When the ETS was passed in 2008, the price of carbon by the time of the election was about $20 a tonne. The economy was not suffering at all, but we had a price signal to reduce emissions. The effective cap on price on that was through the international linkages to the international Kyoto market. There was an oversupply of Kyoto units caused by the US withdrawal from the Kyoto Protocol, but because those units had a future value because they were fungible into future emission periods, that didn't cause the price of carbon to go to nothing. The Kyoto Protocol's second period never eventuated, and countries, including New Zealand, pulled out of it, and I think New Zealand was right to pull out of it. But, because of that, the excess units that sat in the Kyoto pool had only one home to go to in the world, and that was New Zealand.