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Jonathan Colmer and co-authors found in a 2024 study that French manufacturers regulated by the ETS cut emissions by 14 per cent in its first phase and 16 per cent in its second.
Discussion Paper: Does pricing carbon mitigate climate change? Firm-level evidence from the European Union emission trading scheme (No. 1728, March 2023) by Jonathan Colmer, Ralf Martin, Mirabelle Muuls, and Ulrich J. Wagner