The bill introduces a process to set a confidential reserve for auctions in the New Zealand emissions trading scheme. Last night the Minister went into detail to explain to us what that is. So really this bill amends the Climate Change Response Act of 2002 and the Climate Change (Auctions, Limits, and Price Controls for Units) Regulations 2020. Its purpose is to ensure that when the emissions trading scheme units are auctioned for the first time next month, in March, they are sold at a price that reflects our activity in the secondary market. It is a technical—as the Minister stated last night—but necessary amendment which will effectively prevent sales and prices significantly below the prices of New Zealand units sold on secondary markets, so the auction sales do not unduly—unduly, I said, Madam Speaker—affect secondary markets.