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<p>As the Clean Growth Strategy clearly sets out, we remain firmly committed to carbon
pricing as an emissions reduction tool whilst ensuring energy and trade intensive
businesses are appropriately protected from any detrimental impacts on competitiveness.</p><p>
</p><p>Carbon pricing is an effective tool to reduce emissions through the market.
Cap-and-trade guarantees that emissions targets are met and emissions reductions take
place where it is most cost-effective to do so.</p><p> </p><p>The EU Emissions Trading
System (EU ETS) has been instrumental in driving the adoption of emissions trading
systems worldwide. While the EU ETS remains the world’s first and largest cap-and-trade
system, similar systems exist or are in development across the world including in
California, Quebec, New Zealand, South Korea and China. The EU ETS is on course to
achieve emissions reductions of 21% by 2020 against 2005 levels in the traded sector
in line with agreed EU targets.</p>
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