To reduce greenhouse gases in the most cost-effective way, there needs to be a sufficient and a predictable price on emissions. To that end, you will recall that legislation to reform the New Zealand emissions trading scheme passed through this House last year. Of the changes made, one of the most important was the introduction of a cap on the total emissions allowed within the scheme. Prior to this, Aotearoa New Zealand, somewhat absurdly, had a cap-and-trade scheme without a cap, meaning that the emissions permitted under the scheme were, effectively, unlimited. Because of this anomaly coupled with open access to a glut of cheap international units, many of which had little or no environmental integrity, the New Zealand ETS had failed to deliver on its primary purpose, namely to bring down emissions. By putting in place an emissions cap and amending the principal Act to align with New Zealand's contribution to meeting the goal of limiting average global temperature increases to 1.5 degrees Celsius, we have now changed that.