Certainly, I'd be happy to repeat the explanation.
The way the pricing system will work is that the bill would come into force, and then for industries that are subject to part 2 of the bill, they will immediately start monitoring their emissions. After the first year, they will then be obliged to report their emissions for that year. Then, following their report, they undergo a process of true-up, where they have to determine whether they're either over or under their limit. Then they are either issued credits, or they have to acquire credits and submit them to the government.
In other words, for the first year of the bill, the only thing we will know is which jurisdiction the bill applies to and which facilities the bill applies to. We won't know how much money has been collected or how industry has performed under the bill. Did they meet their limit, beat their limit, exceed their limit? Did they submit offset credits? Did they purchase credits from a competitor? Did they make payments to the government? None of that information will be available yet at the first anniversary.
At the second anniversary, all of that information will be available, and thereafter it will be available on an annual basis.
That's why we crafted the bill the way it's crafted, so that the annual report would actually have some substance to it, and that won't be the case until the second year.