We've also changed the way that some ETS units will be allocated, by introducing a set of rules for auctioning, which is what brings me to the purpose of the bill that we're here to debate today. Over the course of 2021, we expect that a total of 19 million New Zealand units (NZUs) will be auctioned through the emissions trading scheme. The availability of these units will be spread evenly across four scheduled auctions, the first of which will take place next month on 17 March. If these auctions are to create a long-term, well-defined, and transparent framework for the efficient allocation of units, which is what we intend, especially as the pre-allocations of units is phased out, and if auctions are to encourage investment in low-emissions technologies, which the Climate Change Commission made clear last week are urgently needed, then these auctions will need to operate within certain parameters. That is why the $25 fixed-price auction, which was always meant to be temporary but has ended up as an artificially low ceiling on the cost of emissions, has been replaced with both a price floor and a cost containment reserve. 