actually my predecessor, Alex Pourbaix, who started that program. We are delivering on an immediate need to aboriginal communities where we do business by building 200 homes over the next five years for that $50 million that you spoke of.

Environment committee  I would concur with that. That doesn't represent Cenovus's position either.

Environment committee  I would agree with that. If you look at the top 10 producing countries, with Canada being four in most circumstances—sometimes, it's five—it is the U.S. that we largely compete with for capital.

Environment committee  I'd suggest the same. We don't have as many assets in the U.S. as other companies might have, so I can't speak specifically on a state-by-state basis, but I would suggest it's becoming increasingly difficult to get projects through the regulatory process in Canada.

Environment committee  I would agree with that.