Thank you, Deputy Presiding Officer. Climate change is one of the greatest global challenges we face. The regulations that have been laid before the Assembly for consideration today are the climate change Wales regulations 2018. They are a set of five regulations that establish an emissions reduction framework and trajectory towards the 2050 target contained in the Environment (Wales) Act 2016. These regulations are being introduced under powers contained in the Act and they show the world we are playing our part in this global challenge. 

The Act established the Committee on Climate Change as our independent advisory body, and, in developing these regulations, we've obtained and accepted advice from the committee. In preparing its advice, the committee ran two calls for evidence and we hosted joint events attended by stakeholders from many different sectors, including industry, business, the public sector, third sector, academia and civil society. I'm grateful to the committee and stakeholders for their contribution to these regulations.

The interim emissions targets regulations create targets for 2020 at 27 per cent, 2030 at 45 per cent, and 2040 at 67 per cent. The carbon budgets regulations set our first two carbon budgets for 2016 to 2020 at an average of 23 per cent reduction, and 2021 to 2025 at an average of 33 per cent reduction. Taken together, the targets and budgets map out our decarbonisation pathway towards 2050. Due to the make-up of our communities, our trajectory is different from others. The key is to ensure we transition to a low-carbon economy and society at the right scale and rate to ensure we can maximise the benefits to Wales.

In terms of our accounting framework, we've decided to take a different approach from the UK Government and we'll be accounting for all emissions in Wales with no complicated reporting process, as we believe it's the most transparent way. The international aviation and shipping regulations include the Welsh share of these emissions in the net Welsh emissions account. The carbon accounting regulations define what type of carbon unit or offset credit may be used in the net Welsh emissions account and how they will be administered. We've gone for those that are considered robust and recognised by international reporting guidelines.

Whilst our focus is on our domestic action, the credit limit regulations place a limit on how many carbon units or offset credits may be used to meet the first carbon budget. As recognised by the Committee on Climate Change, Wales's emissions are vulnerable to yearly changes due to the dominance of our industrial sector. The 10 per cent limit provides sufficient flexibility. Deputy Presiding Officer, I commend these regulations to the National Assembly.