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  "documentTitle": "ey e book the green transition",
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      "kind": "callout",
      "text": "A globally consistent carbon pricing scheme has the greatest potential to help governments achieve their stated climate change goals.",
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      "text": "Scientists, governments and the world of business have spent the last 25 years debating the best way to reduce human-created and -driven carbon dioxide (CO2) emissions — the key driver of our climate emergency. Repeatedly, they have reached the same conclusion — we need to set a clear and binding carbon price to reflect the true cost of activities that generate emissions. The rationale is straightforward: A price on carbon enables business and government to calculate the true economic cost of emitting CO2 (and, by extension, other GHGs), accelerating the path to decarbonization and achieving net-zero goals.",
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      "text": "In order to meet climate targets, we need a consistent, globally connected carbon marketplace. An effective and globally consistent carbon pricing scheme has the greatest potential to be a game changing tool to help governments achieve their stated climate change goals — NDCs — through implementing carbon taxes and emission trading schemes. To make carbon pricing a success, it is worth spending a little time understanding what has been achieved so far to make improvements.",
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      "text": "The global climate emergency is accelerating as national governments fail to meet their net-zero commitments. More than 130 countries, representing over 80% of global GHG emissions, have communicated a net-zero target through domestic laws, policies or high-level political pledges. However, just 26 countries have followed through with ambitious climate plans, according to the UN IPCC. Meanwhile, global emissions continue to rise.",
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      "text": "The concept of carbon pricing is not new. One of the biggest carbon pricing schemes is the EU's Emissions Trading System (ETS), launched back in 2005. In 2021, China launched its own national ETS, building on the success of pilot carbon markets implemented in various regions and cities. However, to date, these schemes have failed to limit CO2 emissions globally. What has gone wrong? Clearly, we can't blame ineffective carbon pricing alone for global governments' inability to limit climate emissions. Nevertheless, there's no doubt that most schemes have been poorly implemented to date.",
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      "text": "22. Global Energy Review: CO2 Emissions in 2021, IEA, 2022. 23. “Development of EU ETS (2005-2020),” European Commission website. 24. “China National ETS,” International Carbon Action Partnership website. 25. “Nationally Determined Contributions (NDCs),” UNFCCC website.",
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      "text": "Why we need to increase carbon regulation now",
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