I believe we need to learn much more before we will have a sound basis for policy actions. Not an easy question. At Imperial, we do not believe the Kyoto protocol is the right answer. In our view Kyoto is an unworkable and inappropriate public policy response to an important and complex issue, which if implemented would do little to reduce greenhouse gases yet do substantial economic harm to both developed and developing countries. Let me explain why I say that.
Energy is a vital input to our economy and our modern society.
It is essential to the everyday activity of individuals, businesses and governments. Affordable energy provides the warmth, light and mobility that enhance our daily lives. Reducing carbon dioxide emissions to Kyoto target levels can only be achieved by reducing the absolute level of energy consumed in our society. It is very clear this would have real and adverse social and economic consequences for all Canadians, individuals and families as well as businesses, in every region of the country. This would include continuing research and development of promising technological options, such as fuel-cell powered vehicles, clean coal technology for power generation and technologies for the separation and storage of CO2 emissions.