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<p>The Government welcomes the formal agreement earlier this year on reform of the
EU ETS for the 2021-30 period (‘Phase IV’). It strikes an effective balance between
environmental ambition and protecting the competitiveness of industry. These reforms
are expected to result in a more meaningful carbon price and stimulate investment
in low-carbon technologies and the support of these reforms is without prejudice to
any future decision on UK participation, or otherwise, in the EU ETS after we leave
the EU.</p><p> </p>
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