As members will know, the zero carbon legislation that this House unanimously passed last year was consistent with the urgent need to limit average global temperature increases to 1.5 degrees Celsius, as outlined in the Intergovernmental Panel on Climate Change's 2018 report. Critically, this bill updates the principal Act to align with our contribution to meeting that goal. This bill also amends the principal Act to lay the foundations for the future of the ETS. Once passed, we can build on what we have in front of us today to better incentivise more organisations to invest in the transition to a clean, climate friendly economy. These steps will happen through regulation, but, as you will have seen in the news this morning, they do include a cap on the total emissions allowed in the ETS and clear rules on auctioning.