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  "documentTitle": "ey e book the green transition",
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      "kind": "callout",
      "text": "Pricing carbon as a commodity and on a worldwide scale will help deliver the best results.",
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      "text": "Key criteria to ensure fair and effective design of carbon frameworks will include: Pricing carbon as a commodity that reflects negative externalities.",
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      "text": "Key criteria to ensure fair and effective design of carbon frameworks will include: Pricing carbon as a commodity that reflects negative externalities. Adapting schemes to the unique industrial structures and trade balances of different regions. Designing and implementing mechanisms that ensure equitable treatment and fair distribution of benefits. Meeting international sustainability principles and standards.",
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      "text": "At the same time, as governments grapple with the enormous task of meeting NDC targets, they also need to ensure the economic and social wellbeing of society. That’s why any successful carbon pricing scheme will need to be fair and effective to avoid challenges raised in the past. Current carbon markets need restructuring to reduce global emissions and achieve NDC targets. Proper CO2 accounting will be essential to promote a clear and uniform understanding of a country’s progress toward NDC commitments and the effectiveness of policy interventions.",
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      "text": "The coordination of individual emissions reduction efforts is critical if the world is to optimize its combined global impact, encourage collective action and prevent leakage. That is starting to happen. For example, in October 2022, the OECD announced the formation of an Inclusive Forum on Carbon Mitigation Approaches (IFCMA). It aims to boost the achievement of carbon reduction targets by using better data and knowledge sharing through multilateral coordination. The IFCMA seeks to do this by bringing together global perspectives on carbon policy.",
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      "text": "33. OECD Secretary-General Report to G20 Finance Ministers and Central Bank Governors on the Establishment of the Inclusive Forum on Carbon Mitigation Approaches, OECD, October 2022.",
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      "kind": "title",
      "text": "03\nHow can we create a global carbon price framework?",
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