So to have any chance of avoiding these worst impacts of climate change, we have to dramatically accelerate action. At the very least, we need to get to the point where clean, climate-friendly technologies are more cost-effective than those that for so long have locked us into high emissions pathways. One of the best ways that we can do that is by ensuring that the price of pollution in Aotearoa New Zealand is consistent in meeting our obligations under the Paris Agreement and New Zealand's own emissions reduction targets. Introducing a confidential reserve price to auctions in the New Zealand emissions trading scheme will help with that. This bill provides for a simple mechanism that will stabilise prices and improve the performance of the ETS, ensuring that it can play its part in building a low-carbon future for Aotearoa New Zealand.