Many of those actions that were taken have a lot of cost benefit to our economy. We will share best practices with Canadians to encourage action. Although there are many, many challenges to meeting our targets, we believe as a government, that there are many opportunities as well. Recently, we embarked on an emission reduction trading pilot with five provinces, municipalities and a number of industrial, environmental and labour organizations. This project will test the environmental and economic benefits of employing emissions trading as a greenhouse gas reduction mechanism.
Trading provides motivation to find the least costly ways to reduce greenhouse gases.
Emission reductions will be registered and be eligible for recognition against future compliance obligations. And of particular importance to me, this project is a first for Canada and a first for North America in the wake of the Kyoto agreement. I am confident we will be able to demonstrate success, not only to all Canadians, but to other countries as we work to establish an international regime for emissions reduction trading. Emissions trading gives us the flexibility to reduce greenhouse gas emissions by two dollars a tonne in those areas where it is possible instead of 20 dollars a tonne. That is why we are pursuing this avenue.