This Directive establishes a system for greenhouse gas emission allowance trading within the Union (hereinafter referred to as the 'EU ETS') in order to promote reductions of greenhouse gas emissions in a cost-effective and economically efficient manner.
This Directive also provides for the reductions of greenhouse gas emissions to be increased so as to contribute to the levels of reductions that are considered scientifically necessary to avoid dangerous climate change. It contributes to the achievement of the Union's climate-neutrality objective and its climate targets as laid down in Regulation (EU) 2021/1119 of the European Parliament and of the Council [Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June 2021 establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 ('European Climate Law') (OJ L 243, 9.7.2021, p. 1).] and thereby to the objectives of the Paris Agreement [OJ L 282, 19.10.2
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