This bill can be understood as having four constituent parts. It is about first aligning with the commitment that we have made internationally under the Paris Agreement. Second, it provides the legislative foundation upon which we can start to make real change. Third, it sets the framework for how the emissions trading market will work. And finally, it strengthens the integrity of that market. Each part builds upon the last to create an emissions trading scheme that does what it is meant to do: reduce emissions. Let's take each part briefly in turn.