The Budget is being delivered just under two weeks ahead of the planned release of the final report of the independent climate commission. The draft of the report of the commission makes sober and essential reading. It lays out the scale of the task for Aotearoa New Zealand to meet the emissions reductions required to meet our zero-carbon targets and our Paris Agreement commitments. Given the timing of the commission's report, while this Budget takes some important steps forward, it will be in Budgets 2022 and 2023 that we will see further commitments being made. In recognition of that, I am announcing today that it is my intention that from Budget 2022 onwards we will hypothecate—or recycle—the revenue generated from the emissions trading scheme into emissions reductions programmes. 