Last term, the Government put in place the foundations for long-term, meaningful climate action in New Zealand. Reform of the emissions trading scheme was a key part of this. Having inherited a system that was not delivering on its primary purpose, namely to incentivise emissions reductions, we turned the ETS into one of our most effective tools that we have for reducing emissions. A series of rule changes were made that will, over time, incentivise New Zealand's biggest polluters to invest in the transition to a clean, climate-friendly economy. Primary amongst these was the introduction of a cap on the total emissions allowed within the emissions trading scheme—a cap that is pegged to both our domestic and our international emissions reductions targets. To put it simply: the total emissions permitted within the ETS now has to be in line with our obligations under the Paris Agreement and the zero carbon Act. This is a significant change that will ensure that every part of the New Zealand economy plays its part in helping us to bend the curve emissions downwards—something that has never happened before in Aotearoa.