As I said, the ideal solution is strong regulation. Then you don't have to worry about additionality. You don't have to worry about the lines of causation that run from your funding to emissions reductions. Reductions happen.
In the absence of those strong regulations, we see a role for a program like the ERF, but of course there are risks that it will go to funding projects that would have happened anyway or to supporting reductions that would have been taken to comply with existing regulations.
We see that the third intake has, in our view, made brave attempts to deal with those two risks. I think it has done so in a way that meets the reasonable standard of expectations.