Before I touch on the role it will play, I want to spend a moment reflecting on how we got here. It's a journey not started by me, I might add, but by the previous Government. Five years ago, they realised that a cap and trade system without a cap was failing to deliver on its primary purpose of cutting pollution. It has been accepted for decades that a well-designed system for pricing emissions needs to be a central part of any Government's climate policy framework. Now, what we've had until now has neither been well designed nor a part of a broader policy framework. Some might have wanted to throw it out and start again from scratch, but, as the old saying goes, a bird in the hand is worth two in the bush. So, instead, we chose to take the emissions trading system and to fix it. From now on we will have a clear, transparent, and predictable set of rules for emissions pricing, which will drive investment into low-carbon solutions to cut pollution.