As I mentioned last night, the trade and purchase of emissions units in a secondary market is a well-established practice in a great many emissions trading schemes around the world. They provide a means for auction participants to sell surplus units or to purchase any shortfall, and, as such, create a powerful incentive for organisations to reduce emissions. The reason that this bill must proceed quickly is so that a confidential reserve price can be put in place before the emissions trading scheme (ETS) units are auctioned for the first time on 17 March. This is necessary not only to build trust and integrity in the auctioning process, but to put a stable price on emissions as a means to drive investment into clean technologies. 