Introduced on Oct 24. The bill makes numerous amendments to the Emissions Trading Regime which have been previously announced. Primarily it phases out the industrial allocation of NZUs, introduces an auction system with the potential for a cap and minimum price for NZUs. Attempts to make forestry rules more user-friendly. A new policy is to legislate for the inclusions of biological agriculture emissions from 2025 as a backstop measure. First reading Nov 5 with just ACT opposed. Both National and ACT opposed the earlier than usual report back debate of April 2 from the Environment Committee. After delays was reported back on May 4 with a large number of technical amendments. The major substantive change was to give more ministerial discretion over the phasing out of the free allocation of NZUs depending on circumstances. Second reading on June 2.The govt made a number of amendments in committee stage on June 3 including deferral of aspects of the forestry changes, NZU fixed price options and auction system. National opposed saying while they agreed with the thrust of the Bill it should be deferred for a year due to the current economic climate. Third reading on June 16 with National and ACT opposed.