Carbon pricing broadly follows two forms: a carbon tax or a cap and trade approach. Twelve years ago, New Zealand opted for a cap and trade scheme. But previous Governments left out one crucial part: the cap. We got a cap and trade system without a cap, meaning that emissions permitted under the scheme were, in effect, unlimited. Combined with open access to a glut of cheap international units, many of which were fraudulent or non-existent, the New Zealand ETS failed to deliver on its purpose of bringing down emissions. Five years ago, the previous Government reviewed the ETS and kick-started the process that led us here today, and I would like to acknowledge them for that. I'd also like to thank the Environment Committee for its thorough consideration of this bill, the officials from the Ministry for the Environment and the Ministry for Primary Industries who supported them, and the members of the public who took their time to submit their views on it.