Hon GRANT ROBERTSON: Budget 2022 will also focus on investing in initiatives to reduce emissions and meet our climate goals. Climate change is one of the most pressing long-term challenges facing New Zealand, and to respond to it effectively, we need to make significant investment across multiple Budgets. A new climate emergency response fund will invest the proceeds of our emissions trading scheme (ETS) to combat climate change and support the transition to a more resilient economy, with investments that will create jobs and boost productivity. The fund has been established with $4.5 billion from the ETS, based on the forecasted proceeds over the next four years.