id	sid	tid	token	lemma	pos
fbem-22280	1	1	frontiers	frontier	NOUN
fbem-22280	1	2	in	in	ADP
fbem-22280	1	3	business	business	NOUN
fbem-22280	1	4	,	,	PUNCT
fbem-22280	1	5	economics	economic	NOUN
fbem-22280	1	6	and	and	CCONJ
fbem-22280	1	7	management	management	NOUN
fbem-22280	1	8	issn	issn	PROPN
fbem-22280	1	9	:	:	PUNCT
fbem-22280	1	10	2766	2766	NUM
fbem-22280	1	11	-	-	PUNCT
fbem-22280	1	12	824x	824x	NUM
fbem-22280	1	13	|	|	ADJ
fbem-22280	1	14	vol	vol	NOUN
fbem-22280	1	15	.	.	PROPN
fbem-22280	1	16	15	15	NUM
fbem-22280	1	17	,	,	PUNCT
fbem-22280	1	18	no	no	INTJ
fbem-22280	1	19	.	.	NOUN
fbem-22280	1	20	2	2	NUM
fbem-22280	1	21	,	,	PUNCT
fbem-22280	1	22	2024	2024	NUM
fbem-22280	1	23	206	206	NUM
fbem-22280	1	24	intersecting	intersecting	ADJ
fbem-22280	1	25	dynamics	dynamic	NOUN
fbem-22280	1	26	:	:	PUNCT
fbem-22280	1	27	the	the	DET
fbem-22280	1	28	role	role	NOUN
fbem-22280	1	29	of	of	ADP
fbem-22280	1	30	international	international	ADJ
fbem-22280	1	31	carbon	carbon	NOUN
fbem-22280	1	32	markets	market	NOUN
fbem-22280	1	33	and	and	CCONJ
fbem-22280	1	34	private	private	ADJ
fbem-22280	1	35	credit	credit	NOUN
fbem-22280	1	36	in	in	ADP
fbem-22280	1	37	reshaping	reshape	VERB
fbem-22280	1	38	global	global	ADJ
fbem-22280	1	39	financial	financial	ADJ
fbem-22280	1	40	systems	system	NOUN
fbem-22280	1	41	hewei	hewei	VERB
fbem-22280	1	42	li	li	PROPN
fbem-22280	1	43	*	*	PROPN
fbem-22280	1	44	school	school	NOUN
fbem-22280	1	45	of	of	ADP
fbem-22280	1	46	civil	civil	ADJ
fbem-22280	1	47	environmental	environmental	ADJ
fbem-22280	1	48	engineering	engineering	NOUN
fbem-22280	1	49	,	,	PUNCT
fbem-22280	1	50	university	university	PROPN
fbem-22280	1	51	of	of	ADP
fbem-22280	1	52	washington	washington	PROPN
fbem-22280	1	53	,	,	PUNCT
fbem-22280	1	54	seattle	seattle	PROPN
fbem-22280	1	55	98195	98195	NUM
fbem-22280	1	56	,	,	PUNCT
fbem-22280	1	57	usa	usa	PROPN
fbem-22280	1	58	*	*	PUNCT
fbem-22280	1	59	corresponding	correspond	VERB
fbem-22280	1	60	author	author	NOUN
fbem-22280	1	61	:	:	PUNCT
fbem-22280	1	62	hewei	hewei	PROPN
fbem-22280	1	63	li	li	PROPN
fbem-22280	1	64	(	(	PUNCT
fbem-22280	1	65	email	email	NOUN
fbem-22280	1	66	:	:	PUNCT
fbem-22280	1	67	heweilee0127@gmail.com	heweilee0127@gmail.com	X
fbem-22280	1	68	)	)	PUNCT
fbem-22280	1	69	abstract	abstract	NOUN
fbem-22280	1	70	:	:	PUNCT
fbem-22280	1	71	this	this	DET
fbem-22280	1	72	paper	paper	NOUN
fbem-22280	1	73	explores	explore	VERB
fbem-22280	1	74	the	the	DET
fbem-22280	1	75	dynamic	dynamic	ADJ
fbem-22280	1	76	interplay	interplay	NOUN
fbem-22280	1	77	among	among	ADP
fbem-22280	1	78	the	the	DET
fbem-22280	1	79	development	development	NOUN
fbem-22280	1	80	of	of	ADP
fbem-22280	1	81	international	international	ADJ
fbem-22280	1	82	carbon	carbon	NOUN
fbem-22280	1	83	markets	market	NOUN
fbem-22280	1	84	,	,	PUNCT
fbem-22280	1	85	the	the	DET
fbem-22280	1	86	ongoing	ongoing	ADJ
fbem-22280	1	87	global	global	ADJ
fbem-22280	1	88	retirement	retirement	NOUN
fbem-22280	1	89	savings	saving	NOUN
fbem-22280	1	90	crisis	crisis	NOUN
fbem-22280	1	91	,	,	PUNCT
fbem-22280	1	92	and	and	CCONJ
fbem-22280	1	93	the	the	DET
fbem-22280	1	94	rising	rise	VERB
fbem-22280	1	95	prominence	prominence	NOUN
fbem-22280	1	96	of	of	ADP
fbem-22280	1	97	private	private	ADJ
fbem-22280	1	98	credit	credit	NOUN
fbem-22280	1	99	.	.	PUNCT
fbem-22280	2	1	the	the	DET
fbem-22280	2	2	growth	growth	NOUN
fbem-22280	2	3	of	of	ADP
fbem-22280	2	4	carbon	carbon	NOUN
fbem-22280	2	5	markets	market	NOUN
fbem-22280	2	6	as	as	ADP
fbem-22280	2	7	a	a	DET
fbem-22280	2	8	cornerstone	cornerstone	NOUN
fbem-22280	2	9	of	of	ADP
fbem-22280	2	10	climate	climate	NOUN
fbem-22280	2	11	policy	policy	NOUN
fbem-22280	2	12	initiatives	initiative	NOUN
fbem-22280	2	13	is	be	AUX
fbem-22280	2	14	reshaping	reshape	VERB
fbem-22280	2	15	global	global	ADJ
fbem-22280	2	16	financial	financial	ADJ
fbem-22280	2	17	landscapes	landscape	NOUN
fbem-22280	2	18	,	,	PUNCT
fbem-22280	2	19	influencing	influence	VERB
fbem-22280	2	20	investment	investment	NOUN
fbem-22280	2	21	strategies	strategy	NOUN
fbem-22280	2	22	,	,	PUNCT
fbem-22280	2	23	particularly	particularly	ADV
fbem-22280	2	24	within	within	ADP
fbem-22280	2	25	pension	pension	NOUN
fbem-22280	2	26	funds	fund	NOUN
fbem-22280	2	27	,	,	PUNCT
fbem-22280	2	28	and	and	CCONJ
fbem-22280	2	29	enhancing	enhance	VERB
fbem-22280	2	30	the	the	DET
fbem-22280	2	31	appeal	appeal	NOUN
fbem-22280	2	32	of	of	ADP
fbem-22280	2	33	private	private	ADJ
fbem-22280	2	34	credit	credit	NOUN
fbem-22280	2	35	as	as	ADP
fbem-22280	2	36	an	an	DET
fbem-22280	2	37	alternative	alternative	ADJ
fbem-22280	2	38	investment	investment	NOUN
fbem-22280	2	39	avenue	avenue	NOUN
fbem-22280	2	40	.	.	PUNCT
fbem-22280	3	1	this	this	DET
fbem-22280	3	2	comprehensive	comprehensive	ADJ
fbem-22280	3	3	analysis	analysis	NOUN
fbem-22280	3	4	addresses	address	VERB
fbem-22280	3	5	how	how	SCONJ
fbem-22280	3	6	the	the	DET
fbem-22280	3	7	integration	integration	NOUN
fbem-22280	3	8	of	of	ADP
fbem-22280	3	9	carbon	carbon	NOUN
fbem-22280	3	10	markets	market	NOUN
fbem-22280	3	11	with	with	ADP
fbem-22280	3	12	environmental	environmental	ADJ
fbem-22280	3	13	,	,	PUNCT
fbem-22280	3	14	social	social	ADJ
fbem-22280	3	15	,	,	PUNCT
fbem-22280	3	16	and	and	CCONJ
fbem-22280	3	17	governance	governance	NOUN
fbem-22280	3	18	(	(	PUNCT
fbem-22280	3	19	esg	esg	NOUN
fbem-22280	3	20	)	)	PUNCT
fbem-22280	3	21	criteria	criterion	NOUN
fbem-22280	3	22	into	into	ADP
fbem-22280	3	23	investment	investment	NOUN
fbem-22280	3	24	decisions	decision	NOUN
fbem-22280	3	25	is	be	AUX
fbem-22280	3	26	pivotal	pivotal	ADJ
fbem-22280	3	27	in	in	ADP
fbem-22280	3	28	resolving	resolve	VERB
fbem-22280	3	29	the	the	DET
fbem-22280	3	30	retirement	retirement	NOUN
fbem-22280	3	31	savings	saving	NOUN
fbem-22280	3	32	shortfall	shortfall	NOUN
fbem-22280	3	33	while	while	SCONJ
fbem-22280	3	34	fostering	foster	VERB
fbem-22280	3	35	sustainable	sustainable	ADJ
fbem-22280	3	36	financial	financial	ADJ
fbem-22280	3	37	growth	growth	NOUN
fbem-22280	3	38	.	.	PUNCT
fbem-22280	4	1	keywords	keyword	NOUN
fbem-22280	4	2	:	:	PUNCT
fbem-22280	4	3	carbon	carbon	NOUN
fbem-22280	4	4	markets	market	NOUN
fbem-22280	4	5	,	,	PUNCT
fbem-22280	4	6	retirement	retirement	NOUN
fbem-22280	4	7	savings	saving	NOUN
fbem-22280	4	8	,	,	PUNCT
fbem-22280	4	9	private	private	ADJ
fbem-22280	4	10	credit	credit	NOUN
fbem-22280	4	11	,	,	PUNCT
fbem-22280	4	12	esg	esg	PROPN
fbem-22280	4	13	investing	investing	NOUN
fbem-22280	4	14	,	,	PUNCT
fbem-22280	4	15	financial	financial	ADJ
fbem-22280	4	16	markets	market	NOUN
fbem-22280	4	17	.	.	PUNCT
fbem-22280	5	1	1	1	X
fbem-22280	5	2	.	.	X
fbem-22280	5	3	introduction	introduction	NOUN
fbem-22280	5	4	international	international	ADJ
fbem-22280	5	5	carbon	carbon	NOUN
fbem-22280	5	6	markets	market	NOUN
fbem-22280	5	7	are	be	AUX
fbem-22280	5	8	increasingly	increasingly	ADV
fbem-22280	5	9	seen	see	VERB
fbem-22280	5	10	not	not	PART
fbem-22280	5	11	just	just	ADV
fbem-22280	5	12	as	as	ADP
fbem-22280	5	13	environmental	environmental	ADJ
fbem-22280	5	14	tools	tool	NOUN
fbem-22280	5	15	but	but	CCONJ
fbem-22280	5	16	as	as	ADP
fbem-22280	5	17	transformative	transformative	ADJ
fbem-22280	5	18	elements	element	NOUN
fbem-22280	5	19	within	within	ADP
fbem-22280	5	20	the	the	DET
fbem-22280	5	21	global	global	ADJ
fbem-22280	5	22	financial	financial	ADJ
fbem-22280	5	23	system	system	NOUN
fbem-22280	5	24	.	.	PUNCT
fbem-22280	6	1	their	their	PRON
fbem-22280	6	2	influence	influence	NOUN
fbem-22280	6	3	extends	extend	VERB
fbem-22280	6	4	beyond	beyond	ADP
fbem-22280	6	5	traditional	traditional	ADJ
fbem-22280	6	6	environmental	environmental	ADJ
fbem-22280	6	7	policy	policy	NOUN
fbem-22280	6	8	,	,	PUNCT
fbem-22280	6	9	reaching	reach	VERB
fbem-22280	6	10	into	into	ADP
fbem-22280	6	11	the	the	DET
fbem-22280	6	12	realms	realm	NOUN
fbem-22280	6	13	of	of	ADP
fbem-22280	6	14	retirement	retirement	NOUN
fbem-22280	6	15	savings	saving	NOUN
fbem-22280	6	16	management	management	NOUN
fbem-22280	6	17	and	and	CCONJ
fbem-22280	6	18	the	the	DET
fbem-22280	6	19	burgeoning	burgeon	VERB
fbem-22280	6	20	sector	sector	NOUN
fbem-22280	6	21	of	of	ADP
fbem-22280	6	22	private	private	ADJ
fbem-22280	6	23	credit	credit	NOUN
fbem-22280	6	24	.	.	PUNCT
fbem-22280	7	1	these	these	DET
fbem-22280	7	2	markets	market	NOUN
fbem-22280	7	3	offer	offer	VERB
fbem-22280	7	4	unique	unique	ADJ
fbem-22280	7	5	opportunities	opportunity	NOUN
fbem-22280	7	6	and	and	CCONJ
fbem-22280	7	7	challenges	challenge	NOUN
fbem-22280	7	8	to	to	ADP
fbem-22280	7	9	investors	investor	NOUN
fbem-22280	7	10	,	,	PUNCT
fbem-22280	7	11	particularly	particularly	ADV
fbem-22280	7	12	in	in	ADP
fbem-22280	7	13	light	light	NOUN
fbem-22280	7	14	of	of	ADP
fbem-22280	7	15	the	the	DET
fbem-22280	7	16	global	global	ADJ
fbem-22280	7	17	retirement	retirement	NOUN
fbem-22280	7	18	savings	saving	NOUN
fbem-22280	7	19	crisis	crisis	NOUN
fbem-22280	7	20	and	and	CCONJ
fbem-22280	7	21	the	the	DET
fbem-22280	7	22	search	search	NOUN
fbem-22280	7	23	for	for	ADP
fbem-22280	7	24	higher	high	ADJ
fbem-22280	7	25	yields	yield	NOUN
fbem-22280	7	26	,	,	PUNCT
fbem-22280	7	27	which	which	PRON
fbem-22280	7	28	has	have	AUX
fbem-22280	7	29	led	lead	VERB
fbem-22280	7	30	to	to	ADP
fbem-22280	7	31	a	a	DET
fbem-22280	7	32	surge	surge	NOUN
fbem-22280	7	33	in	in	ADP
fbem-22280	7	34	the	the	DET
fbem-22280	7	35	popularity	popularity	NOUN
fbem-22280	7	36	of	of	ADP
fbem-22280	7	37	private	private	ADJ
fbem-22280	7	38	credit	credit	NOUN
fbem-22280	7	39	instruments	instrument	NOUN
fbem-22280	7	40	.	.	PUNCT
fbem-22280	8	1	this	this	DET
fbem-22280	8	2	paper	paper	NOUN
fbem-22280	8	3	delves	delve	VERB
fbem-22280	8	4	into	into	ADP
fbem-22280	8	5	how	how	SCONJ
fbem-22280	8	6	carbon	carbon	NOUN
fbem-22280	8	7	markets	market	NOUN
fbem-22280	8	8	are	be	AUX
fbem-22280	8	9	catalyzing	catalyze	VERB
fbem-22280	8	10	shifts	shift	NOUN
fbem-22280	8	11	in	in	ADP
fbem-22280	8	12	investment	investment	NOUN
fbem-22280	8	13	strategies	strategy	NOUN
fbem-22280	8	14	,	,	PUNCT
fbem-22280	8	15	particularly	particularly	ADV
fbem-22280	8	16	for	for	ADP
fbem-22280	8	17	pensions	pension	NOUN
fbem-22280	8	18	,	,	PUNCT
fbem-22280	8	19	and	and	CCONJ
fbem-22280	8	20	how	how	SCONJ
fbem-22280	8	21	private	private	ADJ
fbem-22280	8	22	credit	credit	NOUN
fbem-22280	8	23	is	be	AUX
fbem-22280	8	24	emerging	emerge	VERB
fbem-22280	8	25	as	as	ADP
fbem-22280	8	26	a	a	DET
fbem-22280	8	27	key	key	ADJ
fbem-22280	8	28	player	player	NOUN
fbem-22280	8	29	in	in	ADP
fbem-22280	8	30	financing	finance	VERB
fbem-22280	8	31	sustainable	sustainable	ADJ
fbem-22280	8	32	development	development	NOUN
fbem-22280	8	33	projects	project	NOUN
fbem-22280	8	34	(	(	PUNCT
fbem-22280	8	35	robert	robert	PROPN
fbem-22280	8	36	,	,	PUNCT
fbem-22280	8	37	et	et	PROPN
fbem-22280	8	38	al	al	PROPN
fbem-22280	8	39	.	.	PROPN
fbem-22280	8	40	,	,	PUNCT
fbem-22280	8	41	2019	2019	NUM
fbem-22280	8	42	)	)	PUNCT
fbem-22280	8	43	.	.	PUNCT
fbem-22280	9	1	2	2	X
fbem-22280	9	2	.	.	X
fbem-22280	9	3	background	background	NOUN
fbem-22280	9	4	and	and	CCONJ
fbem-22280	9	5	literature	literature	NOUN
fbem-22280	9	6	review	review	NOUN
fbem-22280	9	7	2.1	2.1	NUM
fbem-22280	9	8	.	.	PUNCT
fbem-22280	10	1	evolution	evolution	NOUN
fbem-22280	10	2	of	of	ADP
fbem-22280	10	3	carbon	carbon	NOUN
fbem-22280	10	4	markets	market	NOUN
fbem-22280	10	5	carbon	carbon	NOUN
fbem-22280	10	6	markets	market	NOUN
fbem-22280	10	7	operate	operate	VERB
fbem-22280	10	8	under	under	ADP
fbem-22280	10	9	the	the	DET
fbem-22280	10	10	principle	principle	NOUN
fbem-22280	10	11	that	that	SCONJ
fbem-22280	10	12	providing	provide	VERB
fbem-22280	10	13	economic	economic	ADJ
fbem-22280	10	14	incentives	incentive	NOUN
fbem-22280	10	15	for	for	ADP
fbem-22280	10	16	reducing	reduce	VERB
fbem-22280	10	17	greenhouse	greenhouse	NOUN
fbem-22280	10	18	gas	gas	NOUN
fbem-22280	10	19	emissions	emission	NOUN
fbem-22280	10	20	can	can	AUX
fbem-22280	10	21	effectively	effectively	ADV
fbem-22280	10	22	steer	steer	VERB
fbem-22280	10	23	both	both	DET
fbem-22280	10	24	nations	nation	NOUN
fbem-22280	10	25	and	and	CCONJ
fbem-22280	10	26	businesses	business	NOUN
fbem-22280	10	27	toward	toward	ADP
fbem-22280	10	28	a	a	DET
fbem-22280	10	29	low	low	ADJ
fbem-22280	10	30	-	-	PUNCT
fbem-22280	10	31	carbon	carbon	NOUN
fbem-22280	10	32	economy	economy	NOUN
fbem-22280	10	33	.	.	PUNCT
fbem-22280	11	1	the	the	DET
fbem-22280	11	2	conceptual	conceptual	ADJ
fbem-22280	11	3	framework	framework	NOUN
fbem-22280	11	4	for	for	ADP
fbem-22280	11	5	these	these	DET
fbem-22280	11	6	markets	market	NOUN
fbem-22280	11	7	was	be	AUX
fbem-22280	11	8	laid	lay	VERB
fbem-22280	11	9	out	out	ADP
fbem-22280	11	10	in	in	ADP
fbem-22280	11	11	the	the	DET
fbem-22280	11	12	kyoto	kyoto	PROPN
fbem-22280	11	13	protocol	protocol	PROPN
fbem-22280	11	14	and	and	CCONJ
fbem-22280	11	15	has	have	AUX
fbem-22280	11	16	been	be	AUX
fbem-22280	11	17	elaborated	elaborate	VERB
fbem-22280	11	18	on	on	ADP
fbem-22280	11	19	in	in	ADP
fbem-22280	11	20	various	various	ADJ
fbem-22280	11	21	international	international	ADJ
fbem-22280	11	22	agreements	agreement	NOUN
fbem-22280	11	23	,	,	PUNCT
fbem-22280	11	24	including	include	VERB
fbem-22280	11	25	the	the	DET
fbem-22280	11	26	paris	paris	PROPN
fbem-22280	11	27	agreement	agreement	NOUN
fbem-22280	11	28	.	.	PUNCT
fbem-22280	12	1	these	these	DET
fbem-22280	12	2	markets	market	NOUN
fbem-22280	12	3	are	be	AUX
fbem-22280	12	4	based	base	VERB
fbem-22280	12	5	on	on	ADP
fbem-22280	12	6	mechanisms	mechanism	NOUN
fbem-22280	12	7	such	such	ADJ
fbem-22280	12	8	as	as	ADP
fbem-22280	12	9	cap	cap	NOUN
fbem-22280	12	10	-	-	PUNCT
fbem-22280	12	11	and	and	CCONJ
fbem-22280	12	12	-	-	PUNCT
fbem-22280	12	13	trade	trade	NOUN
fbem-22280	12	14	systems	system	NOUN
fbem-22280	12	15	and	and	CCONJ
fbem-22280	12	16	carbon	carbon	NOUN
fbem-22280	12	17	taxes	taxis	NOUN
fbem-22280	12	18	,	,	PUNCT
fbem-22280	12	19	which	which	PRON
fbem-22280	12	20	aim	aim	VERB
fbem-22280	12	21	to	to	PART
fbem-22280	12	22	put	put	VERB
fbem-22280	12	23	a	a	DET
fbem-22280	12	24	price	price	NOUN
fbem-22280	12	25	on	on	ADP
fbem-22280	12	26	carbon	carbon	NOUN
fbem-22280	12	27	emissions	emission	NOUN
fbem-22280	12	28	and	and	CCONJ
fbem-22280	12	29	drive	drive	VERB
fbem-22280	12	30	investment	investment	NOUN
fbem-22280	12	31	toward	toward	ADP
fbem-22280	12	32	cleaner	clean	ADJ
fbem-22280	12	33	alternatives	alternative	NOUN
fbem-22280	12	34	(	(	PUNCT
fbem-22280	12	35	robert	robert	PROPN
fbem-22280	12	36	,	,	PUNCT
fbem-22280	12	37	et	et	PROPN
fbem-22280	12	38	al	al	PROPN
fbem-22280	12	39	.	.	PROPN
fbem-22280	12	40	,	,	PUNCT
fbem-22280	12	41	2019	2019	NUM
fbem-22280	12	42	)	)	PUNCT
fbem-22280	12	43	.	.	PUNCT
fbem-22280	13	1	the	the	DET
fbem-22280	13	2	breadth	breadth	NOUN
fbem-22280	13	3	and	and	CCONJ
fbem-22280	13	4	impact	impact	NOUN
fbem-22280	13	5	of	of	ADP
fbem-22280	13	6	global	global	ADJ
fbem-22280	13	7	carbon	carbon	NOUN
fbem-22280	13	8	markets	market	NOUN
fbem-22280	13	9	have	have	AUX
fbem-22280	13	10	seen	see	VERB
fbem-22280	13	11	substantial	substantial	ADJ
fbem-22280	13	12	growth	growth	NOUN
fbem-22280	13	13	over	over	ADP
fbem-22280	13	14	the	the	DET
fbem-22280	13	15	past	past	ADJ
fbem-22280	13	16	two	two	NUM
fbem-22280	13	17	decades	decade	NOUN
fbem-22280	13	18	.	.	PUNCT
fbem-22280	14	1	according	accord	VERB
fbem-22280	14	2	to	to	ADP
fbem-22280	14	3	the	the	DET
fbem-22280	14	4	global	global	ADJ
fbem-22280	14	5	carbon	carbon	NOUN
fbem-22280	14	6	market	market	NOUN
fbem-22280	14	7	progress	progress	NOUN
fbem-22280	14	8	2023	2023	NUM
fbem-22280	14	9	annual	annual	ADJ
fbem-22280	14	10	report	report	NOUN
fbem-22280	14	11	published	publish	VERB
fbem-22280	14	12	by	by	ADP
fbem-22280	14	13	the	the	DET
fbem-22280	14	14	international	international	ADJ
fbem-22280	14	15	carbon	carbon	NOUN
fbem-22280	14	16	action	action	NOUN
fbem-22280	14	17	partnership	partnership	NOUN
fbem-22280	14	18	(	(	PUNCT
fbem-22280	14	19	icap	icap	NOUN
fbem-22280	14	20	)	)	PUNCT
fbem-22280	14	21	,	,	PUNCT
fbem-22280	14	22	by	by	ADP
fbem-22280	14	23	the	the	DET
fbem-22280	14	24	year	year	NOUN
fbem-22280	14	25	2022	2022	NUM
fbem-22280	14	26	,	,	PUNCT
fbem-22280	14	27	there	there	PRON
fbem-22280	14	28	were	be	VERB
fbem-22280	14	29	28	28	NUM
fbem-22280	14	30	distinct	distinct	ADJ
fbem-22280	14	31	carbon	carbon	NOUN
fbem-22280	14	32	markets	market	NOUN
fbem-22280	14	33	operating	operate	VERB
fbem-22280	14	34	across	across	ADP
fbem-22280	14	35	various	various	ADJ
fbem-22280	14	36	regions	region	NOUN
fbem-22280	14	37	worldwide	worldwide	ADV
fbem-22280	14	38	.	.	PUNCT
fbem-22280	15	1	these	these	DET
fbem-22280	15	2	markets	market	NOUN
fbem-22280	15	3	collectively	collectively	ADV
fbem-22280	15	4	cover	cover	VERB
fbem-22280	15	5	approximately	approximately	ADV
fbem-22280	15	6	55	55	NUM
fbem-22280	15	7	%	%	NOUN
fbem-22280	15	8	of	of	ADP
fbem-22280	15	9	the	the	DET
fbem-22280	15	10	global	global	ADJ
fbem-22280	15	11	gdp	gdp	NOUN
fbem-22280	15	12	and	and	CCONJ
fbem-22280	15	13	about	about	ADV
fbem-22280	15	14	one	one	NUM
fbem-22280	15	15	-	-	PUNCT
fbem-22280	15	16	third	third	NOUN
fbem-22280	15	17	of	of	ADP
fbem-22280	15	18	the	the	DET
fbem-22280	15	19	global	global	ADJ
fbem-22280	15	20	population	population	NOUN
fbem-22280	15	21	,	,	PUNCT
fbem-22280	15	22	marking	mark	VERB
fbem-22280	15	23	a	a	DET
fbem-22280	15	24	significant	significant	ADJ
fbem-22280	15	25	increase	increase	NOUN
fbem-22280	15	26	in	in	ADP
fbem-22280	15	27	scope	scope	NOUN
fbem-22280	15	28	and	and	CCONJ
fbem-22280	15	29	participation	participation	NOUN
fbem-22280	15	30	since	since	SCONJ
fbem-22280	15	31	their	their	PRON
fbem-22280	15	32	earlier	early	ADJ
fbem-22280	15	33	days	day	NOUN
fbem-22280	15	34	.	.	PUNCT
fbem-22280	16	1	notably	notably	ADV
fbem-22280	16	2	,	,	PUNCT
fbem-22280	16	3	the	the	DET
fbem-22280	16	4	share	share	NOUN
fbem-22280	16	5	of	of	ADP
fbem-22280	16	6	global	global	ADJ
fbem-22280	16	7	carbon	carbon	NOUN
fbem-22280	16	8	emissions	emission	NOUN
fbem-22280	16	9	covered	cover	VERB
fbem-22280	16	10	by	by	ADP
fbem-22280	16	11	these	these	DET
fbem-22280	16	12	markets	market	NOUN
fbem-22280	16	13	has	have	AUX
fbem-22280	16	14	risen	rise	VERB
fbem-22280	16	15	from	from	ADP
fbem-22280	16	16	a	a	DET
fbem-22280	16	17	mere	mere	ADJ
fbem-22280	16	18	5	5	NUM
fbem-22280	16	19	%	%	NOUN
fbem-22280	16	20	in	in	ADP
fbem-22280	16	21	2005	2005	NUM
fbem-22280	16	22	to	to	ADP
fbem-22280	16	23	17	17	NUM
fbem-22280	16	24	%	%	NOUN
fbem-22280	16	25	in	in	ADP
fbem-22280	16	26	2023	2023	NUM
fbem-22280	16	27	.	.	PUNCT
fbem-22280	17	1	this	this	DET
fbem-22280	17	2	expansion	expansion	NOUN
fbem-22280	17	3	underscores	underscore	VERB
fbem-22280	17	4	the	the	DET
fbem-22280	17	5	increasingly	increasingly	ADV
fbem-22280	17	6	crucial	crucial	ADJ
fbem-22280	17	7	role	role	NOUN
fbem-22280	17	8	that	that	PRON
fbem-22280	17	9	carbon	carbon	NOUN
fbem-22280	17	10	markets	market	NOUN
fbem-22280	17	11	play	play	VERB
fbem-22280	17	12	in	in	ADP
fbem-22280	17	13	the	the	DET
fbem-22280	17	14	global	global	ADJ
fbem-22280	17	15	effort	effort	NOUN
fbem-22280	17	16	to	to	PART
fbem-22280	17	17	mitigate	mitigate	VERB
fbem-22280	17	18	climate	climate	NOUN
fbem-22280	17	19	change	change	NOUN
fbem-22280	17	20	through	through	ADP
fbem-22280	17	21	the	the	DET
fbem-22280	17	22	reduction	reduction	NOUN
fbem-22280	17	23	of	of	ADP
fbem-22280	17	24	greenhouse	greenhouse	NOUN
fbem-22280	17	25	gas	gas	NOUN
fbem-22280	17	26	emissions	emission	NOUN
fbem-22280	17	27	(	(	PUNCT
fbem-22280	17	28	icap	icap	NOUN
fbem-22280	17	29	,	,	PUNCT
fbem-22280	17	30	2023	2023	NUM
fbem-22280	17	31	)	)	PUNCT
fbem-22280	17	32	.	.	PUNCT
fbem-22280	18	1	this	this	DET
fbem-22280	18	2	rapid	rapid	ADJ
fbem-22280	18	3	expansion	expansion	NOUN
fbem-22280	18	4	and	and	CCONJ
fbem-22280	18	5	integration	integration	NOUN
fbem-22280	18	6	into	into	ADP
fbem-22280	18	7	the	the	DET
fbem-22280	18	8	global	global	ADJ
fbem-22280	18	9	economic	economic	ADJ
fbem-22280	18	10	system	system	NOUN
fbem-22280	18	11	reflect	reflect	VERB
fbem-22280	18	12	a	a	DET
fbem-22280	18	13	recognition	recognition	NOUN
fbem-22280	18	14	of	of	ADP
fbem-22280	18	15	the	the	DET
fbem-22280	18	16	efficacy	efficacy	NOUN
fbem-22280	18	17	of	of	ADP
fbem-22280	18	18	market	market	NOUN
fbem-22280	18	19	-	-	PUNCT
fbem-22280	18	20	based	base	VERB
fbem-22280	18	21	mechanisms	mechanism	NOUN
fbem-22280	18	22	to	to	PART
fbem-22280	18	23	address	address	VERB
fbem-22280	18	24	and	and	CCONJ
fbem-22280	18	25	manage	manage	VERB
fbem-22280	18	26	carbon	carbon	NOUN
fbem-22280	18	27	emissions	emission	NOUN
fbem-22280	18	28	effectively	effectively	ADV
fbem-22280	18	29	.	.	PUNCT
fbem-22280	19	1	the	the	DET
fbem-22280	19	2	scaling	scaling	NOUN
fbem-22280	19	3	of	of	ADP
fbem-22280	19	4	these	these	DET
fbem-22280	19	5	markets	market	NOUN
fbem-22280	19	6	is	be	AUX
fbem-22280	19	7	not	not	PART
fbem-22280	19	8	only	only	ADV
fbem-22280	19	9	a	a	DET
fbem-22280	19	10	testament	testament	NOUN
fbem-22280	19	11	to	to	ADP
fbem-22280	19	12	their	their	PRON
fbem-22280	19	13	success	success	NOUN
fbem-22280	19	14	in	in	ADP
fbem-22280	19	15	reducing	reduce	VERB
fbem-22280	19	16	emissions	emission	NOUN
fbem-22280	19	17	but	but	CCONJ
fbem-22280	19	18	also	also	ADV
fbem-22280	19	19	highlights	highlight	VERB
fbem-22280	19	20	their	their	PRON
fbem-22280	19	21	growing	grow	VERB
fbem-22280	19	22	importance	importance	NOUN
fbem-22280	19	23	as	as	ADP
fbem-22280	19	24	tools	tool	NOUN
fbem-22280	19	25	for	for	ADP
fbem-22280	19	26	international	international	ADJ
fbem-22280	19	27	policy	policy	NOUN
fbem-22280	19	28	and	and	CCONJ
fbem-22280	19	29	economic	economic	ADJ
fbem-22280	19	30	strategies	strategy	NOUN
fbem-22280	19	31	aimed	aim	VERB
fbem-22280	19	32	at	at	ADP
fbem-22280	19	33	fostering	foster	VERB
fbem-22280	19	34	sustainable	sustainable	ADJ
fbem-22280	19	35	practices	practice	NOUN
fbem-22280	19	36	.	.	PUNCT
fbem-22280	20	1	the	the	DET
fbem-22280	20	2	coverage	coverage	NOUN
fbem-22280	20	3	of	of	ADP
fbem-22280	20	4	significant	significant	ADJ
fbem-22280	20	5	portions	portion	NOUN
fbem-22280	20	6	of	of	ADP
fbem-22280	20	7	the	the	DET
fbem-22280	20	8	global	global	ADJ
fbem-22280	20	9	gdp	gdp	NOUN
fbem-22280	20	10	and	and	CCONJ
fbem-22280	20	11	population	population	NOUN
fbem-22280	20	12	indicates	indicate	VERB
fbem-22280	20	13	a	a	DET
fbem-22280	20	14	widespread	widespread	ADJ
fbem-22280	20	15	acceptance	acceptance	NOUN
fbem-22280	20	16	and	and	CCONJ
fbem-22280	20	17	commitment	commitment	NOUN
fbem-22280	20	18	to	to	ADP
fbem-22280	20	19	utilizing	utilize	VERB
fbem-22280	20	20	carbon	carbon	NOUN
fbem-22280	20	21	markets	market	NOUN
fbem-22280	20	22	as	as	ADP
fbem-22280	20	23	a	a	DET
fbem-22280	20	24	primary	primary	ADJ
fbem-22280	20	25	strategy	strategy	NOUN
fbem-22280	20	26	for	for	ADP
fbem-22280	20	27	achieving	achieve	VERB
fbem-22280	20	28	national	national	ADJ
fbem-22280	20	29	and	and	CCONJ
fbem-22280	20	30	international	international	ADJ
fbem-22280	20	31	climate	climate	NOUN
fbem-22280	20	32	goals	goal	NOUN
fbem-22280	20	33	.	.	PUNCT
fbem-22280	21	1	this	this	DET
fbem-22280	21	2	adoption	adoption	NOUN
fbem-22280	21	3	also	also	ADV
fbem-22280	21	4	suggests	suggest	VERB
fbem-22280	21	5	the	the	DET
fbem-22280	21	6	potential	potential	NOUN
fbem-22280	21	7	for	for	ADP
fbem-22280	21	8	further	further	ADJ
fbem-22280	21	9	expansion	expansion	NOUN
fbem-22280	21	10	and	and	CCONJ
fbem-22280	21	11	refinement	refinement	NOUN
fbem-22280	21	12	of	of	ADP
fbem-22280	21	13	market	market	NOUN
fbem-22280	21	14	mechanisms	mechanism	NOUN
fbem-22280	21	15	to	to	PART
fbem-22280	21	16	enhance	enhance	VERB
fbem-22280	21	17	their	their	PRON
fbem-22280	21	18	effectiveness	effectiveness	NOUN
fbem-22280	21	19	and	and	CCONJ
fbem-22280	21	20	reach	reach	VERB
fbem-22280	21	21	in	in	ADP
fbem-22280	21	22	the	the	DET
fbem-22280	21	23	coming	come	VERB
fbem-22280	21	24	years	year	NOUN
fbem-22280	21	25	.	.	PUNCT
fbem-22280	22	1	2.2	2.2	NUM
fbem-22280	22	2	.	.	PUNCT
fbem-22280	23	1	the	the	DET
fbem-22280	23	2	global	global	PROPN
fbem-22280	23	3	retirement	retirement	NOUN
fbem-22280	23	4	savings	saving	NOUN
fbem-22280	23	5	crisis	crisis	NOUN
fbem-22280	23	6	pension	pension	NOUN
fbem-22280	23	7	funds	fund	NOUN
fbem-22280	23	8	worldwide	worldwide	ADV
fbem-22280	23	9	are	be	AUX
fbem-22280	23	10	facing	face	VERB
fbem-22280	23	11	a	a	DET
fbem-22280	23	12	crisis	crisis	NOUN
fbem-22280	23	13	precipitated	precipitate	VERB
fbem-22280	23	14	by	by	ADP
fbem-22280	23	15	demographic	demographic	ADJ
fbem-22280	23	16	shifts	shift	NOUN
fbem-22280	23	17	,	,	PUNCT
fbem-22280	23	18	such	such	ADJ
fbem-22280	23	19	as	as	ADP
fbem-22280	23	20	aging	age	VERB
fbem-22280	23	21	populations	population	NOUN
fbem-22280	23	22	,	,	PUNCT
fbem-22280	23	23	and	and	CCONJ
fbem-22280	23	24	economic	economic	ADJ
fbem-22280	23	25	factors	factor	NOUN
fbem-22280	23	26	,	,	PUNCT
fbem-22280	23	27	including	include	VERB
fbem-22280	23	28	prolonged	prolong	VERB
fbem-22280	23	29	low	low	ADJ
fbem-22280	23	30	interest	interest	NOUN
fbem-22280	23	31	rates	rate	NOUN
fbem-22280	23	32	and	and	CCONJ
fbem-22280	23	33	inflationary	inflationary	ADJ
fbem-22280	23	34	pressures	pressure	NOUN
fbem-22280	23	35	.	.	PUNCT
fbem-22280	24	1	these	these	DET
fbem-22280	24	2	challenges	challenge	NOUN
fbem-22280	24	3	compromise	compromise	VERB
fbem-22280	24	4	the	the	DET
fbem-22280	24	5	ability	ability	NOUN
fbem-22280	24	6	of	of	ADP
fbem-22280	24	7	pension	pension	NOUN
fbem-22280	24	8	funds	fund	NOUN
fbem-22280	24	9	to	to	PART
fbem-22280	24	10	generate	generate	VERB
fbem-22280	24	11	returns	return	NOUN
fbem-22280	24	12	sufficient	sufficient	ADJ
fbem-22280	24	13	to	to	PART
fbem-22280	24	14	meet	meet	VERB
fbem-22280	24	15	the	the	DET
fbem-22280	24	16	promises	promise	NOUN
fbem-22280	24	17	made	make	VERB
fbem-22280	24	18	to	to	ADP
fbem-22280	24	19	retirees	retiree	NOUN
fbem-22280	24	20	,	,	PUNCT
fbem-22280	24	21	necessitating	necessitate	VERB
fbem-22280	24	22	innovative	innovative	ADJ
fbem-22280	24	23	investment	investment	NOUN
fbem-22280	24	24	strategies	strategy	NOUN
fbem-22280	24	25	to	to	PART
fbem-22280	24	26	secure	secure	VERB
fbem-22280	24	27	financial	financial	ADJ
fbem-22280	24	28	stability	stability	NOUN
fbem-22280	24	29	for	for	ADP
fbem-22280	24	30	future	future	ADJ
fbem-22280	24	31	retirees	retiree	NOUN
fbem-22280	24	32	(	(	PUNCT
fbem-22280	24	33	jan	jan	PROPN
fbem-22280	24	34	,	,	PUNCT
fbem-22280	24	35	et	et	PROPN
fbem-22280	24	36	al	al	PROPN
fbem-22280	24	37	.	.	PROPN
fbem-22280	24	38	,	,	PUNCT
fbem-22280	24	39	2022	2022	NUM
fbem-22280	24	40	)	)	PUNCT
fbem-22280	24	41	2.3	2.3	NUM
fbem-22280	24	42	.	.	PUNCT
fbem-22280	25	1	rise	rise	NOUN
fbem-22280	25	2	of	of	ADP
fbem-22280	25	3	private	private	ADJ
fbem-22280	25	4	credit	credit	NOUN
fbem-22280	25	5	amidst	amidst	ADP
fbem-22280	25	6	the	the	DET
fbem-22280	25	7	low	low	ADJ
fbem-22280	25	8	-	-	PUNCT
fbem-22280	25	9	yield	yield	NOUN
fbem-22280	25	10	environment	environment	NOUN
fbem-22280	25	11	that	that	PRON
fbem-22280	25	12	traditional	traditional	ADJ
fbem-22280	25	13	fixedincome	fixedincome	NOUN
fbem-22280	25	14	instruments	instrument	NOUN
fbem-22280	25	15	present	present	ADJ
fbem-22280	25	16	,	,	PUNCT
fbem-22280	25	17	private	private	ADJ
fbem-22280	25	18	credit	credit	NOUN
fbem-22280	25	19	has	have	AUX
fbem-22280	25	20	emerged	emerge	VERB
fbem-22280	25	21	as	as	ADP
fbem-22280	25	22	a	a	DET
fbem-22280	25	23	prominent	prominent	ADJ
fbem-22280	25	24	investment	investment	NOUN
fbem-22280	25	25	vehicle	vehicle	NOUN
fbem-22280	25	26	.	.	PUNCT
fbem-22280	26	1	offering	offer	VERB
fbem-22280	26	2	higher	high	ADJ
fbem-22280	26	3	returns	return	NOUN
fbem-22280	26	4	,	,	PUNCT
fbem-22280	26	5	private	private	ADJ
fbem-22280	26	6	credit	credit	NOUN
fbem-22280	26	7	involves	involve	VERB
fbem-22280	26	8	lending	lend	VERB
fbem-22280	26	9	to	to	ADP
fbem-22280	26	10	companies	company	NOUN
fbem-22280	26	11	outside	outside	ADP
fbem-22280	26	12	of	of	ADP
fbem-22280	26	13	traditional	traditional	ADJ
fbem-22280	26	14	bank	bank	NOUN
fbem-22280	26	15	loans	loan	NOUN
fbem-22280	26	16	,	,	PUNCT
fbem-22280	26	17	often	often	ADV
fbem-22280	26	18	under	under	ADP
fbem-22280	26	19	terms	term	NOUN
fbem-22280	26	20	that	that	PRON
fbem-22280	26	21	reflect	reflect	VERB
fbem-22280	26	22	both	both	CCONJ
fbem-22280	26	23	the	the	DET
fbem-22280	26	24	higher	high	ADJ
fbem-22280	26	25	risk	risk	NOUN
fbem-22280	26	26	and	and	CCONJ
fbem-22280	26	27	potential	potential	ADJ
fbem-22280	26	28	higher	high	ADJ
fbem-22280	26	29	returns	return	NOUN
fbem-22280	26	30	.	.	PUNCT
fbem-22280	27	1	this	this	DET
fbem-22280	27	2	form	form	NOUN
fbem-22280	27	3	of	of	ADP
fbem-22280	27	4	credit	credit	NOUN
fbem-22280	27	5	is	be	AUX
fbem-22280	27	6	particularly	particularly	ADV
fbem-22280	27	7	appealing	appealing	ADJ
fbem-22280	27	8	to	to	ADP
fbem-22280	27	9	institutional	institutional	ADJ
fbem-22280	27	10	investors	investor	NOUN
fbem-22280	27	11	,	,	PUNCT
fbem-22280	27	12	including	include	VERB
fbem-22280	27	13	pension	pension	NOUN
fbem-22280	27	14	funds	fund	NOUN
fbem-22280	27	15	,	,	PUNCT
fbem-22280	27	16	seeking	seek	VERB
fbem-22280	27	17	to	to	PART
fbem-22280	27	18	diversify	diversify	VERB
fbem-22280	27	19	their	their	PRON
fbem-22280	27	20	portfolios	portfolio	NOUN
fbem-22280	27	21	and	and	CCONJ
fbem-22280	27	22	enhance	enhance	VERB
fbem-22280	27	23	yield	yield	NOUN
fbem-22280	27	24	(	(	PUNCT
fbem-22280	27	25	akihiro	akihiro	PROPN
fbem-22280	27	26	,	,	PUNCT
fbem-22280	27	27	et	et	PROPN
fbem-22280	27	28	al	al	PROPN
fbem-22280	27	29	.	.	PROPN
fbem-22280	27	30	,	,	PUNCT
fbem-22280	27	31	2020	2020	NUM
fbem-22280	27	32	)	)	PUNCT
fbem-22280	27	33	207	207	NUM
fbem-22280	27	34	3	3	NUM
fbem-22280	27	35	.	.	PUNCT
fbem-22280	27	36	carbon	carbon	NOUN
fbem-22280	27	37	markets	market	NOUN
fbem-22280	27	38	and	and	CCONJ
fbem-22280	27	39	their	their	PRON
fbem-22280	27	40	impact	impact	NOUN
fbem-22280	27	41	on	on	ADP
fbem-22280	27	42	the	the	DET
fbem-22280	27	43	international	international	ADJ
fbem-22280	27	44	financial	financial	ADJ
fbem-22280	27	45	market	market	NOUN
fbem-22280	27	46	and	and	CCONJ
fbem-22280	27	47	retirement	retirement	NOUN
fbem-22280	27	48	savings	saving	NOUN
fbem-22280	27	49	3.1	3.1	NUM
fbem-22280	27	50	.	.	PUNCT
fbem-22280	28	1	the	the	DET
fbem-22280	28	2	linkage	linkage	NOUN
fbem-22280	28	3	effect	effect	NOUN
fbem-22280	28	4	of	of	ADP
fbem-22280	28	5	carbon	carbon	NOUN
fbem-22280	28	6	markets	market	NOUN
fbem-22280	28	7	on	on	ADP
fbem-22280	28	8	energy	energy	NOUN
fbem-22280	28	9	prices	price	NOUN
fbem-22280	28	10	and	and	CCONJ
fbem-22280	28	11	financial	financial	ADJ
fbem-22280	28	12	markets	market	NOUN
fbem-22280	28	13	carbon	carbon	NOUN
fbem-22280	28	14	markets	market	NOUN
fbem-22280	28	15	are	be	AUX
fbem-22280	28	16	established	establish	VERB
fbem-22280	28	17	to	to	PART
fbem-22280	28	18	reduce	reduce	VERB
fbem-22280	28	19	greenhouse	greenhouse	NOUN
fbem-22280	28	20	gas	gas	NOUN
fbem-22280	28	21	emissions	emission	NOUN
fbem-22280	28	22	through	through	ADP
fbem-22280	28	23	economic	economic	ADJ
fbem-22280	28	24	incentives	incentive	NOUN
fbem-22280	28	25	.	.	PUNCT
fbem-22280	29	1	carbon	carbon	NOUN
fbem-22280	29	2	pricing	pricing	NOUN
fbem-22280	29	3	mechanisms	mechanism	NOUN
fbem-22280	29	4	,	,	PUNCT
fbem-22280	29	5	including	include	VERB
fbem-22280	29	6	the	the	DET
fbem-22280	29	7	carbon	carbon	NOUN
fbem-22280	29	8	tax	tax	NOUN
fbem-22280	29	9	and	and	CCONJ
fbem-22280	29	10	the	the	DET
fbem-22280	29	11	emissions	emission	NOUN
fbem-22280	29	12	trading	trading	NOUN
fbem-22280	29	13	system	system	NOUN
fbem-22280	29	14	(	(	PUNCT
fbem-22280	29	15	ets	et	NOUN
fbem-22280	29	16	)	)	PUNCT
fbem-22280	29	17	,	,	PUNCT
fbem-22280	29	18	set	set	VERB
fbem-22280	29	19	a	a	DET
fbem-22280	29	20	cost	cost	NOUN
fbem-22280	29	21	for	for	ADP
fbem-22280	29	22	carbon	carbon	NOUN
fbem-22280	29	23	emissions	emission	NOUN
fbem-22280	29	24	,	,	PUNCT
fbem-22280	29	25	which	which	PRON
fbem-22280	29	26	directly	directly	ADV
fbem-22280	29	27	affects	affect	VERB
fbem-22280	29	28	the	the	DET
fbem-22280	29	29	operating	operating	NOUN
fbem-22280	29	30	costs	cost	NOUN
fbem-22280	29	31	of	of	ADP
fbem-22280	29	32	energy	energy	NOUN
fbem-22280	29	33	-	-	PUNCT
fbem-22280	29	34	intensive	intensive	ADJ
fbem-22280	29	35	industries	industry	NOUN
fbem-22280	29	36	,	,	PUNCT
fbem-22280	29	37	and	and	CCONJ
fbem-22280	29	38	thus	thus	ADV
fbem-22280	29	39	energy	energy	NOUN
fbem-22280	29	40	prices	price	NOUN
fbem-22280	29	41	.	.	PUNCT
fbem-22280	30	1	with	with	ADP
fbem-22280	30	2	the	the	DET
fbem-22280	30	3	implementation	implementation	NOUN
fbem-22280	30	4	of	of	ADP
fbem-22280	30	5	carbon	carbon	NOUN
fbem-22280	30	6	markets	market	NOUN
fbem-22280	30	7	,	,	PUNCT
fbem-22280	30	8	the	the	DET
fbem-22280	30	9	cost	cost	NOUN
fbem-22280	30	10	of	of	ADP
fbem-22280	30	11	high	high	ADJ
fbem-22280	30	12	-	-	PUNCT
fbem-22280	30	13	carbon	carbon	NOUN
fbem-22280	30	14	energy	energy	NOUN
fbem-22280	30	15	sources	source	NOUN
fbem-22280	30	16	(	(	PUNCT
fbem-22280	30	17	e.g.	e.g.	ADV
fbem-22280	30	18	,	,	PUNCT
fbem-22280	30	19	coal	coal	NOUN
fbem-22280	30	20	and	and	CCONJ
fbem-22280	30	21	oil	oil	NOUN
fbem-22280	30	22	)	)	PUNCT
fbem-22280	30	23	increases	increase	NOUN
fbem-22280	30	24	in	in	ADP
fbem-22280	30	25	relative	relative	ADJ
fbem-22280	30	26	terms	term	NOUN
fbem-22280	30	27	,	,	PUNCT
fbem-22280	30	28	while	while	SCONJ
fbem-22280	30	29	lowor	lowor	ADJ
fbem-22280	30	30	no	no	PROPN
fbem-22280	30	31	-	-	PUNCT
fbem-22280	30	32	carbon	carbon	NOUN
fbem-22280	30	33	energy	energy	NOUN
fbem-22280	30	34	sources	source	NOUN
fbem-22280	30	35	(	(	PUNCT
fbem-22280	30	36	e.g.	e.g.	ADV
fbem-22280	30	37	,	,	PUNCT
fbem-22280	30	38	wind	wind	NOUN
fbem-22280	30	39	,	,	PUNCT
fbem-22280	30	40	solar	solar	ADJ
fbem-22280	30	41	,	,	PUNCT
fbem-22280	30	42	and	and	CCONJ
fbem-22280	30	43	hydro	hydro	NOUN
fbem-22280	30	44	)	)	PUNCT
fbem-22280	30	45	become	become	VERB
fbem-22280	30	46	more	more	ADV
fbem-22280	30	47	competitive	competitive	ADJ
fbem-22280	30	48	.	.	PUNCT
fbem-22280	31	1	this	this	DET
fbem-22280	31	2	cost	cost	NOUN
fbem-22280	31	3	differential	differential	NOUN
fbem-22280	31	4	facilitates	facilitate	VERB
fbem-22280	31	5	a	a	DET
fbem-22280	31	6	shift	shift	NOUN
fbem-22280	31	7	in	in	ADP
fbem-22280	31	8	the	the	DET
fbem-22280	31	9	energy	energy	NOUN
fbem-22280	31	10	mix	mix	NOUN
fbem-22280	31	11	from	from	ADP
fbem-22280	31	12	high	high	ADJ
fbem-22280	31	13	-	-	PUNCT
fbem-22280	31	14	carbon	carbon	NOUN
fbem-22280	31	15	to	to	ADP
fbem-22280	31	16	low	low	ADJ
fbem-22280	31	17	-	-	PUNCT
fbem-22280	31	18	carbon	carbon	NOUN
fbem-22280	31	19	.	.	PUNCT
fbem-22280	32	1	the	the	DET
fbem-22280	32	2	functioning	functioning	NOUN
fbem-22280	32	3	of	of	ADP
fbem-22280	32	4	carbon	carbon	NOUN
fbem-22280	32	5	markets	market	NOUN
fbem-22280	32	6	leads	lead	VERB
fbem-22280	32	7	to	to	ADP
fbem-22280	32	8	volatility	volatility	NOUN
fbem-22280	32	9	in	in	ADP
fbem-22280	32	10	energy	energy	NOUN
fbem-22280	32	11	prices	price	NOUN
fbem-22280	32	12	,	,	PUNCT
fbem-22280	32	13	especially	especially	ADV
fbem-22280	32	14	when	when	SCONJ
fbem-22280	32	15	carbon	carbon	NOUN
fbem-22280	32	16	quotas	quota	NOUN
fbem-22280	32	17	are	be	AUX
fbem-22280	32	18	tight	tight	ADJ
fbem-22280	32	19	or	or	CCONJ
fbem-22280	32	20	policies	policy	NOUN
fbem-22280	32	21	change	change	NOUN
fbem-22280	32	22	.	.	PUNCT
fbem-22280	33	1	in	in	ADP
fbem-22280	33	2	addition	addition	NOUN
fbem-22280	33	3	,	,	PUNCT
fbem-22280	33	4	price	price	NOUN
fbem-22280	33	5	volatility	volatility	NOUN
fbem-22280	33	6	in	in	ADP
fbem-22280	33	7	carbon	carbon	NOUN
fbem-22280	33	8	markets	market	NOUN
fbem-22280	33	9	can	can	AUX
fbem-22280	33	10	interact	interact	VERB
fbem-22280	33	11	with	with	ADP
fbem-22280	33	12	supply	supply	NOUN
fbem-22280	33	13	and	and	CCONJ
fbem-22280	33	14	demand	demand	NOUN
fbem-22280	33	15	in	in	ADP
fbem-22280	33	16	energy	energy	NOUN
fbem-22280	33	17	markets	market	NOUN
fbem-22280	33	18	,	,	PUNCT
fbem-22280	33	19	political	political	ADJ
fbem-22280	33	20	events	event	NOUN
fbem-22280	33	21	(	(	PUNCT
fbem-22280	33	22	e.g.	e.g.	ADV
fbem-22280	33	23	,	,	PUNCT
fbem-22280	33	24	the	the	DET
fbem-22280	33	25	russian	russian	ADJ
fbem-22280	33	26	-	-	PUNCT
fbem-22280	33	27	ukrainian	ukrainian	ADJ
fbem-22280	33	28	conflict	conflict	NOUN
fbem-22280	33	29	)	)	PUNCT
fbem-22280	33	30	,	,	PUNCT
fbem-22280	33	31	and	and	CCONJ
fbem-22280	33	32	other	other	ADJ
fbem-22280	33	33	macroeconomic	macroeconomic	ADJ
fbem-22280	33	34	factors	factor	NOUN
fbem-22280	33	35	to	to	PART
fbem-22280	33	36	further	far	ADV
fbem-22280	33	37	influence	influence	VERB
fbem-22280	33	38	energy	energy	NOUN
fbem-22280	33	39	prices	price	NOUN
fbem-22280	33	40	.	.	PUNCT
fbem-22280	34	1	the	the	DET
fbem-22280	34	2	development	development	NOUN
fbem-22280	34	3	of	of	ADP
fbem-22280	34	4	carbon	carbon	NOUN
fbem-22280	34	5	markets	market	NOUN
fbem-22280	34	6	has	have	AUX
fbem-22280	34	7	changed	change	VERB
fbem-22280	34	8	investors	investor	NOUN
fbem-22280	34	9	'	'	PART
fbem-22280	34	10	risk	risk	NOUN
fbem-22280	34	11	assessment	assessment	NOUN
fbem-22280	34	12	and	and	CCONJ
fbem-22280	34	13	investment	investment	NOUN
fbem-22280	34	14	decisions	decision	NOUN
fbem-22280	34	15	.	.	PUNCT
fbem-22280	35	1	investors	investor	NOUN
fbem-22280	35	2	are	be	AUX
fbem-22280	35	3	increasingly	increasingly	ADV
fbem-22280	35	4	concerned	concerned	ADJ
fbem-22280	35	5	about	about	ADP
fbem-22280	35	6	corporate	corporate	ADJ
fbem-22280	35	7	carbon	carbon	NOUN
fbem-22280	35	8	emissions	emission	NOUN
fbem-22280	35	9	and	and	CCONJ
fbem-22280	35	10	carbon	carbon	NOUN
fbem-22280	35	11	footprints	footprint	NOUN
fbem-22280	35	12	,	,	PUNCT
fbem-22280	35	13	which	which	PRON
fbem-22280	35	14	has	have	AUX
fbem-22280	35	15	prompted	prompt	VERB
fbem-22280	35	16	financial	financial	ADJ
fbem-22280	35	17	markets	market	NOUN
fbem-22280	35	18	to	to	PART
fbem-22280	35	19	consider	consider	VERB
fbem-22280	35	20	environmental	environmental	ADJ
fbem-22280	35	21	,	,	PUNCT
fbem-22280	35	22	social	social	ADJ
fbem-22280	35	23	and	and	CCONJ
fbem-22280	35	24	governance	governance	NOUN
fbem-22280	35	25	(	(	PUNCT
fbem-22280	35	26	esg	esg	NOUN
fbem-22280	35	27	)	)	PUNCT
fbem-22280	35	28	factors	factor	NOUN
fbem-22280	35	29	in	in	ADP
fbem-22280	35	30	investment	investment	NOUN
fbem-22280	35	31	analysis	analysis	NOUN
fbem-22280	35	32	and	and	CCONJ
fbem-22280	35	33	asset	asset	NOUN
fbem-22280	35	34	allocation	allocation	NOUN
fbem-22280	35	35	.	.	PUNCT
fbem-22280	36	1	in	in	ADP
fbem-22280	36	2	order	order	NOUN
fbem-22280	36	3	to	to	PART
fbem-22280	36	4	hedge	hedge	VERB
fbem-22280	36	5	carbon	carbon	NOUN
fbem-22280	36	6	risks	risk	NOUN
fbem-22280	36	7	and	and	CCONJ
fbem-22280	36	8	capitalize	capitalize	VERB
fbem-22280	36	9	on	on	ADP
fbem-22280	36	10	investment	investment	NOUN
fbem-22280	36	11	opportunities	opportunity	NOUN
fbem-22280	36	12	in	in	ADP
fbem-22280	36	13	the	the	DET
fbem-22280	36	14	carbon	carbon	NOUN
fbem-22280	36	15	market	market	NOUN
fbem-22280	36	16	,	,	PUNCT
fbem-22280	36	17	financial	financial	ADJ
fbem-22280	36	18	markets	market	NOUN
fbem-22280	36	19	have	have	AUX
fbem-22280	36	20	developed	develop	VERB
fbem-22280	36	21	a	a	DET
fbem-22280	36	22	variety	variety	NOUN
fbem-22280	36	23	of	of	ADP
fbem-22280	36	24	carbon	carbon	NOUN
fbem-22280	36	25	financial	financial	ADJ
fbem-22280	36	26	products	product	NOUN
fbem-22280	36	27	,	,	PUNCT
fbem-22280	36	28	such	such	ADJ
fbem-22280	36	29	as	as	ADP
fbem-22280	36	30	carbon	carbon	NOUN
fbem-22280	36	31	credits	credit	NOUN
fbem-22280	36	32	,	,	PUNCT
fbem-22280	36	33	carbon	carbon	NOUN
fbem-22280	36	34	forwards	forward	NOUN
fbem-22280	36	35	and	and	CCONJ
fbem-22280	36	36	carbon	carbon	NOUN
fbem-22280	36	37	options	option	NOUN
fbem-22280	36	38	.	.	PUNCT
fbem-22280	37	1	these	these	DET
fbem-22280	37	2	products	product	NOUN
fbem-22280	37	3	not	not	PART
fbem-22280	37	4	only	only	ADV
fbem-22280	37	5	provide	provide	VERB
fbem-22280	37	6	market	market	NOUN
fbem-22280	37	7	participants	participant	NOUN
fbem-22280	37	8	with	with	ADP
fbem-22280	37	9	risk	risk	NOUN
fbem-22280	37	10	management	management	NOUN
fbem-22280	37	11	tools	tool	NOUN
fbem-22280	37	12	,	,	PUNCT
fbem-22280	37	13	but	but	CCONJ
fbem-22280	37	14	also	also	ADV
fbem-22280	37	15	increase	increase	VERB
fbem-22280	37	16	the	the	DET
fbem-22280	37	17	complexity	complexity	NOUN
fbem-22280	37	18	and	and	CCONJ
fbem-22280	37	19	diversity	diversity	NOUN
fbem-22280	37	20	of	of	ADP
fbem-22280	37	21	financial	financial	ADJ
fbem-22280	37	22	markets	market	NOUN
fbem-22280	37	23	.	.	PUNCT
fbem-22280	38	1	banks	bank	NOUN
fbem-22280	38	2	and	and	CCONJ
fbem-22280	38	3	other	other	ADJ
fbem-22280	38	4	financial	financial	ADJ
fbem-22280	38	5	institutions	institution	NOUN
fbem-22280	38	6	play	play	VERB
fbem-22280	38	7	an	an	DET
fbem-22280	38	8	important	important	ADJ
fbem-22280	38	9	role	role	NOUN
fbem-22280	38	10	in	in	ADP
fbem-22280	38	11	the	the	DET
fbem-22280	38	12	carbon	carbon	NOUN
fbem-22280	38	13	market	market	NOUN
fbem-22280	38	14	by	by	ADP
fbem-22280	38	15	providing	provide	VERB
fbem-22280	38	16	financing	financing	NOUN
fbem-22280	38	17	,	,	PUNCT
fbem-22280	38	18	advisory	advisory	ADJ
fbem-22280	38	19	services	service	NOUN
fbem-22280	38	20	and	and	CCONJ
fbem-22280	38	21	participating	participate	VERB
fbem-22280	38	22	in	in	ADP
fbem-22280	38	23	the	the	DET
fbem-22280	38	24	trading	trading	NOUN
fbem-22280	38	25	of	of	ADP
fbem-22280	38	26	carbon	carbon	NOUN
fbem-22280	38	27	credits	credit	NOUN
fbem-22280	38	28	.	.	PUNCT
fbem-22280	39	1	the	the	DET
fbem-22280	39	2	participation	participation	NOUN
fbem-22280	39	3	of	of	ADP
fbem-22280	39	4	financial	financial	ADJ
fbem-22280	39	5	institutions	institution	NOUN
fbem-22280	39	6	promotes	promote	VERB
fbem-22280	39	7	the	the	DET
fbem-22280	39	8	liquidity	liquidity	NOUN
fbem-22280	39	9	of	of	ADP
fbem-22280	39	10	the	the	DET
fbem-22280	39	11	carbon	carbon	NOUN
fbem-22280	39	12	market	market	NOUN
fbem-22280	39	13	and	and	CCONJ
fbem-22280	39	14	makes	make	VERB
fbem-22280	39	15	the	the	DET
fbem-22280	39	16	link	link	NOUN
fbem-22280	39	17	between	between	ADP
fbem-22280	39	18	the	the	DET
fbem-22280	39	19	financial	financial	ADJ
fbem-22280	39	20	market	market	NOUN
fbem-22280	39	21	and	and	CCONJ
fbem-22280	39	22	the	the	DET
fbem-22280	39	23	carbon	carbon	NOUN
fbem-22280	39	24	market	market	NOUN
fbem-22280	39	25	stronger	strong	ADJ
fbem-22280	39	26	.	.	PUNCT
fbem-22280	40	1	with	with	ADP
fbem-22280	40	2	the	the	DET
fbem-22280	40	3	introduction	introduction	NOUN
fbem-22280	40	4	of	of	ADP
fbem-22280	40	5	policies	policy	NOUN
fbem-22280	40	6	such	such	ADJ
fbem-22280	40	7	as	as	ADP
fbem-22280	40	8	the	the	DET
fbem-22280	40	9	carbon	carbon	NOUN
fbem-22280	40	10	border	border	NOUN
fbem-22280	40	11	adjustment	adjustment	NOUN
fbem-22280	40	12	mechanism	mechanism	NOUN
fbem-22280	40	13	(	(	PUNCT
fbem-22280	40	14	cbam	cbam	NOUN
fbem-22280	40	15	)	)	PUNCT
fbem-22280	40	16	,	,	PUNCT
fbem-22280	40	17	international	international	ADJ
fbem-22280	40	18	carbon	carbon	NOUN
fbem-22280	40	19	markets	market	NOUN
fbem-22280	40	20	have	have	AUX
fbem-22280	40	21	become	become	AUX
fbem-22280	40	22	more	more	ADV
fbem-22280	40	23	closely	closely	ADV
fbem-22280	40	24	linked	link	VERB
fbem-22280	40	25	.	.	PUNCT
fbem-22280	41	1	this	this	PRON
fbem-22280	41	2	could	could	AUX
fbem-22280	41	3	lead	lead	VERB
fbem-22280	41	4	to	to	ADP
fbem-22280	41	5	cross	cross	ADJ
fbem-22280	41	6	-	-	ADJ
fbem-22280	41	7	border	border	ADJ
fbem-22280	41	8	market	market	NOUN
fbem-22280	41	9	interactions	interaction	NOUN
fbem-22280	41	10	,	,	PUNCT
fbem-22280	41	11	affecting	affect	VERB
fbem-22280	41	12	global	global	ADJ
fbem-22280	41	13	energy	energy	NOUN
fbem-22280	41	14	trade	trade	NOUN
fbem-22280	41	15	flows	flow	NOUN
fbem-22280	41	16	and	and	CCONJ
fbem-22280	41	17	international	international	ADJ
fbem-22280	41	18	investment	investment	NOUN
fbem-22280	41	19	in	in	ADP
fbem-22280	41	20	financial	financial	ADJ
fbem-22280	41	21	markets	market	NOUN
fbem-22280	41	22	.	.	PUNCT
fbem-22280	42	1	the	the	DET
fbem-22280	42	2	policy	policy	NOUN
fbem-22280	42	3	and	and	CCONJ
fbem-22280	42	4	regulatory	regulatory	ADJ
fbem-22280	42	5	framework	framework	NOUN
fbem-22280	42	6	for	for	ADP
fbem-22280	42	7	carbon	carbon	NOUN
fbem-22280	42	8	markets	market	NOUN
fbem-22280	42	9	is	be	AUX
fbem-22280	42	10	still	still	ADV
fbem-22280	42	11	evolving	evolve	VERB
fbem-22280	42	12	,	,	PUNCT
fbem-22280	42	13	creating	create	VERB
fbem-22280	42	14	uncertainty	uncertainty	NOUN
fbem-22280	42	15	for	for	ADP
fbem-22280	42	16	market	market	NOUN
fbem-22280	42	17	participants	participant	NOUN
fbem-22280	42	18	.	.	PUNCT
fbem-22280	43	1	financial	financial	ADJ
fbem-22280	43	2	markets	market	NOUN
fbem-22280	43	3	need	need	VERB
fbem-22280	43	4	to	to	PART
fbem-22280	43	5	adapt	adapt	VERB
fbem-22280	43	6	to	to	ADP
fbem-22280	43	7	these	these	DET
fbem-22280	43	8	changes	change	NOUN
fbem-22280	43	9	in	in	ADP
fbem-22280	43	10	order	order	NOUN
fbem-22280	43	11	to	to	PART
fbem-22280	43	12	maintain	maintain	VERB
fbem-22280	43	13	stability	stability	NOUN
fbem-22280	43	14	and	and	CCONJ
fbem-22280	43	15	effectively	effectively	ADV
fbem-22280	43	16	manage	manage	VERB
fbem-22280	43	17	the	the	DET
fbem-22280	43	18	risks	risk	NOUN
fbem-22280	43	19	associated	associate	VERB
fbem-22280	43	20	with	with	ADP
fbem-22280	43	21	carbon	carbon	NOUN
fbem-22280	43	22	markets	market	NOUN
fbem-22280	43	23	(	(	PUNCT
fbem-22280	43	24	thomas	thomas	PROPN
fbem-22280	43	25	,	,	PUNCT
fbem-22280	43	26	et	et	PROPN
fbem-22280	43	27	al	al	PROPN
fbem-22280	43	28	.	.	PROPN
fbem-22280	43	29	,	,	PUNCT
fbem-22280	43	30	2021	2021	NUM
fbem-22280	43	31	)	)	PUNCT
fbem-22280	43	32	.	.	PUNCT
fbem-22280	44	1	3.2	3.2	NUM
fbem-22280	44	2	.	.	PUNCT
fbem-22280	44	3	innovation	innovation	NOUN
fbem-22280	44	4	and	and	CCONJ
fbem-22280	44	5	development	development	NOUN
fbem-22280	44	6	of	of	ADP
fbem-22280	44	7	carbon	carbon	NOUN
fbem-22280	44	8	financial	financial	ADJ
fbem-22280	44	9	products	product	NOUN
fbem-22280	44	10	carbon	carbon	NOUN
fbem-22280	44	11	financial	financial	ADJ
fbem-22280	44	12	products	product	NOUN
fbem-22280	44	13	usually	usually	ADV
fbem-22280	44	14	refer	refer	VERB
fbem-22280	44	15	to	to	ADP
fbem-22280	44	16	financial	financial	ADJ
fbem-22280	44	17	instruments	instrument	NOUN
fbem-22280	44	18	related	relate	VERB
fbem-22280	44	19	to	to	ADP
fbem-22280	44	20	carbon	carbon	NOUN
fbem-22280	44	21	emission	emission	NOUN
fbem-22280	44	22	rights	right	NOUN
fbem-22280	44	23	,	,	PUNCT
fbem-22280	44	24	including	include	VERB
fbem-22280	44	25	carbon	carbon	NOUN
fbem-22280	44	26	credits	credit	NOUN
fbem-22280	44	27	,	,	PUNCT
fbem-22280	44	28	carbon	carbon	NOUN
fbem-22280	44	29	forward	forward	ADV
fbem-22280	44	30	contracts	contract	NOUN
fbem-22280	44	31	,	,	PUNCT
fbem-22280	44	32	carbon	carbon	NOUN
fbem-22280	44	33	options	option	NOUN
fbem-22280	44	34	and	and	CCONJ
fbem-22280	44	35	carbon	carbon	NOUN
fbem-22280	44	36	futures	future	NOUN
fbem-22280	44	37	.	.	PUNCT
fbem-22280	45	1	these	these	DET
fbem-22280	45	2	products	product	NOUN
fbem-22280	45	3	enable	enable	VERB
fbem-22280	45	4	enterprises	enterprise	NOUN
fbem-22280	45	5	and	and	CCONJ
fbem-22280	45	6	investors	investor	NOUN
fbem-22280	45	7	to	to	PART
fbem-22280	45	8	hedge	hedge	VERB
fbem-22280	45	9	the	the	DET
fbem-22280	45	10	risk	risk	NOUN
fbem-22280	45	11	of	of	ADP
fbem-22280	45	12	carbon	carbon	NOUN
fbem-22280	45	13	price	price	NOUN
fbem-22280	45	14	fluctuations	fluctuation	NOUN
fbem-22280	45	15	,	,	PUNCT
fbem-22280	45	16	optimize	optimize	VERB
fbem-22280	45	17	asset	asset	NOUN
fbem-22280	45	18	allocation	allocation	NOUN
fbem-22280	45	19	and	and	CCONJ
fbem-22280	45	20	provide	provide	VERB
fbem-22280	45	21	financial	financial	ADJ
fbem-22280	45	22	support	support	NOUN
fbem-22280	45	23	for	for	ADP
fbem-22280	45	24	emission	emission	NOUN
fbem-22280	45	25	reduction	reduction	NOUN
fbem-22280	45	26	projects	project	NOUN
fbem-22280	45	27	.	.	PUNCT
fbem-22280	46	1	carbon	carbon	NOUN
fbem-22280	46	2	credits	credit	NOUN
fbem-22280	46	3	are	be	AUX
fbem-22280	46	4	the	the	DET
fbem-22280	46	5	basic	basic	ADJ
fbem-22280	46	6	product	product	NOUN
fbem-22280	46	7	of	of	ADP
fbem-22280	46	8	the	the	DET
fbem-22280	46	9	carbon	carbon	NOUN
fbem-22280	46	10	finance	finance	NOUN
fbem-22280	46	11	market	market	NOUN
fbem-22280	46	12	,	,	PUNCT
fbem-22280	46	13	which	which	PRON
fbem-22280	46	14	represents	represent	VERB
fbem-22280	46	15	the	the	DET
fbem-22280	46	16	reduction	reduction	NOUN
fbem-22280	46	17	or	or	CCONJ
fbem-22280	46	18	avoidance	avoidance	NOUN
fbem-22280	46	19	of	of	ADP
fbem-22280	46	20	a	a	DET
fbem-22280	46	21	certain	certain	ADJ
fbem-22280	46	22	amount	amount	NOUN
fbem-22280	46	23	of	of	ADP
fbem-22280	46	24	greenhouse	greenhouse	NOUN
fbem-22280	46	25	gas	gas	NOUN
fbem-22280	46	26	emissions	emission	NOUN
fbem-22280	46	27	.	.	PUNCT
fbem-22280	47	1	by	by	ADP
fbem-22280	47	2	purchasing	purchase	VERB
fbem-22280	47	3	carbon	carbon	NOUN
fbem-22280	47	4	credits	credit	NOUN
fbem-22280	47	5	,	,	PUNCT
fbem-22280	47	6	companies	company	NOUN
fbem-22280	47	7	can	can	AUX
fbem-22280	47	8	offset	offset	VERB
fbem-22280	47	9	their	their	PRON
fbem-22280	47	10	own	own	ADJ
fbem-22280	47	11	emissions	emission	NOUN
fbem-22280	47	12	without	without	ADP
fbem-22280	47	13	the	the	DET
fbem-22280	47	14	need	need	NOUN
fbem-22280	47	15	for	for	ADP
fbem-22280	47	16	immediate	immediate	ADJ
fbem-22280	47	17	and	and	CCONJ
fbem-22280	47	18	costly	costly	ADJ
fbem-22280	47	19	technological	technological	ADJ
fbem-22280	47	20	upgrades	upgrade	NOUN
fbem-22280	47	21	or	or	CCONJ
fbem-22280	47	22	operational	operational	ADJ
fbem-22280	47	23	changes	change	NOUN
fbem-22280	47	24	.	.	PUNCT
fbem-22280	48	1	derivatives	derivative	NOUN
fbem-22280	48	2	such	such	ADJ
fbem-22280	48	3	as	as	ADP
fbem-22280	48	4	carbon	carbon	NOUN
fbem-22280	48	5	forwards	forward	NOUN
fbem-22280	48	6	and	and	CCONJ
fbem-22280	48	7	options	option	NOUN
fbem-22280	48	8	allow	allow	VERB
fbem-22280	48	9	market	market	NOUN
fbem-22280	48	10	participants	participant	NOUN
fbem-22280	48	11	to	to	PART
fbem-22280	48	12	lock	lock	VERB
fbem-22280	48	13	in	in	ADP
fbem-22280	48	14	future	future	ADJ
fbem-22280	48	15	carbon	carbon	NOUN
fbem-22280	48	16	prices	price	NOUN
fbem-22280	48	17	,	,	PUNCT
fbem-22280	48	18	thereby	thereby	ADV
fbem-22280	48	19	hedging	hedge	VERB
fbem-22280	48	20	against	against	ADP
fbem-22280	48	21	the	the	DET
fbem-22280	48	22	risks	risk	NOUN
fbem-22280	48	23	associated	associate	VERB
fbem-22280	48	24	with	with	ADP
fbem-22280	48	25	price	price	NOUN
fbem-22280	48	26	volatility	volatility	NOUN
fbem-22280	48	27	.	.	PUNCT
fbem-22280	49	1	the	the	DET
fbem-22280	49	2	trading	trading	NOUN
fbem-22280	49	3	of	of	ADP
fbem-22280	49	4	these	these	DET
fbem-22280	49	5	derivatives	derivative	NOUN
fbem-22280	49	6	increases	increase	VERB
fbem-22280	49	7	market	market	NOUN
fbem-22280	49	8	liquidity	liquidity	NOUN
fbem-22280	49	9	and	and	CCONJ
fbem-22280	49	10	facilitates	facilitate	VERB
fbem-22280	49	11	price	price	NOUN
fbem-22280	49	12	discovery	discovery	NOUN
fbem-22280	49	13	and	and	CCONJ
fbem-22280	49	14	risk	risk	NOUN
fbem-22280	49	15	management	management	NOUN
fbem-22280	49	16	.	.	PUNCT
fbem-22280	50	1	carbon	carbon	NOUN
fbem-22280	50	2	funds	fund	NOUN
fbem-22280	50	3	and	and	CCONJ
fbem-22280	50	4	related	relate	VERB
fbem-22280	50	5	investment	investment	NOUN
fbem-22280	50	6	products	product	NOUN
fbem-22280	50	7	offer	offer	VERB
fbem-22280	50	8	investors	investor	NOUN
fbem-22280	50	9	the	the	DET
fbem-22280	50	10	opportunity	opportunity	NOUN
fbem-22280	50	11	to	to	PART
fbem-22280	50	12	participate	participate	VERB
fbem-22280	50	13	in	in	ADP
fbem-22280	50	14	the	the	DET
fbem-22280	50	15	carbon	carbon	NOUN
fbem-22280	50	16	market	market	NOUN
fbem-22280	50	17	.	.	PUNCT
fbem-22280	51	1	these	these	DET
fbem-22280	51	2	funds	fund	NOUN
fbem-22280	51	3	typically	typically	ADV
fbem-22280	51	4	invest	invest	VERB
fbem-22280	51	5	in	in	ADP
fbem-22280	51	6	emission	emission	NOUN
fbem-22280	51	7	reduction	reduction	NOUN
fbem-22280	51	8	projects	project	NOUN
fbem-22280	51	9	or	or	CCONJ
fbem-22280	51	10	carbon	carbon	NOUN
fbem-22280	51	11	credits	credit	NOUN
fbem-22280	51	12	and	and	CCONJ
fbem-22280	51	13	aim	aim	VERB
fbem-22280	51	14	to	to	PART
fbem-22280	51	15	realize	realize	VERB
fbem-22280	51	16	financial	financial	ADJ
fbem-22280	51	17	returns	return	NOUN
fbem-22280	51	18	while	while	SCONJ
fbem-22280	51	19	promoting	promote	VERB
fbem-22280	51	20	environmental	environmental	ADJ
fbem-22280	51	21	sustainability	sustainability	NOUN
fbem-22280	51	22	.	.	PUNCT
fbem-22280	52	1	banks	bank	NOUN
fbem-22280	52	2	and	and	CCONJ
fbem-22280	52	3	financial	financial	ADJ
fbem-22280	52	4	institutions	institution	NOUN
fbem-22280	52	5	play	play	VERB
fbem-22280	52	6	a	a	DET
fbem-22280	52	7	key	key	ADJ
fbem-22280	52	8	role	role	NOUN
fbem-22280	52	9	in	in	ADP
fbem-22280	52	10	the	the	DET
fbem-22280	52	11	innovation	innovation	NOUN
fbem-22280	52	12	of	of	ADP
fbem-22280	52	13	carbon	carbon	NOUN
fbem-22280	52	14	financial	financial	ADJ
fbem-22280	52	15	products	product	NOUN
fbem-22280	52	16	.	.	PUNCT
fbem-22280	53	1	they	they	PRON
fbem-22280	53	2	not	not	PART
fbem-22280	53	3	only	only	ADV
fbem-22280	53	4	provide	provide	VERB
fbem-22280	53	5	trading	trading	NOUN
fbem-22280	53	6	and	and	CCONJ
fbem-22280	53	7	brokerage	brokerage	NOUN
fbem-22280	53	8	services	service	NOUN
fbem-22280	53	9	,	,	PUNCT
fbem-22280	53	10	but	but	CCONJ
fbem-22280	53	11	also	also	ADV
fbem-22280	53	12	develop	develop	VERB
fbem-22280	53	13	financial	financial	ADJ
fbem-22280	53	14	solutions	solution	NOUN
fbem-22280	53	15	that	that	PRON
fbem-22280	53	16	combine	combine	VERB
fbem-22280	53	17	carbon	carbon	NOUN
fbem-22280	53	18	risk	risk	NOUN
fbem-22280	53	19	management	management	NOUN
fbem-22280	53	20	with	with	ADP
fbem-22280	53	21	investment	investment	NOUN
fbem-22280	53	22	returns	return	NOUN
fbem-22280	53	23	.	.	PUNCT
fbem-22280	54	1	governments	government	NOUN
fbem-22280	54	2	and	and	CCONJ
fbem-22280	54	3	regulators	regulator	NOUN
fbem-22280	54	4	have	have	AUX
fbem-22280	54	5	provided	provide	VERB
fbem-22280	54	6	policy	policy	NOUN
fbem-22280	54	7	support	support	NOUN
fbem-22280	54	8	for	for	ADP
fbem-22280	54	9	the	the	DET
fbem-22280	54	10	development	development	NOUN
fbem-22280	54	11	of	of	ADP
fbem-22280	54	12	carbon	carbon	NOUN
fbem-22280	54	13	financial	financial	ADJ
fbem-22280	54	14	products	product	NOUN
fbem-22280	54	15	by	by	ADP
fbem-22280	54	16	formulating	formulate	VERB
fbem-22280	54	17	carbon	carbon	NOUN
fbem-22280	54	18	pricing	pricing	NOUN
fbem-22280	54	19	policies	policy	NOUN
fbem-22280	54	20	and	and	CCONJ
fbem-22280	54	21	promoting	promote	VERB
fbem-22280	54	22	carbon	carbon	NOUN
fbem-22280	54	23	markets	market	NOUN
fbem-22280	54	24	.	.	PUNCT
fbem-22280	55	1	as	as	SCONJ
fbem-22280	55	2	the	the	DET
fbem-22280	55	3	global	global	ADJ
fbem-22280	55	4	carbon	carbon	NOUN
fbem-22280	55	5	market	market	NOUN
fbem-22280	55	6	expands	expand	VERB
fbem-22280	55	7	,	,	PUNCT
fbem-22280	55	8	the	the	DET
fbem-22280	55	9	variety	variety	NOUN
fbem-22280	55	10	and	and	CCONJ
fbem-22280	55	11	volume	volume	NOUN
fbem-22280	55	12	of	of	ADP
fbem-22280	55	13	carbon	carbon	NOUN
fbem-22280	55	14	financial	financial	ADJ
fbem-22280	55	15	products	product	NOUN
fbem-22280	55	16	are	be	AUX
fbem-22280	55	17	expected	expect	VERB
fbem-22280	55	18	to	to	PART
fbem-22280	55	19	continue	continue	VERB
fbem-22280	55	20	to	to	PART
fbem-22280	55	21	grow	grow	VERB
fbem-22280	55	22	.	.	PUNCT
fbem-22280	56	1	while	while	SCONJ
fbem-22280	56	2	carbon	carbon	NOUN
fbem-22280	56	3	financial	financial	ADJ
fbem-22280	56	4	products	product	NOUN
fbem-22280	56	5	offer	offer	VERB
fbem-22280	56	6	new	new	ADJ
fbem-22280	56	7	investment	investment	NOUN
fbem-22280	56	8	opportunities	opportunity	NOUN
fbem-22280	56	9	,	,	PUNCT
fbem-22280	56	10	they	they	PRON
fbem-22280	56	11	also	also	ADV
fbem-22280	56	12	bring	bring	VERB
fbem-22280	56	13	new	new	ADJ
fbem-22280	56	14	risks	risk	NOUN
fbem-22280	56	15	,	,	PUNCT
fbem-22280	56	16	including	include	VERB
fbem-22280	56	17	market	market	NOUN
fbem-22280	56	18	liquidity	liquidity	NOUN
fbem-22280	56	19	risk	risk	NOUN
fbem-22280	56	20	,	,	PUNCT
fbem-22280	56	21	price	price	NOUN
fbem-22280	56	22	volatility	volatility	NOUN
fbem-22280	56	23	risk	risk	NOUN
fbem-22280	56	24	and	and	CCONJ
fbem-22280	56	25	policy	policy	NOUN
fbem-22280	56	26	change	change	NOUN
fbem-22280	56	27	risk	risk	NOUN
fbem-22280	56	28	.	.	PUNCT
fbem-22280	57	1	financial	financial	ADJ
fbem-22280	57	2	institutions	institution	NOUN
fbem-22280	57	3	and	and	CCONJ
fbem-22280	57	4	regulators	regulator	NOUN
fbem-22280	57	5	need	need	VERB
fbem-22280	57	6	to	to	PART
fbem-22280	57	7	closely	closely	ADV
fbem-22280	57	8	monitor	monitor	VERB
fbem-22280	57	9	these	these	DET
fbem-22280	57	10	risks	risk	NOUN
fbem-22280	57	11	and	and	CCONJ
fbem-22280	57	12	develop	develop	VERB
fbem-22280	57	13	appropriate	appropriate	ADJ
fbem-22280	57	14	regulatory	regulatory	ADJ
fbem-22280	57	15	measures	measure	NOUN
fbem-22280	57	16	(	(	PUNCT
fbem-22280	57	17	hiroshi	hiroshi	NOUN
fbem-22280	57	18	,	,	PUNCT
fbem-22280	57	19	et	et	PROPN
fbem-22280	57	20	al	al	PROPN
fbem-22280	57	21	.	.	PROPN
fbem-22280	57	22	,	,	PUNCT
fbem-22280	57	23	2020	2020	NUM
fbem-22280	57	24	)	)	PUNCT
fbem-22280	57	25	.	.	PUNCT
fbem-22280	58	1	3.3	3.3	NUM
fbem-22280	58	2	.	.	PUNCT
fbem-22280	58	3	impact	impact	NOUN
fbem-22280	58	4	of	of	ADP
fbem-22280	58	5	carbon	carbon	NOUN
fbem-22280	58	6	markets	market	NOUN
fbem-22280	58	7	on	on	ADP
fbem-22280	58	8	investment	investment	NOUN
fbem-22280	58	9	flows	flow	NOUN
fbem-22280	58	10	and	and	CCONJ
fbem-22280	58	11	risk	risk	NOUN
fbem-22280	58	12	appetite	appetite	NOUN
fbem-22280	58	13	as	as	ADP
fbem-22280	58	14	global	global	ADJ
fbem-22280	58	15	concern	concern	NOUN
fbem-22280	58	16	over	over	ADP
fbem-22280	58	17	climate	climate	NOUN
fbem-22280	58	18	change	change	NOUN
fbem-22280	58	19	deepens	deepen	VERB
fbem-22280	58	20	,	,	PUNCT
fbem-22280	58	21	the	the	DET
fbem-22280	58	22	carbon	carbon	NOUN
fbem-22280	58	23	market	market	NOUN
fbem-22280	58	24	provides	provide	VERB
fbem-22280	58	25	economic	economic	ADJ
fbem-22280	58	26	incentives	incentive	NOUN
fbem-22280	58	27	for	for	ADP
fbem-22280	58	28	emissions	emission	NOUN
fbem-22280	58	29	reduction	reduction	NOUN
fbem-22280	58	30	projects	project	NOUN
fbem-22280	58	31	and	and	CCONJ
fbem-22280	58	32	clean	clean	ADJ
fbem-22280	58	33	energy	energy	NOUN
fbem-22280	58	34	technologies	technology	NOUN
fbem-22280	58	35	,	,	PUNCT
fbem-22280	58	36	driving	drive	VERB
fbem-22280	58	37	capital	capital	NOUN
fbem-22280	58	38	flows	flow	NOUN
fbem-22280	58	39	into	into	ADP
fbem-22280	58	40	these	these	DET
fbem-22280	58	41	areas	area	NOUN
fbem-22280	58	42	.	.	PUNCT
fbem-22280	59	1	investors	investor	NOUN
fbem-22280	59	2	are	be	AUX
fbem-22280	59	3	increasingly	increasingly	ADV
fbem-22280	59	4	inclined	inclined	ADJ
fbem-22280	59	5	to	to	PART
fbem-22280	59	6	invest	invest	VERB
fbem-22280	59	7	in	in	ADP
fbem-22280	59	8	companies	company	NOUN
fbem-22280	59	9	and	and	CCONJ
fbem-22280	59	10	projects	project	NOUN
fbem-22280	59	11	with	with	ADP
fbem-22280	59	12	low	low	ADJ
fbem-22280	59	13	-	-	PUNCT
fbem-22280	59	14	carbon	carbon	NOUN
fbem-22280	59	15	emission	emission	NOUN
fbem-22280	59	16	profiles	profile	NOUN
fbem-22280	59	17	in	in	ADP
fbem-22280	59	18	order	order	NOUN
fbem-22280	59	19	to	to	PART
fbem-22280	59	20	meet	meet	VERB
fbem-22280	59	21	carbon	carbon	NOUN
fbem-22280	59	22	neutrality	neutrality	NOUN
fbem-22280	59	23	targets	target	NOUN
fbem-22280	59	24	and	and	CCONJ
fbem-22280	59	25	improve	improve	VERB
fbem-22280	59	26	environmental	environmental	ADJ
fbem-22280	59	27	,	,	PUNCT
fbem-22280	59	28	social	social	ADJ
fbem-22280	59	29	and	and	CCONJ
fbem-22280	59	30	governance	governance	NOUN
fbem-22280	59	31	(	(	PUNCT
fbem-22280	59	32	esg	esg	NOUN
fbem-22280	59	33	)	)	PUNCT
fbem-22280	59	34	performance	performance	NOUN
fbem-22280	59	35	.	.	PUNCT
fbem-22280	60	1	the	the	DET
fbem-22280	60	2	establishment	establishment	NOUN
fbem-22280	60	3	and	and	CCONJ
fbem-22280	60	4	sophistication	sophistication	NOUN
fbem-22280	60	5	of	of	ADP
fbem-22280	60	6	the	the	DET
fbem-22280	60	7	carbon	carbon	NOUN
fbem-22280	60	8	market	market	NOUN
fbem-22280	60	9	has	have	AUX
fbem-22280	60	10	made	make	VERB
fbem-22280	60	11	the	the	DET
fbem-22280	60	12	costs	cost	NOUN
fbem-22280	60	13	of	of	ADP
fbem-22280	60	14	carbon	carbon	NOUN
fbem-22280	60	15	emissions	emission	NOUN
fbem-22280	60	16	faced	face	VERB
fbem-22280	60	17	by	by	ADP
fbem-22280	60	18	companies	company	NOUN
fbem-22280	60	19	more	more	ADV
fbem-22280	60	20	explicit	explicit	ADJ
fbem-22280	60	21	and	and	CCONJ
fbem-22280	60	22	predictable	predictable	ADJ
fbem-22280	60	23	,	,	PUNCT
fbem-22280	60	24	which	which	PRON
fbem-22280	60	25	affects	affect	VERB
fbem-22280	60	26	their	their	PRON
fbem-22280	60	27	risk	risk	NOUN
fbem-22280	60	28	assessment	assessment	NOUN
fbem-22280	60	29	and	and	CCONJ
fbem-22280	60	30	management	management	NOUN
fbem-22280	60	31	strategies	strategy	NOUN
fbem-22280	60	32	.	.	PUNCT
fbem-22280	61	1	companies	company	NOUN
fbem-22280	61	2	need	need	VERB
fbem-22280	61	3	to	to	PART
fbem-22280	61	4	assess	assess	VERB
fbem-22280	61	5	the	the	DET
fbem-22280	61	6	financial	financial	ADJ
fbem-22280	61	7	risks	risk	NOUN
fbem-22280	61	8	associated	associate	VERB
fbem-22280	61	9	with	with	ADP
fbem-22280	61	10	carbon	carbon	NOUN
fbem-22280	61	11	emissions	emission	NOUN
fbem-22280	61	12	and	and	CCONJ
fbem-22280	61	13	may	may	AUX
fbem-22280	61	14	adjust	adjust	VERB
fbem-22280	61	15	their	their	PRON
fbem-22280	61	16	risk	risk	NOUN
fbem-22280	61	17	-	-	PUNCT
fbem-22280	61	18	taking	take	VERB
fbem-22280	61	19	levels	level	NOUN
fbem-22280	61	20	as	as	ADP
fbem-22280	61	21	a	a	DET
fbem-22280	61	22	result	result	NOUN
fbem-22280	61	23	.	.	PUNCT
fbem-22280	62	1	carbon	carbon	NOUN
fbem-22280	62	2	market	market	NOUN
fbem-22280	62	3	participants	participant	NOUN
fbem-22280	62	4	need	need	VERB
fbem-22280	62	5	effective	effective	ADJ
fbem-22280	62	6	risk	risk	NOUN
fbem-22280	62	7	management	management	NOUN
fbem-22280	62	8	tools	tool	NOUN
fbem-22280	62	9	to	to	PART
fbem-22280	62	10	hedge	hedge	VERB
fbem-22280	62	11	against	against	ADP
fbem-22280	62	12	the	the	DET
fbem-22280	62	13	risks	risk	NOUN
fbem-22280	62	14	associated	associate	VERB
fbem-22280	62	15	with	with	ADP
fbem-22280	62	16	carbon	carbon	NOUN
fbem-22280	62	17	price	price	NOUN
fbem-22280	62	18	volatility	volatility	NOUN
fbem-22280	62	19	.	.	PUNCT
fbem-22280	63	1	this	this	PRON
fbem-22280	63	2	has	have	AUX
fbem-22280	63	3	driven	drive	VERB
fbem-22280	63	4	the	the	DET
fbem-22280	63	5	development	development	NOUN
fbem-22280	63	6	of	of	ADP
fbem-22280	63	7	carbon	carbon	NOUN
fbem-22280	63	8	derivatives	derivative	NOUN
fbem-22280	63	9	and	and	CCONJ
fbem-22280	63	10	other	other	ADJ
fbem-22280	63	11	financial	financial	ADJ
fbem-22280	63	12	instruments	instrument	NOUN
fbem-22280	63	13	to	to	PART
fbem-22280	63	14	help	help	VERB
fbem-22280	63	15	firms	firm	NOUN
fbem-22280	63	16	and	and	CCONJ
fbem-22280	63	17	investors	investor	NOUN
fbem-22280	63	18	manage	manage	VERB
fbem-22280	63	19	the	the	DET
fbem-22280	63	20	risks	risk	NOUN
fbem-22280	63	21	associated	associate	VERB
fbem-22280	63	22	with	with	ADP
fbem-22280	63	23	the	the	DET
fbem-22280	63	24	carbon	carbon	NOUN
fbem-22280	63	25	market	market	NOUN
fbem-22280	63	26	.	.	PUNCT
fbem-22280	64	1	the	the	DET
fbem-22280	64	2	effective	effective	ADJ
fbem-22280	64	3	functioning	functioning	NOUN
fbem-22280	64	4	of	of	ADP
fbem-22280	64	5	the	the	DET
fbem-22280	64	6	carbon	carbon	NOUN
fbem-22280	64	7	market	market	NOUN
fbem-22280	64	8	requires	require	VERB
fbem-22280	64	9	the	the	DET
fbem-22280	64	10	coordination	coordination	NOUN
fbem-22280	64	11	of	of	ADP
fbem-22280	64	12	policies	policy	NOUN
fbem-22280	64	13	and	and	CCONJ
fbem-22280	64	14	market	market	NOUN
fbem-22280	64	15	mechanisms	mechanism	NOUN
fbem-22280	64	16	to	to	PART
fbem-22280	64	17	ensure	ensure	VERB
fbem-22280	64	18	that	that	SCONJ
fbem-22280	64	19	carbon	carbon	NOUN
fbem-22280	64	20	prices	price	NOUN
fbem-22280	64	21	reflect	reflect	VERB
fbem-22280	64	22	the	the	DET
fbem-22280	64	23	true	true	ADJ
fbem-22280	64	24	cost	cost	NOUN
fbem-22280	64	25	of	of	ADP
fbem-22280	64	26	emission	emission	NOUN
fbem-22280	64	27	reductions	reduction	NOUN
fbem-22280	64	28	and	and	CCONJ
fbem-22280	64	29	incentivize	incentivize	VERB
fbem-22280	64	30	firms	firm	NOUN
fbem-22280	64	31	to	to	PART
fbem-22280	64	32	take	take	VERB
fbem-22280	64	33	action	action	NOUN
fbem-22280	64	34	to	to	PART
fbem-22280	64	35	reduce	reduce	VERB
fbem-22280	64	36	emissions	emission	NOUN
fbem-22280	64	37	.	.	PUNCT
fbem-22280	65	1	strengthening	strengthen	VERB
fbem-22280	65	2	the	the	DET
fbem-22280	65	3	social	social	ADJ
fbem-22280	65	4	communication	communication	NOUN
fbem-22280	65	5	of	of	ADP
fbem-22280	65	6	the	the	DET
fbem-22280	65	7	carbon	carbon	NOUN
fbem-22280	65	8	market	market	NOUN
fbem-22280	65	9	and	and	CCONJ
fbem-22280	65	10	raising	raise	VERB
fbem-22280	65	11	public	public	ADJ
fbem-22280	65	12	awareness	awareness	NOUN
fbem-22280	65	13	of	of	ADP
fbem-22280	65	14	carbon	carbon	NOUN
fbem-22280	65	15	emissions	emission	NOUN
fbem-22280	65	16	and	and	CCONJ
fbem-22280	65	17	climate	climate	NOUN
fbem-22280	65	18	change	change	NOUN
fbem-22280	65	19	issues	issue	NOUN
fbem-22280	65	20	can	can	AUX
fbem-22280	65	21	help	help	VERB
fbem-22280	65	22	to	to	PART
fbem-22280	65	23	create	create	VERB
fbem-22280	65	24	a	a	DET
fbem-22280	65	25	social	social	ADJ
fbem-22280	65	26	atmosphere	atmosphere	NOUN
fbem-22280	65	27	that	that	PRON
fbem-22280	65	28	is	be	AUX
fbem-22280	65	29	more	more	ADV
fbem-22280	65	30	conducive	conducive	ADJ
fbem-22280	65	31	to	to	ADP
fbem-22280	65	32	low	low	ADJ
fbem-22280	65	33	-	-	PUNCT
fbem-22280	65	34	carbon	carbon	NOUN
fbem-22280	65	35	investments	investment	NOUN
fbem-22280	65	36	(	(	PUNCT
fbem-22280	65	37	david	david	PROPN
fbem-22280	65	38	,	,	PUNCT
fbem-22280	65	39	et	et	PROPN
fbem-22280	65	40	al	al	PROPN
fbem-22280	65	41	.	.	PROPN
fbem-22280	65	42	,	,	PUNCT
fbem-22280	65	43	2021	2021	NUM
fbem-22280	65	44	)	)	PUNCT
fbem-22280	65	45	.	.	PUNCT
fbem-22280	66	1	3.4	3.4	NUM
fbem-22280	66	2	.	.	PUNCT
fbem-22280	66	3	carbon	carbon	NOUN
fbem-22280	66	4	risk	risk	NOUN
fbem-22280	66	5	management	management	NOUN
fbem-22280	66	6	and	and	CCONJ
fbem-22280	66	7	financial	financial	ADJ
fbem-22280	66	8	market	market	NOUN
fbem-22280	66	9	response	response	NOUN
fbem-22280	66	10	strategies	strategy	NOUN
fbem-22280	66	11	financial	financial	ADJ
fbem-22280	66	12	institutions	institution	NOUN
fbem-22280	66	13	and	and	CCONJ
fbem-22280	66	14	businesses	business	NOUN
fbem-22280	66	15	need	need	VERB
fbem-22280	66	16	to	to	PART
fbem-22280	66	17	identify	identify	VERB
fbem-22280	66	18	and	and	CCONJ
fbem-22280	66	19	assess	assess	VERB
fbem-22280	66	20	the	the	DET
fbem-22280	66	21	potential	potential	ADJ
fbem-22280	66	22	risks	risk	NOUN
fbem-22280	66	23	associated	associate	VERB
fbem-22280	66	24	with	with	ADP
fbem-22280	66	25	carbon	carbon	NOUN
fbem-22280	66	26	emissions	emission	NOUN
fbem-22280	66	27	.	.	PUNCT
fbem-22280	67	1	this	this	PRON
fbem-22280	67	2	includes	include	VERB
fbem-22280	67	3	understanding	understand	VERB
fbem-22280	67	4	how	how	SCONJ
fbem-22280	67	5	factors	factor	NOUN
fbem-22280	67	6	such	such	ADJ
fbem-22280	67	7	as	as	ADP
fbem-22280	67	8	policy	policy	NOUN
fbem-22280	67	9	changes	change	NOUN
fbem-22280	67	10	,	,	PUNCT
fbem-22280	67	11	technological	technological	ADJ
fbem-22280	67	12	advances	advance	NOUN
fbem-22280	67	13	,	,	PUNCT
fbem-22280	67	14	and	and	CCONJ
fbem-22280	67	15	changes	change	NOUN
fbem-22280	67	16	in	in	ADP
fbem-22280	67	17	market	market	NOUN
fbem-22280	67	18	sentiment	sentiment	NOUN
fbem-22280	67	19	affect	affect	VERB
fbem-22280	67	20	the	the	DET
fbem-22280	67	21	cost	cost	NOUN
fbem-22280	67	22	of	of	ADP
fbem-22280	67	23	carbon	carbon	NOUN
fbem-22280	67	24	emissions	emission	NOUN
fbem-22280	67	25	and	and	CCONJ
fbem-22280	67	26	enterprise	enterprise	NOUN
fbem-22280	67	27	208	208	NUM
fbem-22280	67	28	value	value	NOUN
fbem-22280	67	29	.	.	PUNCT
fbem-22280	68	1	investors	investor	NOUN
fbem-22280	68	2	may	may	AUX
fbem-22280	68	3	need	need	VERB
fbem-22280	68	4	to	to	PART
fbem-22280	68	5	adjust	adjust	VERB
fbem-22280	68	6	their	their	PRON
fbem-22280	68	7	portfolios	portfolio	NOUN
fbem-22280	68	8	to	to	PART
fbem-22280	68	9	reduce	reduce	VERB
fbem-22280	68	10	exposure	exposure	NOUN
fbem-22280	68	11	to	to	ADP
fbem-22280	68	12	high	high	ADJ
fbem-22280	68	13	-	-	PUNCT
fbem-22280	68	14	carbon	carbon	NOUN
fbem-22280	68	15	emitting	emit	VERB
fbem-22280	68	16	firms	firm	NOUN
fbem-22280	68	17	while	while	SCONJ
fbem-22280	68	18	increasing	increase	VERB
fbem-22280	68	19	exposure	exposure	NOUN
fbem-22280	68	20	to	to	ADP
fbem-22280	68	21	low	low	ADJ
fbem-22280	68	22	-	-	PUNCT
fbem-22280	68	23	carbon	carbon	NOUN
fbem-22280	68	24	or	or	CCONJ
fbem-22280	68	25	green	green	ADJ
fbem-22280	68	26	technologies	technology	NOUN
fbem-22280	68	27	.	.	PUNCT
fbem-22280	69	1	this	this	DET
fbem-22280	69	2	shift	shift	NOUN
fbem-22280	69	3	may	may	AUX
fbem-22280	69	4	be	be	AUX
fbem-22280	69	5	influenced	influence	VERB
fbem-22280	69	6	by	by	ADP
fbem-22280	69	7	consumer	consumer	NOUN
fbem-22280	69	8	preferences	preference	NOUN
fbem-22280	69	9	,	,	PUNCT
fbem-22280	69	10	policy	policy	NOUN
fbem-22280	69	11	direction	direction	NOUN
fbem-22280	69	12	and	and	CCONJ
fbem-22280	69	13	market	market	NOUN
fbem-22280	69	14	trends	trend	NOUN
fbem-22280	69	15	.	.	PUNCT
fbem-22280	70	1	by	by	ADP
fbem-22280	70	2	using	use	VERB
fbem-22280	70	3	derivatives	derivative	NOUN
fbem-22280	70	4	such	such	ADJ
fbem-22280	70	5	as	as	ADP
fbem-22280	70	6	carbon	carbon	NOUN
fbem-22280	70	7	credits	credit	NOUN
fbem-22280	70	8	,	,	PUNCT
fbem-22280	70	9	carbon	carbon	NOUN
fbem-22280	70	10	options	option	NOUN
fbem-22280	70	11	and	and	CCONJ
fbem-22280	70	12	carbon	carbon	NOUN
fbem-22280	70	13	futures	future	NOUN
fbem-22280	70	14	,	,	PUNCT
fbem-22280	70	15	companies	company	NOUN
fbem-22280	70	16	and	and	CCONJ
fbem-22280	70	17	investors	investor	NOUN
fbem-22280	70	18	can	can	AUX
fbem-22280	70	19	hedge	hedge	VERB
fbem-22280	70	20	against	against	ADP
fbem-22280	70	21	the	the	DET
fbem-22280	70	22	risks	risk	NOUN
fbem-22280	70	23	associated	associate	VERB
fbem-22280	70	24	with	with	ADP
fbem-22280	70	25	carbon	carbon	NOUN
fbem-22280	70	26	price	price	NOUN
fbem-22280	70	27	volatility	volatility	NOUN
fbem-22280	70	28	.	.	PUNCT
fbem-22280	71	1	financial	financial	ADJ
fbem-22280	71	2	markets	market	NOUN
fbem-22280	71	3	are	be	AUX
fbem-22280	71	4	innovating	innovate	VERB
fbem-22280	71	5	green	green	ADJ
fbem-22280	71	6	financial	financial	ADJ
fbem-22280	71	7	products	product	NOUN
fbem-22280	71	8	,	,	PUNCT
fbem-22280	71	9	such	such	ADJ
fbem-22280	71	10	as	as	ADP
fbem-22280	71	11	green	green	ADJ
fbem-22280	71	12	bonds	bond	NOUN
fbem-22280	71	13	and	and	CCONJ
fbem-22280	71	14	green	green	ADJ
fbem-22280	71	15	funds	fund	NOUN
fbem-22280	71	16	,	,	PUNCT
fbem-22280	71	17	to	to	PART
fbem-22280	71	18	support	support	VERB
fbem-22280	71	19	environmentally	environmentally	ADV
fbem-22280	71	20	friendly	friendly	ADJ
fbem-22280	71	21	projects	project	NOUN
fbem-22280	71	22	and	and	CCONJ
fbem-22280	71	23	provide	provide	VERB
fbem-22280	71	24	new	new	ADJ
fbem-22280	71	25	investment	investment	NOUN
fbem-22280	71	26	opportunities	opportunity	NOUN
fbem-22280	71	27	for	for	ADP
fbem-22280	71	28	investors	investor	NOUN
fbem-22280	71	29	.	.	PUNCT
fbem-22280	72	1	enterprises	enterprise	NOUN
fbem-22280	72	2	need	need	VERB
fbem-22280	72	3	to	to	PART
fbem-22280	72	4	incorporate	incorporate	VERB
fbem-22280	72	5	carbon	carbon	NOUN
fbem-22280	72	6	assets	asset	NOUN
fbem-22280	72	7	as	as	ADP
fbem-22280	72	8	part	part	NOUN
fbem-22280	72	9	of	of	ADP
fbem-22280	72	10	their	their	PRON
fbem-22280	72	11	asset	asset	NOUN
fbem-22280	72	12	management	management	NOUN
fbem-22280	72	13	to	to	PART
fbem-22280	72	14	preserve	preserve	VERB
fbem-22280	72	15	and	and	CCONJ
fbem-22280	72	16	increase	increase	VERB
fbem-22280	72	17	the	the	DET
fbem-22280	72	18	value	value	NOUN
fbem-22280	72	19	of	of	ADP
fbem-22280	72	20	their	their	PRON
fbem-22280	72	21	carbon	carbon	NOUN
fbem-22280	72	22	assets	asset	NOUN
fbem-22280	72	23	by	by	ADP
fbem-22280	72	24	participating	participate	VERB
fbem-22280	72	25	in	in	ADP
fbem-22280	72	26	carbon	carbon	NOUN
fbem-22280	72	27	market	market	NOUN
fbem-22280	72	28	trading	trading	NOUN
fbem-22280	72	29	and	and	CCONJ
fbem-22280	72	30	developing	develop	VERB
fbem-22280	72	31	carbon	carbon	NOUN
fbem-22280	72	32	reduction	reduction	NOUN
fbem-22280	72	33	projects	project	NOUN
fbem-22280	72	34	.	.	PUNCT
fbem-22280	73	1	financial	financial	ADJ
fbem-22280	73	2	market	market	NOUN
fbem-22280	73	3	participants	participant	NOUN
fbem-22280	73	4	need	need	VERB
fbem-22280	73	5	to	to	PART
fbem-22280	73	6	pay	pay	VERB
fbem-22280	73	7	close	close	ADJ
fbem-22280	73	8	attention	attention	NOUN
fbem-22280	73	9	to	to	ADP
fbem-22280	73	10	policy	policy	NOUN
fbem-22280	73	11	and	and	CCONJ
fbem-22280	73	12	regulatory	regulatory	ADJ
fbem-22280	73	13	changes	change	NOUN
fbem-22280	73	14	,	,	PUNCT
fbem-22280	73	15	such	such	ADJ
fbem-22280	73	16	as	as	ADP
fbem-22280	73	17	the	the	DET
fbem-22280	73	18	carbon	carbon	NOUN
fbem-22280	73	19	tax	tax	NOUN
fbem-22280	73	20	and	and	CCONJ
fbem-22280	73	21	the	the	DET
fbem-22280	73	22	carbon	carbon	NOUN
fbem-22280	73	23	border	border	NOUN
fbem-22280	73	24	adjustment	adjustment	NOUN
fbem-22280	73	25	mechanism	mechanism	NOUN
fbem-22280	73	26	(	(	PUNCT
fbem-22280	73	27	cbam	cbam	NOUN
fbem-22280	73	28	)	)	PUNCT
fbem-22280	73	29	,	,	PUNCT
fbem-22280	73	30	and	and	CCONJ
fbem-22280	73	31	develop	develop	VERB
fbem-22280	73	32	appropriate	appropriate	ADJ
fbem-22280	73	33	response	response	NOUN
fbem-22280	73	34	strategies	strategy	NOUN
fbem-22280	73	35	.	.	PUNCT
fbem-22280	74	1	improve	improve	VERB
fbem-22280	74	2	the	the	DET
fbem-22280	74	3	capabilities	capability	NOUN
fbem-22280	74	4	of	of	ADP
fbem-22280	74	5	financial	financial	ADJ
fbem-22280	74	6	institutions	institution	NOUN
fbem-22280	74	7	and	and	CCONJ
fbem-22280	74	8	corporations	corporation	NOUN
fbem-22280	74	9	in	in	ADP
fbem-22280	74	10	carbon	carbon	NOUN
fbem-22280	74	11	risk	risk	NOUN
fbem-22280	74	12	management	management	NOUN
fbem-22280	74	13	,	,	PUNCT
fbem-22280	74	14	including	include	VERB
fbem-22280	74	15	data	datum	NOUN
fbem-22280	74	16	analysis	analysis	NOUN
fbem-22280	74	17	,	,	PUNCT
fbem-22280	74	18	market	market	NOUN
fbem-22280	74	19	insights	insight	NOUN
fbem-22280	74	20	and	and	CCONJ
fbem-22280	74	21	risk	risk	NOUN
fbem-22280	74	22	management	management	NOUN
fbem-22280	74	23	skills	skill	NOUN
fbem-22280	74	24	(	(	PUNCT
fbem-22280	74	25	michelle	michelle	PROPN
fbem-22280	74	26	,	,	PUNCT
fbem-22280	74	27	et	et	PROPN
fbem-22280	74	28	al	al	PROPN
fbem-22280	74	29	.	.	PROPN
fbem-22280	74	30	,	,	PUNCT
fbem-22280	74	31	2022	2022	NUM
fbem-22280	74	32	)	)	PUNCT
fbem-22280	74	33	.	.	PUNCT
fbem-22280	75	1	3.5	3.5	NUM
fbem-22280	75	2	.	.	PUNCT
fbem-22280	75	3	carbon	carbon	NOUN
fbem-22280	75	4	border	border	NOUN
fbem-22280	75	5	adjustment	adjustment	NOUN
fbem-22280	75	6	mechanism	mechanism	NOUN
fbem-22280	75	7	(	(	PUNCT
fbem-22280	75	8	cbam	cbam	NOUN
fbem-22280	75	9	)	)	PUNCT
fbem-22280	75	10	interface	interface	NOUN
fbem-22280	75	11	with	with	ADP
fbem-22280	75	12	the	the	DET
fbem-22280	75	13	international	international	ADJ
fbem-22280	75	14	carbon	carbon	NOUN
fbem-22280	75	15	market	market	NOUN
fbem-22280	75	16	the	the	DET
fbem-22280	75	17	main	main	ADJ
fbem-22280	75	18	purpose	purpose	NOUN
fbem-22280	75	19	of	of	ADP
fbem-22280	75	20	cbam	cbam	NOUN
fbem-22280	75	21	is	be	AUX
fbem-22280	75	22	to	to	PART
fbem-22280	75	23	reduce	reduce	VERB
fbem-22280	75	24	carbon	carbon	NOUN
fbem-22280	75	25	leakage	leakage	NOUN
fbem-22280	75	26	,	,	PUNCT
fbem-22280	75	27	i.e.	i.e.	X
fbem-22280	75	28	,	,	PUNCT
fbem-22280	75	29	to	to	PART
fbem-22280	75	30	prevent	prevent	VERB
fbem-22280	75	31	the	the	DET
fbem-22280	75	32	out	out	ADJ
fbem-22280	75	33	-	-	PUNCT
fbem-22280	75	34	migration	migration	NOUN
fbem-22280	75	35	of	of	ADP
fbem-22280	75	36	industries	industry	NOUN
fbem-22280	75	37	to	to	ADP
fbem-22280	75	38	countries	country	NOUN
fbem-22280	75	39	with	with	ADP
fbem-22280	75	40	lower	low	ADJ
fbem-22280	75	41	environmental	environmental	ADJ
fbem-22280	75	42	standards	standard	NOUN
fbem-22280	75	43	as	as	ADP
fbem-22280	75	44	a	a	DET
fbem-22280	75	45	result	result	NOUN
fbem-22280	75	46	of	of	ADP
fbem-22280	75	47	climate	climate	NOUN
fbem-22280	75	48	policies	policy	NOUN
fbem-22280	75	49	within	within	ADP
fbem-22280	75	50	the	the	DET
fbem-22280	75	51	eu	eu	PROPN
fbem-22280	75	52	.	.	PUNCT
fbem-22280	76	1	the	the	DET
fbem-22280	76	2	implementation	implementation	NOUN
fbem-22280	76	3	of	of	ADP
fbem-22280	76	4	cbam	cbam	NOUN
fbem-22280	76	5	is	be	AUX
fbem-22280	76	6	expected	expect	VERB
fbem-22280	76	7	to	to	PART
fbem-22280	76	8	affect	affect	VERB
fbem-22280	76	9	the	the	DET
fbem-22280	76	10	international	international	ADJ
fbem-22280	76	11	carbon	carbon	NOUN
fbem-22280	76	12	market	market	NOUN
fbem-22280	76	13	,	,	PUNCT
fbem-22280	76	14	especially	especially	ADV
fbem-22280	76	15	for	for	ADP
fbem-22280	76	16	those	those	DET
fbem-22280	76	17	countries	country	NOUN
fbem-22280	76	18	exporting	export	VERB
fbem-22280	76	19	carbon	carbon	NOUN
fbem-22280	76	20	-	-	PUNCT
fbem-22280	76	21	intensive	intensive	ADJ
fbem-22280	76	22	products	product	NOUN
fbem-22280	76	23	to	to	ADP
fbem-22280	76	24	the	the	DET
fbem-22280	76	25	eu	eu	PROPN
fbem-22280	76	26	.	.	PUNCT
fbem-22280	77	1	the	the	DET
fbem-22280	77	2	introduction	introduction	NOUN
fbem-22280	77	3	of	of	ADP
fbem-22280	77	4	cbam	cbam	NOUN
fbem-22280	77	5	is	be	AUX
fbem-22280	77	6	likely	likely	ADJ
fbem-22280	77	7	to	to	PART
fbem-22280	77	8	exacerbate	exacerbate	VERB
fbem-22280	77	9	the	the	DET
fbem-22280	77	10	price	price	NOUN
fbem-22280	77	11	differentials	differential	NOUN
fbem-22280	77	12	between	between	ADP
fbem-22280	77	13	the	the	DET
fbem-22280	77	14	international	international	ADJ
fbem-22280	77	15	carbon	carbon	NOUN
fbem-22280	77	16	markets	market	NOUN
fbem-22280	77	17	by	by	ADP
fbem-22280	77	18	requiring	require	VERB
fbem-22280	77	19	imports	import	NOUN
fbem-22280	77	20	to	to	PART
fbem-22280	77	21	pay	pay	VERB
fbem-22280	77	22	a	a	DET
fbem-22280	77	23	comparable	comparable	ADJ
fbem-22280	77	24	to	to	ADP
fbem-22280	77	25	eu	eu	PROPN
fbem-22280	77	26	carbon	carbon	NOUN
fbem-22280	77	27	market	market	NOUN
fbem-22280	77	28	carbon	carbon	NOUN
fbem-22280	77	29	price	price	NOUN
fbem-22280	77	30	.	.	PUNCT
fbem-22280	78	1	this	this	PRON
fbem-22280	78	2	may	may	AUX
fbem-22280	78	3	provide	provide	VERB
fbem-22280	78	4	an	an	DET
fbem-22280	78	5	incentive	incentive	NOUN
fbem-22280	78	6	for	for	SCONJ
fbem-22280	78	7	other	other	ADJ
fbem-22280	78	8	countries	country	NOUN
fbem-22280	78	9	to	to	PART
fbem-22280	78	10	increase	increase	VERB
fbem-22280	78	11	their	their	PRON
fbem-22280	78	12	own	own	ADJ
fbem-22280	78	13	carbon	carbon	NOUN
fbem-22280	78	14	pricing	pricing	NOUN
fbem-22280	78	15	in	in	ADP
fbem-22280	78	16	order	order	NOUN
fbem-22280	78	17	to	to	PART
fbem-22280	78	18	reduce	reduce	VERB
fbem-22280	78	19	the	the	DET
fbem-22280	78	20	additional	additional	ADJ
fbem-22280	78	21	cost	cost	NOUN
fbem-22280	78	22	of	of	ADP
fbem-22280	78	23	exporting	export	VERB
fbem-22280	78	24	to	to	ADP
fbem-22280	78	25	the	the	DET
fbem-22280	78	26	eu	eu	PROPN
fbem-22280	78	27	.	.	PUNCT
fbem-22280	79	1	the	the	DET
fbem-22280	79	2	implementation	implementation	NOUN
fbem-22280	79	3	of	of	ADP
fbem-22280	79	4	cbam	cbam	NOUN
fbem-22280	79	5	will	will	AUX
fbem-22280	79	6	need	need	VERB
fbem-22280	79	7	to	to	PART
fbem-22280	79	8	be	be	AUX
fbem-22280	79	9	harmonized	harmonize	VERB
fbem-22280	79	10	with	with	ADP
fbem-22280	79	11	existing	exist	VERB
fbem-22280	79	12	international	international	ADJ
fbem-22280	79	13	carbon	carbon	NOUN
fbem-22280	79	14	pricing	pricing	NOUN
fbem-22280	79	15	mechanisms	mechanism	NOUN
fbem-22280	79	16	.	.	PUNCT
fbem-22280	80	1	this	this	PRON
fbem-22280	80	2	includes	include	VERB
fbem-22280	80	3	harmonization	harmonization	NOUN
fbem-22280	80	4	with	with	ADP
fbem-22280	80	5	the	the	DET
fbem-22280	80	6	sustainable	sustainable	ADJ
fbem-22280	80	7	development	development	NOUN
fbem-22280	80	8	mechanism	mechanism	NOUN
fbem-22280	80	9	(	(	PUNCT
fbem-22280	80	10	sdm	sdm	PROPN
fbem-22280	80	11	)	)	PUNCT
fbem-22280	80	12	under	under	ADP
fbem-22280	80	13	the	the	DET
fbem-22280	80	14	paris	paris	PROPN
fbem-22280	80	15	agreement	agreement	NOUN
fbem-22280	80	16	and	and	CCONJ
fbem-22280	80	17	the	the	DET
fbem-22280	80	18	international	international	ADJ
fbem-22280	80	19	mutual	mutual	ADJ
fbem-22280	80	20	recognition	recognition	NOUN
fbem-22280	80	21	of	of	ADP
fbem-22280	80	22	carbon	carbon	NOUN
fbem-22280	80	23	credits	credit	NOUN
fbem-22280	80	24	and	and	CCONJ
fbem-22280	80	25	emission	emission	NOUN
fbem-22280	80	26	reduction	reduction	NOUN
fbem-22280	80	27	units	unit	NOUN
fbem-22280	80	28	.	.	PUNCT
fbem-22280	81	1	cbam	cbam	NOUN
fbem-22280	81	2	is	be	AUX
fbem-22280	81	3	likely	likely	ADJ
fbem-22280	81	4	to	to	PART
fbem-22280	81	5	facilitate	facilitate	VERB
fbem-22280	81	6	the	the	DET
fbem-22280	81	7	interconnection	interconnection	NOUN
fbem-22280	81	8	of	of	ADP
fbem-22280	81	9	the	the	DET
fbem-22280	81	10	global	global	ADJ
fbem-22280	81	11	carbon	carbon	NOUN
fbem-22280	81	12	market	market	NOUN
fbem-22280	81	13	as	as	SCONJ
fbem-22280	81	14	it	it	PRON
fbem-22280	81	15	encourages	encourage	VERB
fbem-22280	81	16	countries	country	NOUN
fbem-22280	81	17	to	to	PART
fbem-22280	81	18	establish	establish	VERB
fbem-22280	81	19	or	or	CCONJ
fbem-22280	81	20	adjust	adjust	VERB
fbem-22280	81	21	their	their	PRON
fbem-22280	81	22	own	own	ADJ
fbem-22280	81	23	carbon	carbon	NOUN
fbem-22280	81	24	pricing	pricing	NOUN
fbem-22280	81	25	mechanisms	mechanism	NOUN
fbem-22280	81	26	to	to	PART
fbem-22280	81	27	be	be	AUX
fbem-22280	81	28	compatible	compatible	ADJ
fbem-22280	81	29	with	with	ADP
fbem-22280	81	30	the	the	DET
fbem-22280	81	31	eu	eu	PROPN
fbem-22280	81	32	's	's	PART
fbem-22280	81	33	cbam	cbam	NOUN
fbem-22280	81	34	policy	policy	NOUN
fbem-22280	81	35	.	.	PUNCT
fbem-22280	82	1	as	as	SCONJ
fbem-22280	82	2	the	the	DET
fbem-22280	82	3	eu	eu	PROPN
fbem-22280	82	4	is	be	AUX
fbem-22280	82	5	an	an	DET
fbem-22280	82	6	important	important	ADJ
fbem-22280	82	7	trading	trading	NOUN
fbem-22280	82	8	partner	partner	NOUN
fbem-22280	82	9	to	to	ADP
fbem-22280	82	10	many	many	ADJ
fbem-22280	82	11	emerging	emerge	VERB
fbem-22280	82	12	markets	market	NOUN
fbem-22280	82	13	such	such	ADJ
fbem-22280	82	14	as	as	ADP
fbem-22280	82	15	,	,	PUNCT
fbem-22280	82	16	the	the	DET
fbem-22280	82	17	implementation	implementation	NOUN
fbem-22280	82	18	of	of	ADP
fbem-22280	82	19	cbam	cbam	NOUN
fbem-22280	82	20	will	will	AUX
fbem-22280	82	21	have	have	VERB
fbem-22280	82	22	an	an	DET
fbem-22280	82	23	impact	impact	NOUN
fbem-22280	82	24	on	on	ADP
fbem-22280	82	25	those	those	DET
fbem-22280	82	26	markets	market	NOUN
fbem-22280	82	27	’	'	PUNCT
fbem-22280	82	28	exports	export	NOUN
fbem-22280	82	29	.	.	PUNCT
fbem-22280	83	1	emerging	emerge	VERB
fbem-22280	83	2	markets	market	NOUN
fbem-22280	83	3	may	may	AUX
fbem-22280	83	4	need	need	VERB
fbem-22280	83	5	to	to	PART
fbem-22280	83	6	strengthen	strengthen	VERB
fbem-22280	83	7	its	its	PRON
fbem-22280	83	8	domestic	domestic	ADJ
fbem-22280	83	9	carbon	carbon	NOUN
fbem-22280	83	10	pricing	pricing	NOUN
fbem-22280	83	11	mechanisms	mechanism	NOUN
fbem-22280	83	12	and	and	CCONJ
fbem-22280	83	13	explore	explore	VERB
fbem-22280	83	14	links	link	NOUN
fbem-22280	83	15	to	to	ADP
fbem-22280	83	16	international	international	ADJ
fbem-22280	83	17	carbon	carbon	NOUN
fbem-22280	83	18	markets	market	NOUN
fbem-22280	83	19	to	to	PART
fbem-22280	83	20	reduce	reduce	VERB
fbem-22280	83	21	the	the	DET
fbem-22280	83	22	impact	impact	NOUN
fbem-22280	83	23	of	of	ADP
fbem-22280	83	24	cbam	cbam	NOUN
fbem-22280	83	25	on	on	ADP
fbem-22280	83	26	its	its	PRON
fbem-22280	83	27	export	export	NOUN
fbem-22280	83	28	commodities	commodity	NOUN
fbem-22280	83	29	.	.	PUNCT
fbem-22280	84	1	the	the	DET
fbem-22280	84	2	implementation	implementation	NOUN
fbem-22280	84	3	of	of	ADP
fbem-22280	84	4	cbam	cbam	NOUN
fbem-22280	84	5	will	will	AUX
fbem-22280	84	6	need	need	VERB
fbem-22280	84	7	to	to	PART
fbem-22280	84	8	overcome	overcome	VERB
fbem-22280	84	9	a	a	DET
fbem-22280	84	10	number	number	NOUN
fbem-22280	84	11	of	of	ADP
fbem-22280	84	12	policy	policy	NOUN
fbem-22280	84	13	and	and	CCONJ
fbem-22280	84	14	legislative	legislative	ADJ
fbem-22280	84	15	challenges	challenge	NOUN
fbem-22280	84	16	,	,	PUNCT
fbem-22280	84	17	including	include	VERB
fbem-22280	84	18	how	how	SCONJ
fbem-22280	84	19	to	to	PART
fbem-22280	84	20	accurately	accurately	ADV
fbem-22280	84	21	calculate	calculate	VERB
fbem-22280	84	22	the	the	DET
fbem-22280	84	23	carbon	carbon	NOUN
fbem-22280	84	24	content	content	NOUN
fbem-22280	84	25	of	of	ADP
fbem-22280	84	26	imported	import	VERB
fbem-22280	84	27	goods	good	NOUN
fbem-22280	84	28	,	,	PUNCT
fbem-22280	84	29	how	how	SCONJ
fbem-22280	84	30	to	to	PART
fbem-22280	84	31	ensure	ensure	VERB
fbem-22280	84	32	that	that	SCONJ
fbem-22280	84	33	cbam	cbam	NOUN
fbem-22280	84	34	does	do	AUX
fbem-22280	84	35	not	not	PART
fbem-22280	84	36	contravene	contravene	VERB
fbem-22280	84	37	the	the	DET
fbem-22280	84	38	rules	rule	NOUN
fbem-22280	84	39	of	of	ADP
fbem-22280	84	40	the	the	DET
fbem-22280	84	41	world	world	NOUN
fbem-22280	84	42	trade	trade	NOUN
fbem-22280	84	43	organization	organization	NOUN
fbem-22280	84	44	(	(	PUNCT
fbem-22280	84	45	wto	wto	PROPN
fbem-22280	84	46	)	)	PUNCT
fbem-22280	84	47	,	,	PUNCT
fbem-22280	84	48	and	and	CCONJ
fbem-22280	84	49	how	how	SCONJ
fbem-22280	84	50	to	to	PART
fbem-22280	84	51	deal	deal	VERB
fbem-22280	84	52	with	with	ADP
fbem-22280	84	53	the	the	DET
fbem-22280	84	54	compatibility	compatibility	NOUN
fbem-22280	84	55	issues	issue	NOUN
fbem-22280	84	56	.	.	PUNCT
fbem-22280	85	1	according	accord	VERB
fbem-22280	85	2	to	to	ADP
fbem-22280	85	3	the	the	DET
fbem-22280	85	4	search	search	NOUN
fbem-22280	85	5	results	result	NOUN
fbem-22280	85	6	,	,	PUNCT
fbem-22280	85	7	the	the	DET
fbem-22280	85	8	transition	transition	NOUN
fbem-22280	85	9	period	period	NOUN
fbem-22280	85	10	for	for	ADP
fbem-22280	85	11	cbam	cbam	NOUN
fbem-22280	85	12	will	will	AUX
fbem-22280	85	13	start	start	VERB
fbem-22280	85	14	in	in	ADP
fbem-22280	85	15	october	october	PROPN
fbem-22280	85	16	2023	2023	NUM
fbem-22280	85	17	and	and	CCONJ
fbem-22280	85	18	be	be	AUX
fbem-22280	85	19	formally	formally	ADV
fbem-22280	85	20	implemented	implement	VERB
fbem-22280	85	21	in	in	ADP
fbem-22280	85	22	2026	2026	NUM
fbem-22280	85	23	.	.	PUNCT
fbem-22280	86	1	during	during	ADP
fbem-22280	86	2	the	the	DET
fbem-22280	86	3	transition	transition	NOUN
fbem-22280	86	4	period	period	NOUN
fbem-22280	86	5	,	,	PUNCT
fbem-22280	86	6	importers	importer	NOUN
fbem-22280	86	7	in	in	ADP
fbem-22280	86	8	the	the	DET
fbem-22280	86	9	relevant	relevant	ADJ
fbem-22280	86	10	industries	industry	NOUN
fbem-22280	86	11	will	will	AUX
fbem-22280	86	12	be	be	AUX
fbem-22280	86	13	required	require	VERB
fbem-22280	86	14	to	to	PART
fbem-22280	86	15	report	report	VERB
fbem-22280	86	16	carbon	carbon	NOUN
fbem-22280	86	17	emissions	emission	NOUN
fbem-22280	86	18	data	datum	NOUN
fbem-22280	86	19	for	for	ADP
fbem-22280	86	20	imported	import	VERB
fbem-22280	86	21	products	product	NOUN
fbem-22280	86	22	,	,	PUNCT
fbem-22280	86	23	but	but	CCONJ
fbem-22280	86	24	will	will	AUX
fbem-22280	86	25	not	not	PART
fbem-22280	86	26	be	be	AUX
fbem-22280	86	27	required	require	VERB
fbem-22280	86	28	to	to	PART
fbem-22280	86	29	pay	pay	VERB
fbem-22280	86	30	a	a	DET
fbem-22280	86	31	fee	fee	NOUN
fbem-22280	86	32	.	.	PUNCT
fbem-22280	87	1	enterprises	enterprise	NOUN
fbem-22280	87	2	need	need	VERB
fbem-22280	87	3	to	to	PART
fbem-22280	87	4	pay	pay	VERB
fbem-22280	87	5	attention	attention	NOUN
fbem-22280	87	6	to	to	ADP
fbem-22280	87	7	the	the	DET
fbem-22280	87	8	progress	progress	NOUN
fbem-22280	87	9	of	of	ADP
fbem-22280	87	10	cbam	cbam	NOUN
fbem-22280	87	11	and	and	CCONJ
fbem-22280	87	12	prepare	prepare	VERB
fbem-22280	87	13	coping	cope	VERB
fbem-22280	87	14	strategies	strategy	NOUN
fbem-22280	87	15	in	in	ADP
fbem-22280	87	16	advance	advance	NOUN
fbem-22280	87	17	,	,	PUNCT
fbem-22280	87	18	including	include	VERB
fbem-22280	87	19	improving	improve	VERB
fbem-22280	87	20	production	production	NOUN
fbem-22280	87	21	processes	process	NOUN
fbem-22280	87	22	,	,	PUNCT
fbem-22280	87	23	using	use	VERB
fbem-22280	87	24	low	low	ADJ
fbem-22280	87	25	-	-	PUNCT
fbem-22280	87	26	carbon	carbon	NOUN
fbem-22280	87	27	raw	raw	ADJ
fbem-22280	87	28	materials	material	NOUN
fbem-22280	87	29	,	,	PUNCT
fbem-22280	87	30	improving	improve	VERB
fbem-22280	87	31	energy	energy	NOUN
fbem-22280	87	32	efficiency	efficiency	NOUN
fbem-22280	87	33	,	,	PUNCT
fbem-22280	87	34	and	and	CCONJ
fbem-22280	87	35	participating	participate	VERB
fbem-22280	87	36	in	in	ADP
fbem-22280	87	37	the	the	DET
fbem-22280	87	38	carbon	carbon	NOUN
fbem-22280	87	39	trading	trading	NOUN
fbem-22280	87	40	market	market	NOUN
fbem-22280	87	41	(	(	PUNCT
fbem-22280	87	42	jonathan	jonathan	PROPN
fbem-22280	87	43	,	,	PUNCT
fbem-22280	87	44	et	et	PROPN
fbem-22280	87	45	al	al	PROPN
fbem-22280	87	46	.	.	PROPN
fbem-22280	87	47	,	,	PUNCT
fbem-22280	87	48	2023	2023	NUM
fbem-22280	87	49	)	)	PUNCT
fbem-22280	87	50	.	.	PUNCT
fbem-22280	88	1	3.6	3.6	NUM
fbem-22280	88	2	.	.	PUNCT
fbem-22280	88	3	integration	integration	NOUN
fbem-22280	88	4	of	of	ADP
fbem-22280	88	5	esg	esg	PROPN
fbem-22280	88	6	criteria	criterion	NOUN
fbem-22280	88	7	into	into	ADP
fbem-22280	88	8	pension	pension	NOUN
fbem-22280	88	9	funds	fund	NOUN
fbem-22280	88	10	the	the	DET
fbem-22280	88	11	rise	rise	NOUN
fbem-22280	88	12	of	of	ADP
fbem-22280	88	13	carbon	carbon	NOUN
fbem-22280	88	14	markets	market	NOUN
fbem-22280	88	15	has	have	AUX
fbem-22280	88	16	facilitated	facilitate	VERB
fbem-22280	88	17	the	the	DET
fbem-22280	88	18	swift	swift	ADJ
fbem-22280	88	19	incorporation	incorporation	NOUN
fbem-22280	88	20	of	of	ADP
fbem-22280	88	21	esg	esg	PROPN
fbem-22280	88	22	criteria	criterion	NOUN
fbem-22280	88	23	into	into	ADP
fbem-22280	88	24	investment	investment	NOUN
fbem-22280	88	25	decisions	decision	NOUN
fbem-22280	88	26	,	,	PUNCT
fbem-22280	88	27	especially	especially	ADV
fbem-22280	88	28	noticeable	noticeable	ADJ
fbem-22280	88	29	in	in	ADP
fbem-22280	88	30	the	the	DET
fbem-22280	88	31	management	management	NOUN
fbem-22280	88	32	of	of	ADP
fbem-22280	88	33	pension	pension	NOUN
fbem-22280	88	34	funds	fund	NOUN
fbem-22280	88	35	.	.	PUNCT
fbem-22280	89	1	funds	fund	NOUN
fbem-22280	89	2	are	be	AUX
fbem-22280	89	3	increasingly	increasingly	ADV
fbem-22280	89	4	diverting	divert	VERB
fbem-22280	89	5	capital	capital	NOUN
fbem-22280	89	6	to	to	ADP
fbem-22280	89	7	esg	esg	NOUN
fbem-22280	89	8	-	-	PUNCT
fbem-22280	89	9	compliant	compliant	ADJ
fbem-22280	89	10	assets	asset	NOUN
fbem-22280	89	11	to	to	PART
fbem-22280	89	12	mitigate	mitigate	VERB
fbem-22280	89	13	long	long	ADJ
fbem-22280	89	14	-	-	PUNCT
fbem-22280	89	15	term	term	NOUN
fbem-22280	89	16	risks	risk	NOUN
fbem-22280	89	17	associated	associate	VERB
fbem-22280	89	18	with	with	ADP
fbem-22280	89	19	climate	climate	NOUN
fbem-22280	89	20	change	change	NOUN
fbem-22280	89	21	and	and	CCONJ
fbem-22280	89	22	societal	societal	ADJ
fbem-22280	89	23	shifts	shift	NOUN
fbem-22280	89	24	.	.	PUNCT
fbem-22280	90	1	investments	investment	NOUN
fbem-22280	90	2	in	in	ADP
fbem-22280	90	3	green	green	ADJ
fbem-22280	90	4	bonds	bond	NOUN
fbem-22280	90	5	and	and	CCONJ
fbem-22280	90	6	other	other	ADJ
fbem-22280	90	7	sustainable	sustainable	ADJ
fbem-22280	90	8	financial	financial	ADJ
fbem-22280	90	9	instruments	instrument	NOUN
fbem-22280	90	10	are	be	AUX
fbem-22280	90	11	becoming	become	VERB
fbem-22280	90	12	commonplace	commonplace	ADJ
fbem-22280	90	13	,	,	PUNCT
fbem-22280	90	14	driven	drive	VERB
fbem-22280	90	15	by	by	ADP
fbem-22280	90	16	both	both	DET
fbem-22280	90	17	ethical	ethical	ADJ
fbem-22280	90	18	considerations	consideration	NOUN
fbem-22280	90	19	and	and	CCONJ
fbem-22280	90	20	potential	potential	ADJ
fbem-22280	90	21	economic	economic	ADJ
fbem-22280	90	22	benefits	benefit	NOUN
fbem-22280	90	23	(	(	PUNCT
fbem-22280	90	24	tom	tom	PROPN
fbem-22280	90	25	,	,	PUNCT
fbem-22280	90	26	et	et	PROPN
fbem-22280	90	27	al	al	PROPN
fbem-22280	90	28	.	.	PROPN
fbem-22280	90	29	,	,	PUNCT
fbem-22280	90	30	2018	2018	NUM
fbem-22280	90	31	)	)	PUNCT
fbem-22280	90	32	.	.	PUNCT
fbem-22280	91	1	3.7	3.7	NUM
fbem-22280	91	2	.	.	PUNCT
fbem-22280	91	3	challenges	challenge	NOUN
fbem-22280	91	4	and	and	CCONJ
fbem-22280	91	5	rewards	reward	NOUN
fbem-22280	91	6	of	of	ADP
fbem-22280	91	7	esg	esg	PROPN
fbem-22280	91	8	-	-	PUNCT
fbem-22280	91	9	focused	focus	VERB
fbem-22280	91	10	retirement	retirement	NOUN
fbem-22280	91	11	portfolios	portfolio	NOUN
fbem-22280	91	12	while	while	SCONJ
fbem-22280	91	13	the	the	DET
fbem-22280	91	14	integration	integration	NOUN
fbem-22280	91	15	of	of	ADP
fbem-22280	91	16	esg	esg	PROPN
fbem-22280	91	17	criteria	criterion	NOUN
fbem-22280	91	18	such	such	ADJ
fbem-22280	91	19	as	as	ADP
fbem-22280	91	20	carbon	carbon	NOUN
fbem-22280	91	21	emissions	emission	NOUN
fbem-22280	91	22	reduction	reduction	NOUN
fbem-22280	91	23	promises	promise	NOUN
fbem-22280	91	24	enhanced	enhance	VERB
fbem-22280	91	25	risk	risk	NOUN
fbem-22280	91	26	management	management	NOUN
fbem-22280	91	27	and	and	CCONJ
fbem-22280	91	28	potential	potential	NOUN
fbem-22280	91	29	for	for	ADP
fbem-22280	91	30	better	well	ADJ
fbem-22280	91	31	long	long	ADJ
fbem-22280	91	32	-	-	PUNCT
fbem-22280	91	33	term	term	NOUN
fbem-22280	91	34	returns	return	NOUN
fbem-22280	91	35	,	,	PUNCT
fbem-22280	91	36	it	it	PRON
fbem-22280	91	37	also	also	ADV
fbem-22280	91	38	introduces	introduce	VERB
fbem-22280	91	39	challenges	challenge	NOUN
fbem-22280	91	40	in	in	ADP
fbem-22280	91	41	terms	term	NOUN
fbem-22280	91	42	of	of	ADP
fbem-22280	91	43	achieving	achieve	VERB
fbem-22280	91	44	the	the	DET
fbem-22280	91	45	necessary	necessary	ADJ
fbem-22280	91	46	diversification	diversification	NOUN
fbem-22280	91	47	and	and	CCONJ
fbem-22280	91	48	meeting	meet	VERB
fbem-22280	91	49	actuarial	actuarial	ADJ
fbem-22280	91	50	targets	target	NOUN
fbem-22280	91	51	.	.	PUNCT
fbem-22280	92	1	however	however	ADV
fbem-22280	92	2	,	,	PUNCT
fbem-22280	92	3	these	these	DET
fbem-22280	92	4	challenges	challenge	NOUN
fbem-22280	92	5	are	be	AUX
fbem-22280	92	6	counterbalanced	counterbalance	VERB
fbem-22280	92	7	by	by	ADP
fbem-22280	92	8	opportunities	opportunity	NOUN
fbem-22280	92	9	for	for	ADP
fbem-22280	92	10	stable	stable	ADJ
fbem-22280	92	11	returns	return	NOUN
fbem-22280	92	12	in	in	ADP
fbem-22280	92	13	an	an	DET
fbem-22280	92	14	era	era	NOUN
fbem-22280	92	15	of	of	ADP
fbem-22280	92	16	tightening	tighten	VERB
fbem-22280	92	17	carbon	carbon	NOUN
fbem-22280	92	18	regulations	regulation	NOUN
fbem-22280	92	19	and	and	CCONJ
fbem-22280	92	20	growing	grow	VERB
fbem-22280	92	21	public	public	ADJ
fbem-22280	92	22	awareness	awareness	NOUN
fbem-22280	92	23	of	of	ADP
fbem-22280	92	24	environmental	environmental	ADJ
fbem-22280	92	25	issues	issue	NOUN
fbem-22280	92	26	(	(	PUNCT
fbem-22280	92	27	mei	mei	PROPN
fbem-22280	92	28	,	,	PUNCT
fbem-22280	92	29	et	et	PROPN
fbem-22280	92	30	al	al	PROPN
fbem-22280	92	31	.	.	PROPN
fbem-22280	92	32	,	,	PUNCT
fbem-22280	92	33	2023	2023	NUM
fbem-22280	92	34	)	)	PUNCT
fbem-22280	92	35	.	.	PUNCT
fbem-22280	93	1	4	4	X
fbem-22280	93	2	.	.	X
fbem-22280	93	3	private	private	ADJ
fbem-22280	93	4	credit	credit	NOUN
fbem-22280	93	5	as	as	ADP
fbem-22280	93	6	a	a	DET
fbem-22280	93	7	solution	solution	NOUN
fbem-22280	93	8	to	to	ADP
fbem-22280	93	9	retirement	retirement	NOUN
fbem-22280	93	10	savings	saving	NOUN
fbem-22280	93	11	shortfalls	shortfall	NOUN
fbem-22280	93	12	4.1	4.1	NUM
fbem-22280	93	13	.	.	PUNCT
fbem-22280	94	1	characteristics	characteristic	NOUN
fbem-22280	94	2	and	and	CCONJ
fbem-22280	94	3	appeal	appeal	NOUN
fbem-22280	94	4	of	of	ADP
fbem-22280	94	5	private	private	ADJ
fbem-22280	94	6	credit	credit	NOUN
fbem-22280	94	7	private	private	ADJ
fbem-22280	94	8	credit	credit	NOUN
fbem-22280	94	9	's	's	PART
fbem-22280	94	10	appeal	appeal	NOUN
fbem-22280	94	11	lies	lie	VERB
fbem-22280	94	12	in	in	ADP
fbem-22280	94	13	its	its	PRON
fbem-22280	94	14	ability	ability	NOUN
fbem-22280	94	15	to	to	PART
fbem-22280	94	16	fill	fill	VERB
fbem-22280	94	17	the	the	DET
fbem-22280	94	18	gap	gap	NOUN
fbem-22280	94	19	left	leave	VERB
fbem-22280	94	20	by	by	ADP
fbem-22280	94	21	traditional	traditional	ADJ
fbem-22280	94	22	banking	banking	NOUN
fbem-22280	94	23	sectors	sector	NOUN
fbem-22280	94	24	,	,	PUNCT
fbem-22280	94	25	providing	provide	VERB
fbem-22280	94	26	capital	capital	NOUN
fbem-22280	94	27	to	to	ADP
fbem-22280	94	28	mid	mid	ADJ
fbem-22280	94	29	-	-	ADJ
fbem-22280	94	30	sized	sized	ADJ
fbem-22280	94	31	enterprises	enterprise	NOUN
fbem-22280	94	32	and	and	CCONJ
fbem-22280	94	33	projects	project	NOUN
fbem-22280	94	34	that	that	PRON
fbem-22280	94	35	might	might	AUX
fbem-22280	94	36	not	not	PART
fbem-22280	94	37	qualify	qualify	VERB
fbem-22280	94	38	for	for	ADP
fbem-22280	94	39	conventional	conventional	ADJ
fbem-22280	94	40	loans	loan	NOUN
fbem-22280	94	41	.	.	PUNCT
fbem-22280	95	1	these	these	DET
fbem-22280	95	2	investments	investment	NOUN
fbem-22280	95	3	typically	typically	ADV
fbem-22280	95	4	offer	offer	VERB
fbem-22280	95	5	higher	high	ADJ
fbem-22280	95	6	yields	yield	NOUN
fbem-22280	95	7	,	,	PUNCT
fbem-22280	95	8	albeit	albeit	SCONJ
fbem-22280	95	9	at	at	ADP
fbem-22280	95	10	higher	high	ADJ
fbem-22280	95	11	risks	risk	NOUN
fbem-22280	95	12	,	,	PUNCT
fbem-22280	95	13	which	which	PRON
fbem-22280	95	14	can	can	AUX
fbem-22280	95	15	be	be	AUX
fbem-22280	95	16	particularly	particularly	ADV
fbem-22280	95	17	attractive	attractive	ADJ
fbem-22280	95	18	for	for	ADP
fbem-22280	95	19	underfunded	underfunded	ADJ
fbem-22280	95	20	pension	pension	NOUN
fbem-22280	95	21	plans	plan	NOUN
fbem-22280	95	22	looking	look	VERB
fbem-22280	95	23	for	for	ADP
fbem-22280	95	24	significant	significant	ADJ
fbem-22280	95	25	income	income	NOUN
fbem-22280	95	26	sources	source	NOUN
fbem-22280	95	27	to	to	PART
fbem-22280	95	28	cover	cover	VERB
fbem-22280	95	29	future	future	ADJ
fbem-22280	95	30	liabilities	liability	NOUN
fbem-22280	95	31	(	(	PUNCT
fbem-22280	95	32	daniel	daniel	PROPN
fbem-22280	95	33	,	,	PUNCT
fbem-22280	95	34	et	et	PROPN
fbem-22280	95	35	al	al	PROPN
fbem-22280	95	36	.	.	PROPN
fbem-22280	95	37	,	,	PUNCT
fbem-22280	95	38	2021	2021	NUM
fbem-22280	95	39	)	)	PUNCT
fbem-22280	95	40	.	.	PUNCT
fbem-22280	96	1	4.2	4.2	NUM
fbem-22280	96	2	.	.	PUNCT
fbem-22280	96	3	synergies	synergy	NOUN
fbem-22280	96	4	between	between	ADP
fbem-22280	96	5	private	private	ADJ
fbem-22280	96	6	credit	credit	NOUN
fbem-22280	96	7	and	and	CCONJ
fbem-22280	96	8	carbon	carbon	NOUN
fbem-22280	96	9	markets	market	NOUN
fbem-22280	96	10	the	the	DET
fbem-22280	96	11	growth	growth	NOUN
fbem-22280	96	12	in	in	ADP
fbem-22280	96	13	private	private	ADJ
fbem-22280	96	14	credit	credit	NOUN
fbem-22280	96	15	has	have	AUX
fbem-22280	96	16	coincided	coincide	VERB
fbem-22280	96	17	with	with	ADP
fbem-22280	96	18	an	an	DET
fbem-22280	96	19	increased	increase	VERB
fbem-22280	96	20	need	need	NOUN
fbem-22280	96	21	for	for	ADP
fbem-22280	96	22	funding	fund	VERB
fbem-22280	96	23	green	green	ADJ
fbem-22280	96	24	initiatives	initiative	NOUN
fbem-22280	96	25	,	,	PUNCT
fbem-22280	96	26	many	many	ADJ
fbem-22280	96	27	of	of	ADP
fbem-22280	96	28	which	which	PRON
fbem-22280	96	29	qualify	qualify	VERB
fbem-22280	96	30	as	as	ADP
fbem-22280	96	31	projects	project	NOUN
fbem-22280	96	32	that	that	PRON
fbem-22280	96	33	traditional	traditional	ADJ
fbem-22280	96	34	financial	financial	ADJ
fbem-22280	96	35	institutions	institution	NOUN
fbem-22280	96	36	might	might	AUX
fbem-22280	96	37	overlook	overlook	VERB
fbem-22280	96	38	.	.	PUNCT
fbem-22280	97	1	this	this	DET
fbem-22280	97	2	synergy	synergy	NOUN
fbem-22280	97	3	allows	allow	VERB
fbem-22280	97	4	for	for	ADP
fbem-22280	97	5	the	the	DET
fbem-22280	97	6	strategic	strategic	ADJ
fbem-22280	97	7	alignment	alignment	NOUN
fbem-22280	97	8	of	of	ADP
fbem-22280	97	9	investment	investment	NOUN
fbem-22280	97	10	with	with	ADP
fbem-22280	97	11	carbon	carbon	NOUN
fbem-22280	97	12	reduction	reduction	NOUN
fbem-22280	97	13	goals	goal	NOUN
fbem-22280	97	14	,	,	PUNCT
fbem-22280	97	15	providing	provide	VERB
fbem-22280	97	16	a	a	DET
fbem-22280	97	17	dual	dual	ADJ
fbem-22280	97	18	benefit	benefit	NOUN
fbem-22280	97	19	of	of	ADP
fbem-22280	97	20	high	high	ADJ
fbem-22280	97	21	returns	return	NOUN
fbem-22280	97	22	and	and	CCONJ
fbem-22280	97	23	support	support	NOUN
fbem-22280	97	24	for	for	ADP
fbem-22280	97	25	environmental	environmental	ADJ
fbem-22280	97	26	objectives	objective	NOUN
fbem-22280	97	27	.	.	PUNCT
fbem-22280	98	1	pension	pension	NOUN
fbem-22280	98	2	funds	fund	NOUN
fbem-22280	98	3	investing	invest	VERB
fbem-22280	98	4	in	in	ADP
fbem-22280	98	5	private	private	ADJ
fbem-22280	98	6	credit	credit	NOUN
fbem-22280	98	7	thus	thus	ADV
fbem-22280	98	8	contribute	contribute	VERB
fbem-22280	98	9	directly	directly	ADV
fbem-22280	98	10	to	to	ADP
fbem-22280	98	11	the	the	DET
fbem-22280	98	12	sustainability	sustainability	NOUN
fbem-22280	98	13	agenda	agenda	NOUN
fbem-22280	98	14	while	while	SCONJ
fbem-22280	98	15	addressing	address	VERB
fbem-22280	98	16	their	their	PRON
fbem-22280	98	17	immediate	immediate	ADJ
fbem-22280	98	18	financial	financial	ADJ
fbem-22280	98	19	needs	need	NOUN
fbem-22280	98	20	(	(	PUNCT
fbem-22280	98	21	yan	yan	PROPN
fbem-22280	98	22	,	,	PUNCT
fbem-22280	98	23	et	et	PROPN
fbem-22280	98	24	al	al	PROPN
fbem-22280	98	25	.	.	PROPN
fbem-22280	98	26	,	,	PUNCT
fbem-22280	98	27	2021	2021	NUM
fbem-22280	98	28	)	)	PUNCT
fbem-22280	98	29	.	.	PUNCT
fbem-22280	99	1	4.2.1	4.2.1	X
fbem-22280	99	2	.	.	PUNCT
fbem-22280	99	3	funding	funding	NOUN
fbem-22280	99	4	innovation	innovation	NOUN
fbem-22280	99	5	and	and	CCONJ
fbem-22280	99	6	green	green	ADJ
fbem-22280	99	7	technology	technology	NOUN
fbem-22280	99	8	one	one	NUM
fbem-22280	99	9	of	of	ADP
fbem-22280	99	10	the	the	DET
fbem-22280	99	11	critical	critical	ADJ
fbem-22280	99	12	synergies	synergy	NOUN
fbem-22280	99	13	between	between	ADP
fbem-22280	99	14	private	private	ADJ
fbem-22280	99	15	credit	credit	NOUN
fbem-22280	99	16	and	and	CCONJ
fbem-22280	99	17	carbon	carbon	NOUN
fbem-22280	99	18	markets	market	NOUN
fbem-22280	99	19	lies	lie	VERB
fbem-22280	99	20	in	in	ADP
fbem-22280	99	21	the	the	DET
fbem-22280	99	22	financing	financing	NOUN
fbem-22280	99	23	of	of	ADP
fbem-22280	99	24	innovative	innovative	ADJ
fbem-22280	99	25	green	green	ADJ
fbem-22280	99	26	technologies	technology	NOUN
fbem-22280	99	27	and	and	CCONJ
fbem-22280	99	28	projects	project	NOUN
fbem-22280	99	29	.	.	PUNCT
fbem-22280	100	1	carbon	carbon	NOUN
fbem-22280	100	2	markets	market	NOUN
fbem-22280	100	3	create	create	VERB
fbem-22280	100	4	economic	economic	ADJ
fbem-22280	100	5	incentives	incentive	NOUN
fbem-22280	100	6	for	for	ADP
fbem-22280	100	7	emission	emission	NOUN
fbem-22280	100	8	reductions	reduction	NOUN
fbem-22280	100	9	,	,	PUNCT
fbem-22280	100	10	which	which	PRON
fbem-22280	100	11	in	in	ADP
fbem-22280	100	12	turn	turn	NOUN
fbem-22280	100	13	generate	generate	VERB
fbem-22280	100	14	opportunities	opportunity	NOUN
fbem-22280	100	15	for	for	ADP
fbem-22280	100	16	innovative	innovative	ADJ
fbem-22280	100	17	technologies	technology	NOUN
fbem-22280	100	18	that	that	PRON
fbem-22280	100	19	can	can	AUX
fbem-22280	100	20	deliver	deliver	VERB
fbem-22280	100	21	these	these	DET
fbem-22280	100	22	reductions	reduction	NOUN
fbem-22280	100	23	.	.	PUNCT
fbem-22280	101	1	however	however	ADV
fbem-22280	101	2	,	,	PUNCT
fbem-22280	101	3	such	such	ADJ
fbem-22280	101	4	pioneering	pioneering	ADJ
fbem-22280	101	5	technologies	technology	NOUN
fbem-22280	101	6	often	often	ADV
fbem-22280	101	7	face	face	VERB
fbem-22280	101	8	initial	initial	ADJ
fbem-22280	101	9	funding	funding	NOUN
fbem-22280	101	10	gaps	gap	NOUN
fbem-22280	101	11	due	due	ADP
fbem-22280	101	12	to	to	ADP
fbem-22280	101	13	their	their	PRON
fbem-22280	101	14	unproven	unproven	ADJ
fbem-22280	101	15	nature	nature	NOUN
fbem-22280	101	16	and	and	CCONJ
fbem-22280	101	17	higher	high	ADJ
fbem-22280	101	18	perceived	perceive	VERB
fbem-22280	101	19	risks	risk	NOUN
fbem-22280	101	20	.	.	PUNCT
fbem-22280	102	1	private	private	ADJ
fbem-22280	102	2	credit	credit	NOUN
fbem-22280	102	3	can	can	AUX
fbem-22280	102	4	fill	fill	VERB
fbem-22280	102	5	this	this	DET
fbem-22280	102	6	gap	gap	NOUN
fbem-22280	102	7	by	by	ADP
fbem-22280	102	8	providing	provide	VERB
fbem-22280	102	9	the	the	DET
fbem-22280	102	10	necessary	necessary	ADJ
fbem-22280	102	11	209	209	NUM
fbem-22280	102	12	capital	capital	NOUN
fbem-22280	102	13	to	to	PART
fbem-22280	102	14	scale	scale	VERB
fbem-22280	102	15	these	these	DET
fbem-22280	102	16	technologies	technology	NOUN
fbem-22280	102	17	to	to	ADP
fbem-22280	102	18	a	a	DET
fbem-22280	102	19	level	level	NOUN
fbem-22280	102	20	where	where	SCONJ
fbem-22280	102	21	they	they	PRON
fbem-22280	102	22	can	can	AUX
fbem-22280	102	23	demonstrate	demonstrate	VERB
fbem-22280	102	24	viability	viability	NOUN
fbem-22280	102	25	and	and	CCONJ
fbem-22280	102	26	generate	generate	VERB
fbem-22280	102	27	carbon	carbon	NOUN
fbem-22280	102	28	credits	credit	NOUN
fbem-22280	102	29	.	.	PUNCT
fbem-22280	103	1	this	this	DET
fbem-22280	103	2	arrangement	arrangement	NOUN
fbem-22280	103	3	benefits	benefit	VERB
fbem-22280	103	4	private	private	ADJ
fbem-22280	103	5	credit	credit	NOUN
fbem-22280	103	6	investors	investor	NOUN
fbem-22280	103	7	by	by	ADP
fbem-22280	103	8	offering	offer	VERB
fbem-22280	103	9	potentially	potentially	ADV
fbem-22280	103	10	higher	high	ADJ
fbem-22280	103	11	returns	return	NOUN
fbem-22280	103	12	due	due	ADP
fbem-22280	103	13	to	to	ADP
fbem-22280	103	14	the	the	DET
fbem-22280	103	15	higher	high	ADJ
fbem-22280	103	16	risk	risk	NOUN
fbem-22280	103	17	profile	profile	NOUN
fbem-22280	103	18	,	,	PUNCT
fbem-22280	103	19	while	while	SCONJ
fbem-22280	103	20	simultaneously	simultaneously	ADV
fbem-22280	103	21	supporting	support	VERB
fbem-22280	103	22	the	the	DET
fbem-22280	103	23	advancement	advancement	NOUN
fbem-22280	103	24	and	and	CCONJ
fbem-22280	103	25	deployment	deployment	NOUN
fbem-22280	103	26	of	of	ADP
fbem-22280	103	27	green	green	ADJ
fbem-22280	103	28	technologies	technology	NOUN
fbem-22280	103	29	.	.	PUNCT
fbem-22280	104	1	4.2.2	4.2.2	X
fbem-22280	104	2	.	.	PUNCT
fbem-22280	104	3	enhancing	enhance	VERB
fbem-22280	104	4	project	project	NOUN
fbem-22280	104	5	viability	viability	NOUN
fbem-22280	104	6	with	with	ADP
fbem-22280	104	7	carbon	carbon	NOUN
fbem-22280	104	8	credits	credit	NOUN
fbem-22280	104	9	projects	project	NOUN
fbem-22280	104	10	financed	finance	VERB
fbem-22280	104	11	through	through	ADP
fbem-22280	104	12	private	private	ADJ
fbem-22280	104	13	credit	credit	NOUN
fbem-22280	104	14	in	in	ADP
fbem-22280	104	15	the	the	DET
fbem-22280	104	16	carbon	carbon	NOUN
fbem-22280	104	17	market	market	NOUN
fbem-22280	104	18	space	space	NOUN
fbem-22280	104	19	often	often	ADV
fbem-22280	104	20	gain	gain	VERB
fbem-22280	104	21	enhanced	enhanced	ADJ
fbem-22280	104	22	economic	economic	ADJ
fbem-22280	104	23	viability	viability	NOUN
fbem-22280	104	24	from	from	ADP
fbem-22280	104	25	the	the	DET
fbem-22280	104	26	generation	generation	NOUN
fbem-22280	104	27	and	and	CCONJ
fbem-22280	104	28	sale	sale	NOUN
fbem-22280	104	29	of	of	ADP
fbem-22280	104	30	carbon	carbon	NOUN
fbem-22280	104	31	credits	credit	NOUN
fbem-22280	104	32	.	.	PUNCT
fbem-22280	105	1	these	these	DET
fbem-22280	105	2	projects	project	NOUN
fbem-22280	105	3	,	,	PUNCT
fbem-22280	105	4	such	such	ADJ
fbem-22280	105	5	as	as	ADP
fbem-22280	105	6	renewable	renewable	ADJ
fbem-22280	105	7	energy	energy	NOUN
fbem-22280	105	8	installations	installation	NOUN
fbem-22280	105	9	,	,	PUNCT
fbem-22280	105	10	forest	forest	NOUN
fbem-22280	105	11	conservation	conservation	NOUN
fbem-22280	105	12	,	,	PUNCT
fbem-22280	105	13	or	or	CCONJ
fbem-22280	105	14	energy	energy	NOUN
fbem-22280	105	15	efficiency	efficiency	NOUN
fbem-22280	105	16	upgrades	upgrade	NOUN
fbem-22280	105	17	,	,	PUNCT
fbem-22280	105	18	directly	directly	ADV
fbem-22280	105	19	reduce	reduce	VERB
fbem-22280	105	20	emissions	emission	NOUN
fbem-22280	105	21	and	and	CCONJ
fbem-22280	105	22	can	can	AUX
fbem-22280	105	23	generate	generate	VERB
fbem-22280	105	24	carbon	carbon	NOUN
fbem-22280	105	25	credits	credit	NOUN
fbem-22280	105	26	under	under	ADP
fbem-22280	105	27	various	various	ADJ
fbem-22280	105	28	carbon	carbon	NOUN
fbem-22280	105	29	market	market	NOUN
fbem-22280	105	30	frameworks	framework	NOUN
fbem-22280	105	31	.	.	PUNCT
fbem-22280	106	1	the	the	DET
fbem-22280	106	2	sale	sale	NOUN
fbem-22280	106	3	of	of	ADP
fbem-22280	106	4	these	these	DET
fbem-22280	106	5	credits	credit	NOUN
fbem-22280	106	6	creates	create	VERB
fbem-22280	106	7	an	an	DET
fbem-22280	106	8	additional	additional	ADJ
fbem-22280	106	9	revenue	revenue	NOUN
fbem-22280	106	10	stream	stream	NOUN
fbem-22280	106	11	,	,	PUNCT
fbem-22280	106	12	making	make	VERB
fbem-22280	106	13	these	these	DET
fbem-22280	106	14	projects	project	NOUN
fbem-22280	106	15	more	more	ADV
fbem-22280	106	16	attractive	attractive	ADJ
fbem-22280	106	17	to	to	ADP
fbem-22280	106	18	private	private	ADJ
fbem-22280	106	19	credit	credit	NOUN
fbem-22280	106	20	investors	investor	NOUN
fbem-22280	106	21	by	by	ADP
fbem-22280	106	22	improving	improve	VERB
fbem-22280	106	23	their	their	PRON
fbem-22280	106	24	overall	overall	ADJ
fbem-22280	106	25	return	return	NOUN
fbem-22280	106	26	profiles	profile	NOUN
fbem-22280	106	27	.	.	PUNCT
fbem-22280	107	1	the	the	DET
fbem-22280	107	2	presence	presence	NOUN
fbem-22280	107	3	of	of	ADP
fbem-22280	107	4	carbon	carbon	NOUN
fbem-22280	107	5	markets	market	NOUN
fbem-22280	107	6	thus	thus	ADV
fbem-22280	107	7	helps	help	VERB
fbem-22280	107	8	de	de	ADJ
fbem-22280	107	9	-	-	NOUN
fbem-22280	107	10	risk	risk	NOUN
fbem-22280	107	11	investments	investment	NOUN
fbem-22280	107	12	for	for	ADP
fbem-22280	107	13	private	private	ADJ
fbem-22280	107	14	lenders	lender	NOUN
fbem-22280	107	15	by	by	ADP
fbem-22280	107	16	providing	provide	VERB
fbem-22280	107	17	a	a	DET
fbem-22280	107	18	clearer	clear	ADJ
fbem-22280	107	19	pathway	pathway	NOUN
fbem-22280	107	20	to	to	ADP
fbem-22280	107	21	profitability	profitability	NOUN
fbem-22280	107	22	for	for	ADP
fbem-22280	107	23	projects	project	NOUN
fbem-22280	107	24	that	that	PRON
fbem-22280	107	25	have	have	VERB
fbem-22280	107	26	tangible	tangible	ADJ
fbem-22280	107	27	environmental	environmental	ADJ
fbem-22280	107	28	impacts	impact	NOUN
fbem-22280	107	29	.	.	PUNCT
fbem-22280	108	1	this	this	PRON
fbem-22280	108	2	not	not	PART
fbem-22280	108	3	only	only	ADV
fbem-22280	108	4	attracts	attract	VERB
fbem-22280	108	5	more	more	ADJ
fbem-22280	108	6	capital	capital	NOUN
fbem-22280	108	7	into	into	ADP
fbem-22280	108	8	the	the	DET
fbem-22280	108	9	sector	sector	NOUN
fbem-22280	108	10	but	but	CCONJ
fbem-22280	108	11	also	also	ADV
fbem-22280	108	12	encourages	encourage	VERB
fbem-22280	108	13	more	more	ADJ
fbem-22280	108	14	ambitious	ambitious	ADJ
fbem-22280	108	15	carbon	carbon	NOUN
fbem-22280	108	16	reduction	reduction	NOUN
fbem-22280	108	17	projects	project	NOUN
fbem-22280	108	18	.	.	PUNCT
fbem-22280	109	1	4.2.3	4.2.3	X
fbem-22280	109	2	.	.	PUNCT
fbem-22280	110	1	risk	risk	NOUN
fbem-22280	110	2	mitigation	mitigation	NOUN
fbem-22280	110	3	through	through	ADP
fbem-22280	110	4	market	market	NOUN
fbem-22280	110	5	mechanisms	mechanism	NOUN
fbem-22280	110	6	carbon	carbon	NOUN
fbem-22280	110	7	markets	market	NOUN
fbem-22280	110	8	provide	provide	VERB
fbem-22280	110	9	a	a	DET
fbem-22280	110	10	structured	structured	ADJ
fbem-22280	110	11	and	and	CCONJ
fbem-22280	110	12	regulated	regulated	ADJ
fbem-22280	110	13	environment	environment	NOUN
fbem-22280	110	14	that	that	PRON
fbem-22280	110	15	can	can	AUX
fbem-22280	110	16	help	help	VERB
fbem-22280	110	17	mitigate	mitigate	VERB
fbem-22280	110	18	some	some	PRON
fbem-22280	110	19	of	of	ADP
fbem-22280	110	20	the	the	DET
fbem-22280	110	21	risks	risk	NOUN
fbem-22280	110	22	associated	associate	VERB
fbem-22280	110	23	with	with	ADP
fbem-22280	110	24	private	private	ADJ
fbem-22280	110	25	credit	credit	NOUN
fbem-22280	110	26	investments	investment	NOUN
fbem-22280	110	27	in	in	ADP
fbem-22280	110	28	green	green	ADJ
fbem-22280	110	29	projects	project	NOUN
fbem-22280	110	30	.	.	PUNCT
fbem-22280	111	1	by	by	ADP
fbem-22280	111	2	establishing	establish	VERB
fbem-22280	111	3	clear	clear	ADJ
fbem-22280	111	4	pricing	pricing	NOUN
fbem-22280	111	5	and	and	CCONJ
fbem-22280	111	6	trading	trading	NOUN
fbem-22280	111	7	mechanisms	mechanism	NOUN
fbem-22280	111	8	,	,	PUNCT
fbem-22280	111	9	carbon	carbon	NOUN
fbem-22280	111	10	markets	market	NOUN
fbem-22280	111	11	reduce	reduce	VERB
fbem-22280	111	12	the	the	DET
fbem-22280	111	13	uncertainty	uncertainty	NOUN
fbem-22280	111	14	around	around	ADP
fbem-22280	111	15	the	the	DET
fbem-22280	111	16	financial	financial	ADJ
fbem-22280	111	17	valuation	valuation	NOUN
fbem-22280	111	18	of	of	ADP
fbem-22280	111	19	carbon	carbon	NOUN
fbem-22280	111	20	reductions	reduction	NOUN
fbem-22280	111	21	.	.	PUNCT
fbem-22280	112	1	this	this	DET
fbem-22280	112	2	regulatory	regulatory	ADJ
fbem-22280	112	3	framework	framework	NOUN
fbem-22280	112	4	offers	offer	VERB
fbem-22280	112	5	a	a	DET
fbem-22280	112	6	degree	degree	NOUN
fbem-22280	112	7	of	of	ADP
fbem-22280	112	8	security	security	NOUN
fbem-22280	112	9	for	for	ADP
fbem-22280	112	10	private	private	ADJ
fbem-22280	112	11	credit	credit	NOUN
fbem-22280	112	12	providers	provider	NOUN
fbem-22280	112	13	,	,	PUNCT
fbem-22280	112	14	ensuring	ensure	VERB
fbem-22280	112	15	that	that	SCONJ
fbem-22280	112	16	the	the	DET
fbem-22280	112	17	environmental	environmental	ADJ
fbem-22280	112	18	assets	asset	NOUN
fbem-22280	112	19	created	create	VERB
fbem-22280	112	20	by	by	ADP
fbem-22280	112	21	their	their	PRON
fbem-22280	112	22	financed	finance	VERB
fbem-22280	112	23	projects	project	NOUN
fbem-22280	112	24	have	have	VERB
fbem-22280	112	25	a	a	DET
fbem-22280	112	26	quantifiable	quantifiable	ADJ
fbem-22280	112	27	and	and	CCONJ
fbem-22280	112	28	marketable	marketable	ADJ
fbem-22280	112	29	value	value	NOUN
fbem-22280	112	30	.	.	PUNCT
fbem-22280	113	1	moreover	moreover	ADV
fbem-22280	113	2	,	,	PUNCT
fbem-22280	113	3	the	the	DET
fbem-22280	113	4	evolving	evolve	VERB
fbem-22280	113	5	regulatory	regulatory	ADJ
fbem-22280	113	6	landscape	landscape	NOUN
fbem-22280	113	7	around	around	ADP
fbem-22280	113	8	carbon	carbon	NOUN
fbem-22280	113	9	markets	market	NOUN
fbem-22280	113	10	,	,	PUNCT
fbem-22280	113	11	including	include	VERB
fbem-22280	113	12	the	the	DET
fbem-22280	113	13	implementation	implementation	NOUN
fbem-22280	113	14	of	of	ADP
fbem-22280	113	15	policies	policy	NOUN
fbem-22280	113	16	like	like	ADP
fbem-22280	113	17	the	the	DET
fbem-22280	113	18	carbon	carbon	NOUN
fbem-22280	113	19	border	border	NOUN
fbem-22280	113	20	adjustment	adjustment	NOUN
fbem-22280	113	21	mechanism	mechanism	NOUN
fbem-22280	113	22	(	(	PUNCT
fbem-22280	113	23	cbam	cbam	NOUN
fbem-22280	113	24	)	)	PUNCT
fbem-22280	113	25	,	,	PUNCT
fbem-22280	113	26	adds	add	VERB
fbem-22280	113	27	layers	layer	NOUN
fbem-22280	113	28	of	of	ADP
fbem-22280	113	29	compliance	compliance	NOUN
fbem-22280	113	30	and	and	CCONJ
fbem-22280	113	31	standardization	standardization	NOUN
fbem-22280	113	32	that	that	PRON
fbem-22280	113	33	further	far	ADV
fbem-22280	113	34	mitigate	mitigate	VERB
fbem-22280	113	35	risk	risk	NOUN
fbem-22280	113	36	.	.	PUNCT
fbem-22280	114	1	private	private	ADJ
fbem-22280	114	2	credit	credit	NOUN
fbem-22280	114	3	providers	provider	NOUN
fbem-22280	114	4	can	can	AUX
fbem-22280	114	5	leverage	leverage	VERB
fbem-22280	114	6	these	these	DET
fbem-22280	114	7	regulations	regulation	NOUN
fbem-22280	114	8	to	to	PART
fbem-22280	114	9	ensure	ensure	VERB
fbem-22280	114	10	that	that	SCONJ
fbem-22280	114	11	financed	finance	VERB
fbem-22280	114	12	projects	project	NOUN
fbem-22280	114	13	not	not	PART
fbem-22280	114	14	only	only	ADV
fbem-22280	114	15	yield	yield	VERB
fbem-22280	114	16	financial	financial	ADJ
fbem-22280	114	17	returns	return	NOUN
fbem-22280	114	18	but	but	CCONJ
fbem-22280	114	19	also	also	ADV
fbem-22280	114	20	comply	comply	VERB
fbem-22280	114	21	with	with	ADP
fbem-22280	114	22	international	international	ADJ
fbem-22280	114	23	standards	standard	NOUN
fbem-22280	114	24	,	,	PUNCT
fbem-22280	114	25	enhancing	enhance	VERB
fbem-22280	114	26	their	their	PRON
fbem-22280	114	27	marketability	marketability	NOUN
fbem-22280	114	28	and	and	CCONJ
fbem-22280	114	29	sustainability	sustainability	NOUN
fbem-22280	114	30	.	.	PUNCT
fbem-22280	115	1	5	5	X
fbem-22280	115	2	.	.	X
fbem-22280	115	3	discussion	discussion	NOUN
fbem-22280	115	4	and	and	CCONJ
fbem-22280	115	5	strategic	strategic	ADJ
fbem-22280	115	6	implications	implication	NOUN
fbem-22280	115	7	5.1	5.1	NUM
fbem-22280	115	8	.	.	PUNCT
fbem-22280	116	1	strategic	strategic	ADJ
fbem-22280	116	2	reevaluation	reevaluation	NOUN
fbem-22280	116	3	for	for	ADP
fbem-22280	116	4	pension	pension	NOUN
fbem-22280	116	5	funds	fund	NOUN
fbem-22280	116	6	the	the	DET
fbem-22280	116	7	ongoing	ongoing	ADJ
fbem-22280	116	8	development	development	NOUN
fbem-22280	116	9	of	of	ADP
fbem-22280	116	10	carbon	carbon	NOUN
fbem-22280	116	11	markets	market	NOUN
fbem-22280	116	12	necessitates	necessitate	VERB
fbem-22280	116	13	a	a	DET
fbem-22280	116	14	strategic	strategic	ADJ
fbem-22280	116	15	reevaluation	reevaluation	NOUN
fbem-22280	116	16	of	of	ADP
fbem-22280	116	17	investment	investment	NOUN
fbem-22280	116	18	portfolios	portfolio	NOUN
fbem-22280	116	19	by	by	ADP
fbem-22280	116	20	pension	pension	NOUN
fbem-22280	116	21	funds	fund	NOUN
fbem-22280	116	22	.	.	PUNCT
fbem-22280	117	1	funds	fund	NOUN
fbem-22280	117	2	need	need	VERB
fbem-22280	117	3	to	to	PART
fbem-22280	117	4	consider	consider	VERB
fbem-22280	117	5	the	the	DET
fbem-22280	117	6	long	long	ADJ
fbem-22280	117	7	-	-	PUNCT
fbem-22280	117	8	term	term	NOUN
fbem-22280	117	9	implications	implication	NOUN
fbem-22280	117	10	of	of	ADP
fbem-22280	117	11	increased	increase	VERB
fbem-22280	117	12	regulation	regulation	NOUN
fbem-22280	117	13	and	and	CCONJ
fbem-22280	117	14	carbon	carbon	NOUN
fbem-22280	117	15	pricing	pricing	NOUN
fbem-22280	117	16	on	on	ADP
fbem-22280	117	17	asset	asset	NOUN
fbem-22280	117	18	valuations	valuation	NOUN
fbem-22280	117	19	and	and	CCONJ
fbem-22280	117	20	incorporate	incorporate	VERB
fbem-22280	117	21	esg	esg	NOUN
fbem-22280	117	22	considerations	consideration	NOUN
fbem-22280	117	23	and	and	CCONJ
fbem-22280	117	24	private	private	ADJ
fbem-22280	117	25	credit	credit	NOUN
fbem-22280	117	26	into	into	ADP
fbem-22280	117	27	their	their	PRON
fbem-22280	117	28	strategies	strategy	NOUN
fbem-22280	117	29	to	to	PART
fbem-22280	117	30	enhance	enhance	VERB
fbem-22280	117	31	returns	return	NOUN
fbem-22280	117	32	and	and	CCONJ
fbem-22280	117	33	mitigate	mitigate	VERB
fbem-22280	117	34	risks	risk	NOUN
fbem-22280	117	35	associated	associate	VERB
fbem-22280	117	36	with	with	ADP
fbem-22280	117	37	the	the	DET
fbem-22280	117	38	transition	transition	NOUN
fbem-22280	117	39	to	to	ADP
fbem-22280	117	40	a	a	DET
fbem-22280	117	41	low	low	ADJ
fbem-22280	117	42	-	-	PUNCT
fbem-22280	117	43	carbon	carbon	NOUN
fbem-22280	117	44	economy	economy	NOUN
fbem-22280	117	45	.	.	PUNCT
fbem-22280	118	1	5.1.1	5.1.1	X
fbem-22280	118	2	.	.	PUNCT
fbem-22280	118	3	assessing	assess	VERB
fbem-22280	118	4	climate	climate	NOUN
fbem-22280	118	5	-	-	PUNCT
fbem-22280	118	6	related	relate	VERB
fbem-22280	118	7	financial	financial	ADJ
fbem-22280	118	8	risks	risk	NOUN
fbem-22280	118	9	pension	pension	NOUN
fbem-22280	118	10	funds	fund	NOUN
fbem-22280	118	11	are	be	AUX
fbem-22280	118	12	increasingly	increasingly	ADV
fbem-22280	118	13	required	require	VERB
fbem-22280	118	14	to	to	PART
fbem-22280	118	15	consider	consider	VERB
fbem-22280	118	16	the	the	DET
fbem-22280	118	17	financial	financial	ADJ
fbem-22280	118	18	risks	risk	NOUN
fbem-22280	118	19	associated	associate	VERB
fbem-22280	118	20	with	with	ADP
fbem-22280	118	21	climate	climate	NOUN
fbem-22280	118	22	change	change	NOUN
fbem-22280	118	23	,	,	PUNCT
fbem-22280	118	24	which	which	PRON
fbem-22280	118	25	can	can	AUX
fbem-22280	118	26	affect	affect	VERB
fbem-22280	118	27	the	the	DET
fbem-22280	118	28	performance	performance	NOUN
fbem-22280	118	29	of	of	ADP
fbem-22280	118	30	investment	investment	NOUN
fbem-22280	118	31	portfolios	portfolio	NOUN
fbem-22280	118	32	across	across	ADP
fbem-22280	118	33	many	many	ADJ
fbem-22280	118	34	sectors	sector	NOUN
fbem-22280	118	35	.	.	PUNCT
fbem-22280	119	1	these	these	DET
fbem-22280	119	2	risks	risk	NOUN
fbem-22280	119	3	come	come	VERB
fbem-22280	119	4	in	in	ADP
fbem-22280	119	5	various	various	ADJ
fbem-22280	119	6	forms	form	NOUN
fbem-22280	119	7	,	,	PUNCT
fbem-22280	119	8	such	such	ADJ
fbem-22280	119	9	as	as	ADP
fbem-22280	119	10	physical	physical	ADJ
fbem-22280	119	11	risks	risk	NOUN
fbem-22280	119	12	from	from	ADP
fbem-22280	119	13	the	the	DET
fbem-22280	119	14	increasing	increase	VERB
fbem-22280	119	15	severity	severity	NOUN
fbem-22280	119	16	and	and	CCONJ
fbem-22280	119	17	frequency	frequency	NOUN
fbem-22280	119	18	of	of	ADP
fbem-22280	119	19	climaterelated	climaterelate	VERB
fbem-22280	119	20	events	event	NOUN
fbem-22280	119	21	(	(	PUNCT
fbem-22280	119	22	e.g.	e.g.	ADV
fbem-22280	119	23	,	,	PUNCT
fbem-22280	119	24	hurricanes	hurricane	NOUN
fbem-22280	119	25	,	,	PUNCT
fbem-22280	119	26	droughts	drought	NOUN
fbem-22280	119	27	)	)	PUNCT
fbem-22280	119	28	and	and	CCONJ
fbem-22280	119	29	transition	transition	NOUN
fbem-22280	119	30	risks	risk	NOUN
fbem-22280	119	31	associated	associate	VERB
fbem-22280	119	32	with	with	ADP
fbem-22280	119	33	shifting	shift	VERB
fbem-22280	119	34	towards	towards	ADP
fbem-22280	119	35	a	a	DET
fbem-22280	119	36	low	low	ADJ
fbem-22280	119	37	-	-	PUNCT
fbem-22280	119	38	carbon	carbon	NOUN
fbem-22280	119	39	economy	economy	NOUN
fbem-22280	119	40	(	(	PUNCT
fbem-22280	119	41	e.g.	e.g.	ADV
fbem-22280	119	42	,	,	PUNCT
fbem-22280	119	43	changes	change	NOUN
fbem-22280	119	44	in	in	ADP
fbem-22280	119	45	policies	policy	NOUN
fbem-22280	119	46	,	,	PUNCT
fbem-22280	119	47	technologies	technology	NOUN
fbem-22280	119	48	,	,	PUNCT
fbem-22280	119	49	and	and	CCONJ
fbem-22280	119	50	market	market	NOUN
fbem-22280	119	51	dynamics	dynamic	NOUN
fbem-22280	119	52	)	)	PUNCT
fbem-22280	119	53	.	.	PUNCT
fbem-22280	120	1	strategic	strategic	ADJ
fbem-22280	120	2	reevaluation	reevaluation	NOUN
fbem-22280	120	3	involves	involve	VERB
fbem-22280	120	4	conducting	conduct	VERB
fbem-22280	120	5	detailed	detailed	ADJ
fbem-22280	120	6	risk	risk	NOUN
fbem-22280	120	7	assessments	assessment	NOUN
fbem-22280	120	8	to	to	PART
fbem-22280	120	9	understand	understand	VERB
fbem-22280	120	10	how	how	SCONJ
fbem-22280	120	11	these	these	DET
fbem-22280	120	12	risks	risk	NOUN
fbem-22280	120	13	might	might	AUX
fbem-22280	120	14	impact	impact	VERB
fbem-22280	120	15	current	current	ADJ
fbem-22280	120	16	and	and	CCONJ
fbem-22280	120	17	future	future	ADJ
fbem-22280	120	18	investments	investment	NOUN
fbem-22280	120	19	.	.	PUNCT
fbem-22280	121	1	5.1.2	5.1.2	X
fbem-22280	121	2	.	.	X
fbem-22280	121	3	incorporating	incorporate	VERB
fbem-22280	121	4	carbon	carbon	NOUN
fbem-22280	121	5	pricing	pricing	NOUN
fbem-22280	121	6	into	into	ADP
fbem-22280	121	7	investment	investment	NOUN
fbem-22280	121	8	decisions	decision	NOUN
fbem-22280	121	9	with	with	ADP
fbem-22280	121	10	the	the	DET
fbem-22280	121	11	global	global	ADJ
fbem-22280	121	12	expansion	expansion	NOUN
fbem-22280	121	13	of	of	ADP
fbem-22280	121	14	carbon	carbon	NOUN
fbem-22280	121	15	markets	market	NOUN
fbem-22280	121	16	,	,	PUNCT
fbem-22280	121	17	carbon	carbon	NOUN
fbem-22280	121	18	pricing	pricing	NOUN
fbem-22280	121	19	has	have	AUX
fbem-22280	121	20	become	become	VERB
fbem-22280	121	21	a	a	DET
fbem-22280	121	22	critical	critical	ADJ
fbem-22280	121	23	economic	economic	ADJ
fbem-22280	121	24	factor	factor	NOUN
fbem-22280	121	25	that	that	PRON
fbem-22280	121	26	needs	need	VERB
fbem-22280	121	27	to	to	PART
fbem-22280	121	28	be	be	AUX
fbem-22280	121	29	integrated	integrate	VERB
fbem-22280	121	30	into	into	ADP
fbem-22280	121	31	investment	investment	NOUN
fbem-22280	121	32	analysis	analysis	NOUN
fbem-22280	121	33	and	and	CCONJ
fbem-22280	121	34	decision	decision	NOUN
fbem-22280	121	35	-	-	PUNCT
fbem-22280	121	36	making	make	VERB
fbem-22280	121	37	processes	process	NOUN
fbem-22280	121	38	.	.	PUNCT
fbem-22280	122	1	pension	pension	NOUN
fbem-22280	122	2	funds	fund	NOUN
fbem-22280	122	3	need	need	VERB
fbem-22280	122	4	to	to	PART
fbem-22280	122	5	account	account	VERB
fbem-22280	122	6	for	for	ADP
fbem-22280	122	7	the	the	DET
fbem-22280	122	8	costs	cost	NOUN
fbem-22280	122	9	and	and	CCONJ
fbem-22280	122	10	opportunities	opportunity	NOUN
fbem-22280	122	11	created	create	VERB
fbem-22280	122	12	by	by	ADP
fbem-22280	122	13	carbon	carbon	NOUN
fbem-22280	122	14	pricing	pricing	NOUN
fbem-22280	122	15	mechanisms	mechanism	NOUN
fbem-22280	122	16	,	,	PUNCT
fbem-22280	122	17	which	which	PRON
fbem-22280	122	18	can	can	AUX
fbem-22280	122	19	affect	affect	VERB
fbem-22280	122	20	the	the	DET
fbem-22280	122	21	valuation	valuation	NOUN
fbem-22280	122	22	of	of	ADP
fbem-22280	122	23	assets	asset	NOUN
fbem-22280	122	24	and	and	CCONJ
fbem-22280	122	25	potentially	potentially	ADV
fbem-22280	122	26	shift	shift	VERB
fbem-22280	122	27	profitability	profitability	NOUN
fbem-22280	122	28	across	across	ADP
fbem-22280	122	29	sectors	sector	NOUN
fbem-22280	122	30	.	.	PUNCT
fbem-22280	123	1	investments	investment	NOUN
fbem-22280	123	2	in	in	ADP
fbem-22280	123	3	industries	industry	NOUN
fbem-22280	123	4	heavily	heavily	ADV
fbem-22280	123	5	reliant	reliant	ADJ
fbem-22280	123	6	on	on	ADP
fbem-22280	123	7	fossil	fossil	ADJ
fbem-22280	123	8	fuels	fuel	NOUN
fbem-22280	123	9	might	might	AUX
fbem-22280	123	10	become	become	VERB
fbem-22280	123	11	less	less	ADV
fbem-22280	123	12	attractive	attractive	ADJ
fbem-22280	123	13	,	,	PUNCT
fbem-22280	123	14	whereas	whereas	SCONJ
fbem-22280	123	15	opportunities	opportunity	NOUN
fbem-22280	123	16	in	in	ADP
fbem-22280	123	17	renewable	renewable	ADJ
fbem-22280	123	18	energy	energy	NOUN
fbem-22280	123	19	,	,	PUNCT
fbem-22280	123	20	energy	energy	NOUN
fbem-22280	123	21	efficiency	efficiency	NOUN
fbem-22280	123	22	technologies	technology	NOUN
fbem-22280	123	23	,	,	PUNCT
fbem-22280	123	24	and	and	CCONJ
fbem-22280	123	25	other	other	ADJ
fbem-22280	123	26	low	low	ADJ
fbem-22280	123	27	-	-	PUNCT
fbem-22280	123	28	carbon	carbon	NOUN
fbem-22280	123	29	initiatives	initiative	NOUN
fbem-22280	123	30	may	may	AUX
fbem-22280	123	31	present	present	VERB
fbem-22280	123	32	new	new	ADJ
fbem-22280	123	33	growth	growth	NOUN
fbem-22280	123	34	areas	area	NOUN
fbem-22280	123	35	.	.	PUNCT
fbem-22280	124	1	5.1.3	5.1.3	X
fbem-22280	124	2	.	.	PUNCT
fbem-22280	124	3	diversifying	diversify	VERB
fbem-22280	124	4	portfolios	portfolio	NOUN
fbem-22280	124	5	with	with	ADP
fbem-22280	124	6	green	green	ADJ
fbem-22280	124	7	investments	investment	NOUN
fbem-22280	124	8	diversification	diversification	NOUN
fbem-22280	124	9	is	be	AUX
fbem-22280	124	10	a	a	DET
fbem-22280	124	11	foundational	foundational	ADJ
fbem-22280	124	12	strategy	strategy	NOUN
fbem-22280	124	13	for	for	ADP
fbem-22280	124	14	risk	risk	NOUN
fbem-22280	124	15	management	management	NOUN
fbem-22280	124	16	in	in	ADP
fbem-22280	124	17	investment	investment	NOUN
fbem-22280	124	18	portfolios	portfolio	NOUN
fbem-22280	124	19	.	.	PUNCT
fbem-22280	125	1	as	as	ADP
fbem-22280	125	2	part	part	NOUN
fbem-22280	125	3	of	of	ADP
fbem-22280	125	4	their	their	PRON
fbem-22280	125	5	strategic	strategic	ADJ
fbem-22280	125	6	reevaluation	reevaluation	NOUN
fbem-22280	125	7	,	,	PUNCT
fbem-22280	125	8	pension	pension	NOUN
fbem-22280	125	9	funds	fund	NOUN
fbem-22280	125	10	are	be	AUX
fbem-22280	125	11	looking	look	VERB
fbem-22280	125	12	to	to	PART
fbem-22280	125	13	diversify	diversify	VERB
fbem-22280	125	14	their	their	PRON
fbem-22280	125	15	investments	investment	NOUN
fbem-22280	125	16	by	by	ADP
fbem-22280	125	17	including	include	VERB
fbem-22280	125	18	more	more	ADJ
fbem-22280	125	19	green	green	ADJ
fbem-22280	125	20	assets	asset	NOUN
fbem-22280	125	21	,	,	PUNCT
fbem-22280	125	22	such	such	ADJ
fbem-22280	125	23	as	as	ADP
fbem-22280	125	24	green	green	ADJ
fbem-22280	125	25	bonds	bond	NOUN
fbem-22280	125	26	,	,	PUNCT
fbem-22280	125	27	sustainable	sustainable	ADJ
fbem-22280	125	28	equities	equity	NOUN
fbem-22280	125	29	,	,	PUNCT
fbem-22280	125	30	and	and	CCONJ
fbem-22280	125	31	infrastructure	infrastructure	NOUN
fbem-22280	125	32	projects	project	NOUN
fbem-22280	125	33	that	that	PRON
fbem-22280	125	34	contribute	contribute	VERB
fbem-22280	125	35	to	to	ADP
fbem-22280	125	36	carbon	carbon	NOUN
fbem-22280	125	37	reduction	reduction	NOUN
fbem-22280	125	38	and	and	CCONJ
fbem-22280	125	39	are	be	AUX
fbem-22280	125	40	aligned	align	VERB
fbem-22280	125	41	with	with	ADP
fbem-22280	125	42	esg	esg	PROPN
fbem-22280	125	43	criteria	criterion	NOUN
fbem-22280	125	44	.	.	PUNCT
fbem-22280	126	1	these	these	DET
fbem-22280	126	2	assets	asset	NOUN
fbem-22280	126	3	not	not	PART
fbem-22280	126	4	only	only	ADV
fbem-22280	126	5	help	help	AUX
fbem-22280	126	6	mitigate	mitigate	VERB
fbem-22280	126	7	risk	risk	NOUN
fbem-22280	126	8	but	but	CCONJ
fbem-22280	126	9	also	also	ADV
fbem-22280	126	10	contribute	contribute	VERB
fbem-22280	126	11	to	to	ADP
fbem-22280	126	12	the	the	DET
fbem-22280	126	13	broader	broad	ADJ
fbem-22280	126	14	social	social	ADJ
fbem-22280	126	15	responsibility	responsibility	NOUN
fbem-22280	126	16	goals	goal	NOUN
fbem-22280	126	17	of	of	ADP
fbem-22280	126	18	the	the	DET
fbem-22280	126	19	funds	fund	NOUN
fbem-22280	126	20	,	,	PUNCT
fbem-22280	126	21	potentially	potentially	ADV
fbem-22280	126	22	enhancing	enhance	VERB
fbem-22280	126	23	their	their	PRON
fbem-22280	126	24	public	public	ADJ
fbem-22280	126	25	image	image	NOUN
fbem-22280	126	26	and	and	CCONJ
fbem-22280	126	27	appeal	appeal	VERB
fbem-22280	126	28	to	to	ADP
fbem-22280	126	29	environmentally	environmentally	ADV
fbem-22280	126	30	conscious	conscious	ADJ
fbem-22280	126	31	investors	investor	NOUN
fbem-22280	126	32	.	.	PUNCT
fbem-22280	127	1	5.2	5.2	NUM
fbem-22280	127	2	.	.	PUNCT
fbem-22280	128	1	policy	policy	NOUN
fbem-22280	128	2	recommendations	recommendation	NOUN
fbem-22280	128	3	for	for	ADP
fbem-22280	128	4	enhancing	enhance	VERB
fbem-22280	128	5	market	market	NOUN
fbem-22280	128	6	efficiency	efficiency	NOUN
fbem-22280	128	7	policymakers	policymaker	NOUN
fbem-22280	128	8	should	should	AUX
fbem-22280	128	9	craft	craft	VERB
fbem-22280	128	10	regulations	regulation	NOUN
fbem-22280	128	11	that	that	PRON
fbem-22280	128	12	encourage	encourage	VERB
fbem-22280	128	13	pension	pension	NOUN
fbem-22280	128	14	funds	fund	NOUN
fbem-22280	128	15	to	to	PART
fbem-22280	128	16	align	align	VERB
fbem-22280	128	17	their	their	PRON
fbem-22280	128	18	investment	investment	NOUN
fbem-22280	128	19	strategies	strategy	NOUN
fbem-22280	128	20	with	with	ADP
fbem-22280	128	21	sustainable	sustainable	ADJ
fbem-22280	128	22	practices	practice	NOUN
fbem-22280	128	23	.	.	PUNCT
fbem-22280	129	1	policies	policy	NOUN
fbem-22280	129	2	could	could	AUX
fbem-22280	129	3	include	include	VERB
fbem-22280	129	4	incentives	incentive	NOUN
fbem-22280	129	5	for	for	ADP
fbem-22280	129	6	investing	invest	VERB
fbem-22280	129	7	in	in	ADP
fbem-22280	129	8	green	green	ADJ
fbem-22280	129	9	bonds	bond	NOUN
fbem-22280	129	10	or	or	CCONJ
fbem-22280	129	11	private	private	ADJ
fbem-22280	129	12	credit	credit	NOUN
fbem-22280	129	13	schemes	scheme	NOUN
fbem-22280	129	14	that	that	PRON
fbem-22280	129	15	fund	fund	VERB
fbem-22280	129	16	carbon	carbon	NOUN
fbem-22280	129	17	reduction	reduction	NOUN
fbem-22280	129	18	projects	project	NOUN
fbem-22280	129	19	,	,	PUNCT
fbem-22280	129	20	potentially	potentially	ADV
fbem-22280	129	21	stabilizing	stabilize	VERB
fbem-22280	129	22	the	the	DET
fbem-22280	129	23	financial	financial	ADJ
fbem-22280	129	24	basis	basis	NOUN
fbem-22280	129	25	of	of	ADP
fbem-22280	129	26	retirement	retirement	NOUN
fbem-22280	129	27	savings	saving	NOUN
fbem-22280	129	28	while	while	SCONJ
fbem-22280	129	29	advancing	advance	VERB
fbem-22280	129	30	environmental	environmental	ADJ
fbem-22280	129	31	goals	goal	NOUN
fbem-22280	129	32	.	.	PUNCT
fbem-22280	130	1	5.2.1	5.2.1	X
fbem-22280	130	2	.	.	X
fbem-22280	130	3	strengthening	strengthen	VERB
fbem-22280	130	4	price	price	NOUN
fbem-22280	130	5	signals	signal	NOUN
fbem-22280	130	6	in	in	ADP
fbem-22280	130	7	carbon	carbon	NOUN
fbem-22280	130	8	markets	market	NOUN
fbem-22280	130	9	a	a	DET
fbem-22280	130	10	robust	robust	ADJ
fbem-22280	130	11	and	and	CCONJ
fbem-22280	130	12	clear	clear	ADJ
fbem-22280	130	13	price	price	NOUN
fbem-22280	130	14	signal	signal	NOUN
fbem-22280	130	15	is	be	AUX
fbem-22280	130	16	fundamental	fundamental	ADJ
fbem-22280	130	17	for	for	ADP
fbem-22280	130	18	the	the	DET
fbem-22280	130	19	efficiency	efficiency	NOUN
fbem-22280	130	20	of	of	ADP
fbem-22280	130	21	carbon	carbon	NOUN
fbem-22280	130	22	markets	market	NOUN
fbem-22280	130	23	.	.	PUNCT
fbem-22280	131	1	policymakers	policymaker	NOUN
fbem-22280	131	2	should	should	AUX
fbem-22280	131	3	focus	focus	VERB
fbem-22280	131	4	on	on	ADP
fbem-22280	131	5	mechanisms	mechanism	NOUN
fbem-22280	131	6	that	that	PRON
fbem-22280	131	7	stabilize	stabilize	VERB
fbem-22280	131	8	and	and	CCONJ
fbem-22280	131	9	possibly	possibly	ADV
fbem-22280	131	10	increase	increase	VERB
fbem-22280	131	11	carbon	carbon	NOUN
fbem-22280	131	12	prices	price	NOUN
fbem-22280	131	13	to	to	PART
fbem-22280	131	14	reflect	reflect	VERB
fbem-22280	131	15	the	the	DET
fbem-22280	131	16	true	true	ADJ
fbem-22280	131	17	social	social	ADJ
fbem-22280	131	18	cost	cost	NOUN
fbem-22280	131	19	of	of	ADP
fbem-22280	131	20	carbon	carbon	NOUN
fbem-22280	131	21	emissions	emission	NOUN
fbem-22280	131	22	more	more	ADV
fbem-22280	131	23	accurately	accurately	ADV
fbem-22280	131	24	.	.	PUNCT
fbem-22280	132	1	this	this	PRON
fbem-22280	132	2	could	could	AUX
fbem-22280	132	3	involve	involve	VERB
fbem-22280	132	4	setting	set	VERB
fbem-22280	132	5	a	a	DET
fbem-22280	132	6	minimum	minimum	ADJ
fbem-22280	132	7	price	price	NOUN
fbem-22280	132	8	floor	floor	NOUN
fbem-22280	132	9	or	or	CCONJ
fbem-22280	132	10	adjusting	adjust	VERB
fbem-22280	132	11	supply	supply	NOUN
fbem-22280	132	12	mechanisms	mechanism	NOUN
fbem-22280	132	13	within	within	ADP
fbem-22280	132	14	cap	cap	NOUN
fbem-22280	132	15	-	-	PUNCT
fbem-22280	132	16	and	and	CCONJ
fbem-22280	132	17	-	-	PUNCT
fbem-22280	132	18	trade	trade	NOUN
fbem-22280	132	19	systems	system	NOUN
fbem-22280	132	20	to	to	PART
fbem-22280	132	21	avoid	avoid	VERB
fbem-22280	132	22	price	price	NOUN
fbem-22280	132	23	crashes	crash	NOUN
fbem-22280	132	24	and	and	CCONJ
fbem-22280	132	25	ensure	ensure	VERB
fbem-22280	132	26	that	that	SCONJ
fbem-22280	132	27	carbon	carbon	NOUN
fbem-22280	132	28	pricing	pricing	NOUN
fbem-22280	132	29	remains	remain	VERB
fbem-22280	132	30	a	a	DET
fbem-22280	132	31	significant	significant	ADJ
fbem-22280	132	32	incentive	incentive	NOUN
fbem-22280	132	33	for	for	ADP
fbem-22280	132	34	reducing	reduce	VERB
fbem-22280	132	35	emissions	emission	NOUN
fbem-22280	132	36	.	.	PUNCT
fbem-22280	133	1	implement	implement	VERB
fbem-22280	133	2	price	price	NOUN
fbem-22280	133	3	controls	control	NOUN
fbem-22280	133	4	such	such	ADJ
fbem-22280	133	5	as	as	ADP
fbem-22280	133	6	floor	floor	NOUN
fbem-22280	133	7	prices	price	NOUN
fbem-22280	133	8	or	or	CCONJ
fbem-22280	133	9	price	price	NOUN
fbem-22280	133	10	ceilings	ceiling	NOUN
fbem-22280	133	11	to	to	PART
fbem-22280	133	12	prevent	prevent	VERB
fbem-22280	133	13	market	market	NOUN
fbem-22280	133	14	volatility	volatility	NOUN
fbem-22280	133	15	and	and	CCONJ
fbem-22280	133	16	ensure	ensure	VERB
fbem-22280	133	17	consistent	consistent	ADJ
fbem-22280	133	18	pricing	pricing	NOUN
fbem-22280	133	19	that	that	PRON
fbem-22280	133	20	encourages	encourage	VERB
fbem-22280	133	21	long	long	ADJ
fbem-22280	133	22	-	-	PUNCT
fbem-22280	133	23	term	term	NOUN
fbem-22280	133	24	investment	investment	NOUN
fbem-22280	133	25	in	in	ADP
fbem-22280	133	26	low	low	ADJ
fbem-22280	133	27	-	-	PUNCT
fbem-22280	133	28	carbon	carbon	NOUN
fbem-22280	133	29	technologies	technology	NOUN
fbem-22280	133	30	.	.	PUNCT
fbem-22280	134	1	5.2.2	5.2.2	NUM
fbem-22280	134	2	.	.	PUNCT
fbem-22280	134	3	harmonizing	harmonize	VERB
fbem-22280	134	4	carbon	carbon	NOUN
fbem-22280	134	5	markets	market	NOUN
fbem-22280	134	6	differences	difference	NOUN
fbem-22280	134	7	in	in	ADP
fbem-22280	134	8	carbon	carbon	NOUN
fbem-22280	134	9	market	market	NOUN
fbem-22280	134	10	frameworks	framework	NOUN
fbem-22280	134	11	across	across	ADP
fbem-22280	134	12	regions	region	NOUN
fbem-22280	134	13	can	can	AUX
fbem-22280	134	14	lead	lead	VERB
fbem-22280	134	15	to	to	ADP
fbem-22280	134	16	inefficiencies	inefficiency	NOUN
fbem-22280	134	17	and	and	CCONJ
fbem-22280	134	18	complexities	complexity	NOUN
fbem-22280	134	19	that	that	PRON
fbem-22280	134	20	hinder	hinder	VERB
fbem-22280	134	21	the	the	DET
fbem-22280	134	22	effectiveness	effectiveness	NOUN
fbem-22280	134	23	of	of	ADP
fbem-22280	134	24	carbon	carbon	NOUN
fbem-22280	134	25	trading	trading	NOUN
fbem-22280	134	26	systems	system	NOUN
fbem-22280	134	27	.	.	PUNCT
fbem-22280	135	1	harmonizing	harmonize	VERB
fbem-22280	135	2	these	these	DET
fbem-22280	135	3	systems	system	NOUN
fbem-22280	135	4	through	through	ADP
fbem-22280	135	5	mutual	mutual	ADJ
fbem-22280	135	6	recognition	recognition	NOUN
fbem-22280	135	7	of	of	ADP
fbem-22280	135	8	emission	emission	NOUN
fbem-22280	135	9	reduction	reduction	NOUN
fbem-22280	135	10	credits	credit	NOUN
fbem-22280	135	11	and	and	CCONJ
fbem-22280	135	12	standardized	standardized	ADJ
fbem-22280	135	13	monitoring	monitoring	NOUN
fbem-22280	135	14	,	,	PUNCT
fbem-22280	135	15	reporting	reporting	NOUN
fbem-22280	135	16	,	,	PUNCT
fbem-22280	135	17	and	and	CCONJ
fbem-22280	135	18	verification	verification	NOUN
fbem-22280	135	19	(	(	PUNCT
fbem-22280	135	20	mrv	mrv	NOUN
fbem-22280	135	21	)	)	PUNCT
fbem-22280	135	22	processes	process	NOUN
fbem-22280	135	23	can	can	AUX
fbem-22280	135	24	reduce	reduce	VERB
fbem-22280	135	25	administrative	administrative	ADJ
fbem-22280	135	26	burdens	burden	NOUN
fbem-22280	135	27	and	and	CCONJ
fbem-22280	135	28	transaction	transaction	NOUN
fbem-22280	135	29	costs	cost	NOUN
fbem-22280	135	30	,	,	PUNCT
fbem-22280	135	31	making	make	VERB
fbem-22280	135	32	carbon	carbon	NOUN
fbem-22280	135	33	markets	market	NOUN
fbem-22280	135	34	more	more	ADV
fbem-22280	135	35	accessible	accessible	ADJ
fbem-22280	135	36	and	and	CCONJ
fbem-22280	135	37	effective	effective	ADJ
fbem-22280	135	38	.	.	PUNCT
fbem-22280	136	1	encourage	encourage	VERB
fbem-22280	136	2	international	international	ADJ
fbem-22280	136	3	cooperation	cooperation	NOUN
fbem-22280	136	4	to	to	PART
fbem-22280	136	5	align	align	VERB
fbem-22280	136	6	carbon	carbon	NOUN
fbem-22280	136	7	market	market	NOUN
fbem-22280	136	8	regulations	regulation	NOUN
fbem-22280	136	9	and	and	CCONJ
fbem-22280	136	10	standards	standard	NOUN
fbem-22280	136	11	,	,	PUNCT
fbem-22280	136	12	potentially	potentially	ADV
fbem-22280	136	13	under	under	ADP
fbem-22280	136	14	the	the	DET
fbem-22280	136	15	guidance	guidance	NOUN
fbem-22280	136	16	of	of	ADP
fbem-22280	136	17	a	a	DET
fbem-22280	136	18	global	global	ADJ
fbem-22280	136	19	entity	entity	NOUN
fbem-22280	136	20	like	like	ADP
fbem-22280	136	21	the	the	DET
fbem-22280	136	22	united	united	PROPN
fbem-22280	136	23	nations	nations	PROPN
fbem-22280	136	24	framework	framework	PROPN
fbem-22280	136	25	convention	convention	NOUN
fbem-22280	136	26	on	on	ADP
fbem-22280	136	27	climate	climate	NOUN
fbem-22280	136	28	change	change	NOUN
fbem-22280	136	29	(	(	PUNCT
fbem-22280	136	30	unfccc	unfccc	PROPN
fbem-22280	136	31	)	)	PUNCT
fbem-22280	136	32	.	.	PUNCT
fbem-22280	137	1	210	210	NUM
fbem-22280	137	2	5.2.3	5.2.3	NUM
fbem-22280	137	3	.	.	PUNCT
fbem-22280	138	1	enhancing	enhance	VERB
fbem-22280	138	2	transparency	transparency	NOUN
fbem-22280	138	3	and	and	CCONJ
fbem-22280	138	4	market	market	NOUN
fbem-22280	138	5	access	access	NOUN
fbem-22280	138	6	transparency	transparency	NOUN
fbem-22280	138	7	is	be	AUX
fbem-22280	138	8	crucial	crucial	ADJ
fbem-22280	138	9	for	for	ADP
fbem-22280	138	10	the	the	DET
fbem-22280	138	11	integrity	integrity	NOUN
fbem-22280	138	12	and	and	CCONJ
fbem-22280	138	13	effectiveness	effectiveness	NOUN
fbem-22280	138	14	of	of	ADP
fbem-22280	138	15	carbon	carbon	NOUN
fbem-22280	138	16	markets	market	NOUN
fbem-22280	138	17	.	.	PUNCT
fbem-22280	139	1	improved	improve	VERB
fbem-22280	139	2	transparency	transparency	NOUN
fbem-22280	139	3	regarding	regard	VERB
fbem-22280	139	4	market	market	NOUN
fbem-22280	139	5	operations	operation	NOUN
fbem-22280	139	6	,	,	PUNCT
fbem-22280	139	7	transaction	transaction	NOUN
fbem-22280	139	8	data	datum	NOUN
fbem-22280	139	9	,	,	PUNCT
fbem-22280	139	10	and	and	CCONJ
fbem-22280	139	11	the	the	DET
fbem-22280	139	12	environmental	environmental	ADJ
fbem-22280	139	13	integrity	integrity	NOUN
fbem-22280	139	14	of	of	ADP
fbem-22280	139	15	carbon	carbon	NOUN
fbem-22280	139	16	credits	credit	NOUN
fbem-22280	139	17	can	can	AUX
fbem-22280	139	18	boost	boost	VERB
fbem-22280	139	19	investor	investor	NOUN
fbem-22280	139	20	confidence	confidence	NOUN
fbem-22280	139	21	and	and	CCONJ
fbem-22280	139	22	facilitate	facilitate	VERB
fbem-22280	139	23	more	more	ADV
fbem-22280	139	24	informed	informed	ADJ
fbem-22280	139	25	decision	decision	NOUN
fbem-22280	139	26	-	-	PUNCT
fbem-22280	139	27	making	making	NOUN
fbem-22280	139	28	by	by	ADP
fbem-22280	139	29	all	all	DET
fbem-22280	139	30	market	market	NOUN
fbem-22280	139	31	participants	participant	NOUN
fbem-22280	139	32	.	.	PUNCT
fbem-22280	140	1	develop	develop	VERB
fbem-22280	140	2	comprehensive	comprehensive	ADJ
fbem-22280	140	3	registries	registry	NOUN
fbem-22280	140	4	and	and	CCONJ
fbem-22280	140	5	databases	database	NOUN
fbem-22280	140	6	that	that	PRON
fbem-22280	140	7	track	track	VERB
fbem-22280	140	8	carbon	carbon	NOUN
fbem-22280	140	9	credit	credit	NOUN
fbem-22280	140	10	generation	generation	NOUN
fbem-22280	140	11	,	,	PUNCT
fbem-22280	140	12	transactions	transaction	NOUN
fbem-22280	140	13	,	,	PUNCT
fbem-22280	140	14	and	and	CCONJ
fbem-22280	140	15	retirements	retirement	NOUN
fbem-22280	140	16	,	,	PUNCT
fbem-22280	140	17	ensuring	ensure	VERB
fbem-22280	140	18	that	that	SCONJ
fbem-22280	140	19	all	all	DET
fbem-22280	140	20	market	market	NOUN
fbem-22280	140	21	participants	participant	NOUN
fbem-22280	140	22	have	have	VERB
fbem-22280	140	23	access	access	NOUN
fbem-22280	140	24	to	to	ADP
fbem-22280	140	25	reliable	reliable	ADJ
fbem-22280	140	26	and	and	CCONJ
fbem-22280	140	27	timely	timely	ADJ
fbem-22280	140	28	information	information	NOUN
fbem-22280	140	29	.	.	PUNCT
fbem-22280	141	1	5.2.4	5.2.4	NUM
fbem-22280	141	2	.	.	PUNCT
fbem-22280	142	1	incentivizing	incentivize	VERB
fbem-22280	142	2	technological	technological	ADJ
fbem-22280	142	3	innovation	innovation	NOUN
fbem-22280	142	4	innovation	innovation	NOUN
fbem-22280	142	5	in	in	ADP
fbem-22280	142	6	carbon	carbon	NOUN
fbem-22280	142	7	reduction	reduction	NOUN
fbem-22280	142	8	technologies	technology	NOUN
fbem-22280	142	9	is	be	AUX
fbem-22280	142	10	essential	essential	ADJ
fbem-22280	142	11	for	for	ADP
fbem-22280	142	12	achieving	achieve	VERB
fbem-22280	142	13	deeper	deep	ADJ
fbem-22280	142	14	cuts	cut	NOUN
fbem-22280	142	15	in	in	ADP
fbem-22280	142	16	emissions	emission	NOUN
fbem-22280	142	17	.	.	PUNCT
fbem-22280	143	1	policies	policy	NOUN
fbem-22280	143	2	that	that	PRON
fbem-22280	143	3	directly	directly	ADV
fbem-22280	143	4	support	support	VERB
fbem-22280	143	5	research	research	NOUN
fbem-22280	143	6	and	and	CCONJ
fbem-22280	143	7	development	development	NOUN
fbem-22280	143	8	in	in	ADP
fbem-22280	143	9	new	new	ADJ
fbem-22280	143	10	technologies	technology	NOUN
fbem-22280	143	11	and	and	CCONJ
fbem-22280	143	12	practices	practice	NOUN
fbem-22280	143	13	can	can	AUX
fbem-22280	143	14	accelerate	accelerate	VERB
fbem-22280	143	15	their	their	PRON
fbem-22280	143	16	adoption	adoption	NOUN
fbem-22280	143	17	and	and	CCONJ
fbem-22280	143	18	integration	integration	NOUN
fbem-22280	143	19	into	into	ADP
fbem-22280	143	20	the	the	DET
fbem-22280	143	21	market	market	NOUN
fbem-22280	143	22	.	.	PUNCT
fbem-22280	144	1	provide	provide	VERB
fbem-22280	144	2	tax	tax	NOUN
fbem-22280	144	3	incentives	incentive	NOUN
fbem-22280	144	4	,	,	PUNCT
fbem-22280	144	5	grants	grant	NOUN
fbem-22280	144	6	,	,	PUNCT
fbem-22280	144	7	or	or	CCONJ
fbem-22280	144	8	subsidies	subsidy	NOUN
fbem-22280	144	9	for	for	ADP
fbem-22280	144	10	research	research	NOUN
fbem-22280	144	11	into	into	ADP
fbem-22280	144	12	and	and	CCONJ
fbem-22280	144	13	deployment	deployment	NOUN
fbem-22280	144	14	of	of	ADP
fbem-22280	144	15	innovative	innovative	ADJ
fbem-22280	144	16	carbon	carbon	NOUN
fbem-22280	144	17	capture	capture	NOUN
fbem-22280	144	18	,	,	PUNCT
fbem-22280	144	19	utilization	utilization	NOUN
fbem-22280	144	20	,	,	PUNCT
fbem-22280	144	21	and	and	CCONJ
fbem-22280	144	22	storage	storage	NOUN
fbem-22280	144	23	(	(	PUNCT
fbem-22280	144	24	ccus	ccus	NOUN
fbem-22280	144	25	)	)	PUNCT
fbem-22280	144	26	technologies	technology	NOUN
fbem-22280	144	27	,	,	PUNCT
fbem-22280	144	28	renewable	renewable	ADJ
fbem-22280	144	29	energy	energy	NOUN
fbem-22280	144	30	sources	source	NOUN
fbem-22280	144	31	,	,	PUNCT
fbem-22280	144	32	and	and	CCONJ
fbem-22280	144	33	energy	energy	NOUN
fbem-22280	144	34	efficiency	efficiency	NOUN
fbem-22280	144	35	improvements	improvement	NOUN
fbem-22280	144	36	.	.	PUNCT
fbem-22280	145	1	5.2.5	5.2.5	X
fbem-22280	145	2	.	.	PUNCT
fbem-22280	146	1	encouraging	encourage	VERB
fbem-22280	146	2	broad	broad	ADJ
fbem-22280	146	3	participation	participation	NOUN
fbem-22280	146	4	the	the	DET
fbem-22280	146	5	effectiveness	effectiveness	NOUN
fbem-22280	146	6	of	of	ADP
fbem-22280	146	7	carbon	carbon	NOUN
fbem-22280	146	8	markets	market	NOUN
fbem-22280	146	9	is	be	AUX
fbem-22280	146	10	enhanced	enhance	VERB
fbem-22280	146	11	by	by	ADP
fbem-22280	146	12	broad	broad	ADJ
fbem-22280	146	13	participation	participation	NOUN
fbem-22280	146	14	across	across	ADP
fbem-22280	146	15	different	different	ADJ
fbem-22280	146	16	sectors	sector	NOUN
fbem-22280	146	17	and	and	CCONJ
fbem-22280	146	18	geographic	geographic	ADJ
fbem-22280	146	19	regions	region	NOUN
fbem-22280	146	20	.	.	PUNCT
fbem-22280	147	1	policies	policy	NOUN
fbem-22280	147	2	that	that	PRON
fbem-22280	147	3	lower	low	ADJ
fbem-22280	147	4	entry	entry	NOUN
fbem-22280	147	5	barriers	barrier	NOUN
fbem-22280	147	6	and	and	CCONJ
fbem-22280	147	7	encourage	encourage	VERB
fbem-22280	147	8	diverse	diverse	ADJ
fbem-22280	147	9	entities	entity	NOUN
fbem-22280	147	10	,	,	PUNCT
fbem-22280	147	11	including	include	VERB
fbem-22280	147	12	small	small	ADJ
fbem-22280	147	13	and	and	CCONJ
fbem-22280	147	14	medium	medium	ADJ
fbem-22280	147	15	-	-	PUNCT
fbem-22280	147	16	sized	sized	ADJ
fbem-22280	147	17	enterprises	enterprise	NOUN
fbem-22280	147	18	(	(	PUNCT
fbem-22280	147	19	smes	sme	NOUN
fbem-22280	147	20	)	)	PUNCT
fbem-22280	147	21	,	,	PUNCT
fbem-22280	147	22	to	to	PART
fbem-22280	147	23	participate	participate	VERB
fbem-22280	147	24	can	can	AUX
fbem-22280	147	25	lead	lead	VERB
fbem-22280	147	26	to	to	ADP
fbem-22280	147	27	more	more	ADV
fbem-22280	147	28	dynamic	dynamic	ADJ
fbem-22280	147	29	and	and	CCONJ
fbem-22280	147	30	resilient	resilient	ADJ
fbem-22280	147	31	markets	market	NOUN
fbem-22280	147	32	.	.	PUNCT
fbem-22280	148	1	simplify	simplify	ADJ
fbem-22280	148	2	participation	participation	NOUN
fbem-22280	148	3	requirements	requirement	NOUN
fbem-22280	148	4	and	and	CCONJ
fbem-22280	148	5	reduce	reduce	VERB
fbem-22280	148	6	compliance	compliance	NOUN
fbem-22280	148	7	costs	cost	NOUN
fbem-22280	148	8	to	to	PART
fbem-22280	148	9	encourage	encourage	VERB
fbem-22280	148	10	smaller	small	ADJ
fbem-22280	148	11	emitters	emitter	NOUN
fbem-22280	148	12	and	and	CCONJ
fbem-22280	148	13	innovators	innovator	NOUN
fbem-22280	148	14	to	to	PART
fbem-22280	148	15	enter	enter	VERB
fbem-22280	148	16	the	the	DET
fbem-22280	148	17	market	market	NOUN
fbem-22280	148	18	,	,	PUNCT
fbem-22280	148	19	thereby	thereby	ADV
fbem-22280	148	20	increasing	increase	VERB
fbem-22280	148	21	liquidity	liquidity	NOUN
fbem-22280	148	22	and	and	CCONJ
fbem-22280	148	23	fostering	foster	VERB
fbem-22280	148	24	a	a	DET
fbem-22280	148	25	more	more	ADV
fbem-22280	148	26	comprehensive	comprehensive	ADJ
fbem-22280	148	27	approach	approach	NOUN
fbem-22280	148	28	to	to	ADP
fbem-22280	148	29	emission	emission	NOUN
fbem-22280	148	30	reductions	reduction	NOUN
fbem-22280	148	31	.	.	PUNCT
fbem-22280	149	1	6	6	X
fbem-22280	149	2	.	.	X
fbem-22280	149	3	conclusion	conclusion	NOUN
fbem-22280	149	4	the	the	DET
fbem-22280	149	5	evolving	evolve	VERB
fbem-22280	149	6	landscape	landscape	NOUN
fbem-22280	149	7	of	of	ADP
fbem-22280	149	8	carbon	carbon	NOUN
fbem-22280	149	9	markets	market	NOUN
fbem-22280	149	10	presents	present	VERB
fbem-22280	149	11	a	a	DET
fbem-22280	149	12	unique	unique	ADJ
fbem-22280	149	13	set	set	NOUN
fbem-22280	149	14	of	of	ADP
fbem-22280	149	15	opportunities	opportunity	NOUN
fbem-22280	149	16	and	and	CCONJ
fbem-22280	149	17	challenges	challenge	NOUN
fbem-22280	149	18	for	for	ADP
fbem-22280	149	19	the	the	DET
fbem-22280	149	20	global	global	ADJ
fbem-22280	149	21	financial	financial	ADJ
fbem-22280	149	22	system	system	NOUN
fbem-22280	149	23	,	,	PUNCT
fbem-22280	149	24	particularly	particularly	ADV
fbem-22280	149	25	within	within	ADP
fbem-22280	149	26	the	the	DET
fbem-22280	149	27	realms	realm	NOUN
fbem-22280	149	28	of	of	ADP
fbem-22280	149	29	retirement	retirement	NOUN
fbem-22280	149	30	savings	saving	NOUN
fbem-22280	149	31	and	and	CCONJ
fbem-22280	149	32	private	private	ADJ
fbem-22280	149	33	credit	credit	NOUN
fbem-22280	149	34	.	.	PUNCT
fbem-22280	150	1	as	as	SCONJ
fbem-22280	150	2	these	these	DET
fbem-22280	150	3	markets	market	NOUN
fbem-22280	150	4	mature	mature	VERB
fbem-22280	150	5	,	,	PUNCT
fbem-22280	150	6	their	their	PRON
fbem-22280	150	7	impact	impact	NOUN
fbem-22280	150	8	on	on	ADP
fbem-22280	150	9	financial	financial	ADJ
fbem-22280	150	10	strategies	strategy	NOUN
fbem-22280	150	11	becomes	become	VERB
fbem-22280	150	12	increasingly	increasingly	ADV
fbem-22280	150	13	significant	significant	ADJ
fbem-22280	150	14	,	,	PUNCT
fbem-22280	150	15	suggesting	suggest	VERB
fbem-22280	150	16	a	a	DET
fbem-22280	150	17	pivotal	pivotal	ADJ
fbem-22280	150	18	role	role	NOUN
fbem-22280	150	19	in	in	ADP
fbem-22280	150	20	shaping	shape	VERB
fbem-22280	150	21	sustainable	sustainable	ADJ
fbem-22280	150	22	economic	economic	ADJ
fbem-22280	150	23	policies	policy	NOUN
fbem-22280	150	24	and	and	CCONJ
fbem-22280	150	25	practices	practice	NOUN
fbem-22280	150	26	.	.	PUNCT
fbem-22280	151	1	this	this	DET
fbem-22280	151	2	paper	paper	NOUN
fbem-22280	151	3	underscores	underscore	VERB
fbem-22280	151	4	the	the	DET
fbem-22280	151	5	necessity	necessity	NOUN
fbem-22280	151	6	for	for	SCONJ
fbem-22280	151	7	pension	pension	NOUN
fbem-22280	151	8	funds	fund	NOUN
fbem-22280	151	9	and	and	CCONJ
fbem-22280	151	10	policymakers	policymaker	NOUN
fbem-22280	151	11	to	to	PART
fbem-22280	151	12	adapt	adapt	VERB
fbem-22280	151	13	to	to	ADP
fbem-22280	151	14	these	these	DET
fbem-22280	151	15	changes	change	NOUN
fbem-22280	151	16	,	,	PUNCT
fbem-22280	151	17	ensuring	ensure	VERB
fbem-22280	151	18	the	the	DET
fbem-22280	151	19	alignment	alignment	NOUN
fbem-22280	151	20	of	of	ADP
fbem-22280	151	21	financial	financial	ADJ
fbem-22280	151	22	and	and	CCONJ
fbem-22280	151	23	environmental	environmental	ADJ
fbem-22280	151	24	health	health	NOUN
fbem-22280	151	25	in	in	ADP
fbem-22280	151	26	the	the	DET
fbem-22280	151	27	long	long	ADJ
fbem-22280	151	28	term	term	NOUN
fbem-22280	151	29	.	.	PUNCT
fbem-22280	152	1	references	reference	NOUN
fbem-22280	152	2	[	[	X
fbem-22280	152	3	1	1	NUM
fbem-22280	152	4	]	]	X
fbem-22280	152	5	robert	robert	PROPN
fbem-22280	152	6	et	et	PROPN
fbem-22280	152	7	al	al	PROPN
fbem-22280	152	8	.	.	PUNCT
fbem-22280	153	1	the	the	DET
fbem-22280	153	2	transformative	transformative	ADJ
fbem-22280	153	3	impact	impact	NOUN
fbem-22280	153	4	of	of	ADP
fbem-22280	153	5	carbon	carbon	NOUN
fbem-22280	153	6	markets	market	NOUN
fbem-22280	153	7	on	on	ADP
fbem-22280	153	8	global	global	ADJ
fbem-22280	153	9	financial	financial	ADJ
fbem-22280	153	10	systems	system	NOUN
fbem-22280	153	11	and	and	CCONJ
fbem-22280	153	12	private	private	ADJ
fbem-22280	153	13	credit	credit	NOUN
fbem-22280	154	1	[	[	X
fbem-22280	154	2	j	j	X
fbem-22280	154	3	]	]	X
fbem-22280	154	4	.	.	PUNCT
fbem-22280	155	1	journal	journal	PROPN
fbem-22280	155	2	of	of	ADP
fbem-22280	155	3	economic	economic	ADJ
fbem-22280	155	4	and	and	CCONJ
fbem-22280	155	5	financial	financial	ADJ
fbem-22280	155	6	change	change	NOUN
fbem-22280	155	7	,	,	PUNCT
fbem-22280	155	8	2019	2019	NUM
fbem-22280	155	9	,	,	PUNCT
fbem-22280	155	10	(	(	PUNCT
fbem-22280	155	11	04	04	NUM
fbem-22280	155	12	):	):	PUNCT
fbem-22280	155	13	12	12	NUM
fbem-22280	155	14	-	-	SYM
fbem-22280	155	15	29	29	NUM
fbem-22280	155	16	.	.	PUNCT
fbem-22280	156	1	[	[	X
fbem-22280	156	2	2	2	NUM
fbem-22280	156	3	]	]	PUNCT
fbem-22280	156	4	icap	icap	NOUN
fbem-22280	156	5	.	.	PUNCT
fbem-22280	157	1	global	global	ADJ
fbem-22280	157	2	carbon	carbon	NOUN
fbem-22280	157	3	market	market	NOUN
fbem-22280	157	4	progress	progress	NOUN
fbem-22280	157	5	2023	2023	NUM
fbem-22280	157	6	annual	annual	ADJ
fbem-22280	157	7	report	report	NOUN
fbem-22280	157	8	[	[	X
fbem-22280	157	9	r	r	X
fbem-22280	157	10	]	]	PUNCT
fbem-22280	157	11	.	.	PUNCT
fbem-22280	158	1	international	international	ADJ
fbem-22280	158	2	carbon	carbon	NOUN
fbem-22280	158	3	action	action	NOUN
fbem-22280	158	4	partnership	partnership	NOUN
fbem-22280	158	5	,	,	PUNCT
fbem-22280	158	6	2023	2023	NUM
fbem-22280	158	7	.	.	PUNCT
fbem-22280	159	1	[	[	X
fbem-22280	159	2	3	3	X
fbem-22280	159	3	]	]	PUNCT
fbem-22280	159	4	jan	jan	PROPN
fbem-22280	159	5	et	et	PROPN
fbem-22280	159	6	al	al	PROPN
fbem-22280	159	7	.	.	PROPN
fbem-22280	159	8	challenges	challenge	NOUN
fbem-22280	159	9	and	and	CCONJ
fbem-22280	159	10	opportunities	opportunity	NOUN
fbem-22280	159	11	in	in	ADP
fbem-22280	159	12	the	the	DET
fbem-22280	159	13	global	global	ADJ
fbem-22280	159	14	retirement	retirement	NOUN
fbem-22280	159	15	savings	saving	NOUN
fbem-22280	159	16	crisis	crisis	NOUN
fbem-22280	160	1	[	[	X
fbem-22280	160	2	j	j	X
fbem-22280	160	3	]	]	X
fbem-22280	160	4	.	.	PUNCT
fbem-22280	161	1	global	global	ADJ
fbem-22280	161	2	pension	pension	PROPN
fbem-22280	161	3	review	review	NOUN
fbem-22280	161	4	,	,	PUNCT
fbem-22280	161	5	2022	2022	NUM
fbem-22280	161	6	,	,	PUNCT
fbem-22280	161	7	(	(	PUNCT
fbem-22280	161	8	01	01	NUM
fbem-22280	161	9	):	):	PUNCT
fbem-22280	161	10	45	45	NUM
fbem-22280	161	11	-	-	SYM
fbem-22280	161	12	59	59	NUM
fbem-22280	161	13	.	.	PUNCT
fbem-22280	162	1	[	[	X
fbem-22280	162	2	4	4	X
fbem-22280	162	3	]	]	X
fbem-22280	162	4	akihiro	akihiro	PROPN
fbem-22280	162	5	et	et	PROPN
fbem-22280	162	6	al	al	PROPN
fbem-22280	162	7	.	.	PUNCT
fbem-22280	163	1	the	the	DET
fbem-22280	163	2	rise	rise	NOUN
fbem-22280	163	3	and	and	CCONJ
fbem-22280	163	4	role	role	NOUN
fbem-22280	163	5	of	of	ADP
fbem-22280	163	6	private	private	ADJ
fbem-22280	163	7	credit	credit	NOUN
fbem-22280	163	8	in	in	ADP
fbem-22280	163	9	modern	modern	ADJ
fbem-22280	163	10	financial	financial	ADJ
fbem-22280	163	11	markets	market	NOUN
fbem-22280	163	12	[	[	X
fbem-22280	163	13	j	j	X
fbem-22280	163	14	]	]	X
fbem-22280	163	15	.	.	PUNCT
fbem-22280	164	1	journal	journal	PROPN
fbem-22280	164	2	of	of	ADP
fbem-22280	164	3	financial	financial	ADJ
fbem-22280	164	4	innovation	innovation	NOUN
fbem-22280	164	5	,	,	PUNCT
fbem-22280	164	6	2020	2020	NUM
fbem-22280	164	7	,	,	PUNCT
fbem-22280	164	8	(	(	PUNCT
fbem-22280	164	9	03	03	NUM
fbem-22280	164	10	):	):	PUNCT
fbem-22280	164	11	77	77	NUM
fbem-22280	164	12	-	-	SYM
fbem-22280	164	13	91	91	NUM
fbem-22280	164	14	.	.	PUNCT
fbem-22280	165	1	[	[	X
fbem-22280	165	2	5	5	X
fbem-22280	165	3	]	]	PUNCT
fbem-22280	165	4	thomas	thomas	PROPN
fbem-22280	165	5	et	et	PROPN
fbem-22280	165	6	al	al	PROPN
fbem-22280	165	7	.	.	PROPN
fbem-22280	165	8	impact	impact	NOUN
fbem-22280	165	9	of	of	ADP
fbem-22280	165	10	carbon	carbon	NOUN
fbem-22280	165	11	markets	market	NOUN
fbem-22280	165	12	on	on	ADP
fbem-22280	165	13	global	global	ADJ
fbem-22280	165	14	energy	energy	NOUN
fbem-22280	165	15	prices	price	NOUN
fbem-22280	166	1	[	[	X
fbem-22280	166	2	j	j	X
fbem-22280	166	3	]	]	X
fbem-22280	166	4	.	.	PUNCT
fbem-22280	167	1	energy	energy	NOUN
fbem-22280	167	2	economics	economic	NOUN
fbem-22280	167	3	letters	letter	NOUN
fbem-22280	167	4	,	,	PUNCT
fbem-22280	167	5	2021	2021	NUM
fbem-22280	167	6	,	,	PUNCT
fbem-22280	167	7	(	(	PUNCT
fbem-22280	167	8	05	05	NUM
fbem-22280	167	9	):	):	PUNCT
fbem-22280	167	10	34	34	NUM
fbem-22280	167	11	-	-	SYM
fbem-22280	167	12	48	48	NUM
fbem-22280	167	13	.	.	PUNCT
fbem-22280	168	1	[	[	X
fbem-22280	168	2	6	6	NUM
fbem-22280	168	3	]	]	PUNCT
fbem-22280	168	4	hiroshi	hiroshi	PROPN
fbem-22280	168	5	et	et	PROPN
fbem-22280	168	6	al	al	PROPN
fbem-22280	168	7	.	.	PROPN
fbem-22280	168	8	development	development	NOUN
fbem-22280	168	9	and	and	CCONJ
fbem-22280	168	10	risks	risk	NOUN
fbem-22280	168	11	of	of	ADP
fbem-22280	168	12	carbon	carbon	NOUN
fbem-22280	168	13	financial	financial	ADJ
fbem-22280	168	14	products	product	NOUN
fbem-22280	169	1	[	[	X
fbem-22280	169	2	j	j	X
fbem-22280	169	3	]	]	X
fbem-22280	169	4	.	.	PUNCT
fbem-22280	170	1	financial	financial	ADJ
fbem-22280	170	2	markets	market	NOUN
fbem-22280	170	3	and	and	CCONJ
fbem-22280	170	4	portfolio	portfolio	NOUN
fbem-22280	170	5	management	management	NOUN
fbem-22280	170	6	,	,	PUNCT
fbem-22280	170	7	2020	2020	NUM
fbem-22280	170	8	,	,	PUNCT
fbem-22280	170	9	(	(	PUNCT
fbem-22280	170	10	06	06	NUM
fbem-22280	170	11	):	):	PUNCT
fbem-22280	170	12	112	112	NUM
fbem-22280	170	13	-	-	SYM
fbem-22280	170	14	127	127	NUM
fbem-22280	170	15	.	.	PUNCT
fbem-22280	171	1	[	[	X
fbem-22280	171	2	7	7	X
fbem-22280	171	3	]	]	X
fbem-22280	171	4	david	david	PROPN
fbem-22280	171	5	et	et	PROPN
fbem-22280	171	6	al	al	PROPN
fbem-22280	171	7	.	.	PUNCT
fbem-22280	172	1	financial	financial	ADJ
fbem-22280	172	2	market	market	NOUN
fbem-22280	172	3	responses	response	NOUN
fbem-22280	172	4	to	to	ADP
fbem-22280	172	5	carbon	carbon	NOUN
fbem-22280	172	6	market	market	NOUN
fbem-22280	172	7	dynamics	dynamic	NOUN
fbem-22280	172	8	and	and	CCONJ
fbem-22280	172	9	policy	policy	NOUN
fbem-22280	172	10	developments	development	NOUN
fbem-22280	173	1	[	[	X
fbem-22280	173	2	j	j	X
fbem-22280	173	3	]	]	X
fbem-22280	173	4	.	.	PUNCT
fbem-22280	174	1	review	review	NOUN
fbem-22280	174	2	of	of	ADP
fbem-22280	174	3	financial	financial	ADJ
fbem-22280	174	4	market	market	NOUN
fbem-22280	174	5	dynamics	dynamic	NOUN
fbem-22280	174	6	,	,	PUNCT
fbem-22280	174	7	2021	2021	NUM
fbem-22280	174	8	,	,	PUNCT
fbem-22280	174	9	(	(	PUNCT
fbem-22280	174	10	04	04	NUM
fbem-22280	174	11	):	):	PUNCT
fbem-22280	174	12	85	85	NUM
fbem-22280	174	13	-	-	SYM
fbem-22280	174	14	102	102	NUM
fbem-22280	174	15	.	.	PUNCT
fbem-22280	175	1	[	[	X
fbem-22280	175	2	8	8	NUM
fbem-22280	175	3	]	]	PUNCT
fbem-22280	175	4	michelle	michelle	NOUN
fbem-22280	175	5	et	et	PROPN
fbem-22280	175	6	al	al	PROPN
fbem-22280	175	7	.	.	PUNCT
fbem-22280	175	8	strategies	strategy	NOUN
fbem-22280	175	9	and	and	CCONJ
fbem-22280	175	10	tools	tool	NOUN
fbem-22280	175	11	for	for	ADP
fbem-22280	175	12	managing	manage	VERB
fbem-22280	175	13	carbon	carbon	NOUN
fbem-22280	175	14	risk	risk	NOUN
fbem-22280	175	15	in	in	ADP
fbem-22280	175	16	financial	financial	ADJ
fbem-22280	175	17	institutions	institution	NOUN
fbem-22280	175	18	[	[	X
fbem-22280	175	19	j	j	X
fbem-22280	175	20	]	]	X
fbem-22280	175	21	.	.	PUNCT
fbem-22280	176	1	financial	financial	ADJ
fbem-22280	176	2	risk	risk	NOUN
fbem-22280	176	3	management	management	NOUN
fbem-22280	176	4	,	,	PUNCT
fbem-22280	176	5	2022	2022	NUM
fbem-22280	176	6	,	,	PUNCT
fbem-22280	176	7	(	(	PUNCT
fbem-22280	176	8	02	02	NUM
fbem-22280	176	9	):	):	PUNCT
fbem-22280	176	10	15	15	NUM
fbem-22280	176	11	-	-	SYM
fbem-22280	176	12	33	33	NUM
fbem-22280	176	13	.	.	PUNCT
fbem-22280	177	1	[	[	X
fbem-22280	177	2	9	9	NUM
fbem-22280	177	3	]	]	X
fbem-22280	177	4	jonathan	jonathan	PROPN
fbem-22280	177	5	et	et	PROPN
fbem-22280	177	6	al	al	PROPN
fbem-22280	177	7	.	.	PUNCT
fbem-22280	178	1	economic	economic	ADJ
fbem-22280	178	2	implications	implication	NOUN
fbem-22280	178	3	of	of	ADP
fbem-22280	178	4	the	the	DET
fbem-22280	178	5	carbon	carbon	NOUN
fbem-22280	178	6	border	border	NOUN
fbem-22280	178	7	adjustment	adjustment	NOUN
fbem-22280	178	8	mechanism	mechanism	NOUN
fbem-22280	178	9	on	on	ADP
fbem-22280	178	10	international	international	ADJ
fbem-22280	178	11	markets	market	NOUN
fbem-22280	179	1	[	[	X
fbem-22280	179	2	j	j	X
fbem-22280	179	3	]	]	X
fbem-22280	179	4	.	.	PUNCT
fbem-22280	180	1	international	international	ADJ
fbem-22280	180	2	trade	trade	PROPN
fbem-22280	180	3	journal	journal	NOUN
fbem-22280	180	4	,	,	PUNCT
fbem-22280	180	5	2023	2023	NUM
fbem-22280	180	6	,	,	PUNCT
fbem-22280	180	7	(	(	PUNCT
fbem-22280	180	8	01	01	NUM
fbem-22280	180	9	):	):	PUNCT
fbem-22280	180	10	88	88	NUM
fbem-22280	180	11	-	-	SYM
fbem-22280	180	12	104	104	NUM
fbem-22280	180	13	.	.	PUNCT
fbem-22280	181	1	[	[	X
fbem-22280	181	2	10	10	NUM
fbem-22280	181	3	]	]	X
fbem-22280	181	4	tom	tom	PROPN
fbem-22280	181	5	et	et	PROPN
fbem-22280	181	6	al	al	PROPN
fbem-22280	181	7	.	.	PROPN
fbem-22280	181	8	incorporation	incorporation	NOUN
fbem-22280	181	9	of	of	ADP
fbem-22280	181	10	esg	esg	PROPN
fbem-22280	181	11	criteria	criterion	NOUN
fbem-22280	181	12	in	in	ADP
fbem-22280	181	13	pension	pension	NOUN
fbem-22280	181	14	fund	fund	NOUN
fbem-22280	181	15	investments	investment	NOUN
fbem-22280	182	1	[	[	X
fbem-22280	182	2	j	j	X
fbem-22280	182	3	]	]	X
fbem-22280	182	4	.	.	PUNCT
fbem-22280	183	1	sustainable	sustainable	ADJ
fbem-22280	183	2	finance	finance	NOUN
fbem-22280	183	3	review	review	NOUN
fbem-22280	183	4	,	,	PUNCT
fbem-22280	183	5	2018	2018	NUM
fbem-22280	183	6	,	,	PUNCT
fbem-22280	183	7	(	(	PUNCT
fbem-22280	183	8	03	03	NUM
fbem-22280	183	9	):	):	PUNCT
fbem-22280	183	10	5468	5468	NUM
fbem-22280	183	11	.	.	PUNCT
fbem-22280	184	1	[	[	X
fbem-22280	184	2	11	11	NUM
fbem-22280	184	3	]	]	X
fbem-22280	184	4	mei	mei	PROPN
fbem-22280	184	5	et	et	PROPN
fbem-22280	184	6	al	al	PROPN
fbem-22280	184	7	.	.	PROPN
fbem-22280	184	8	risk	risk	NOUN
fbem-22280	184	9	management	management	NOUN
fbem-22280	184	10	and	and	CCONJ
fbem-22280	184	11	returns	return	NOUN
fbem-22280	184	12	in	in	ADP
fbem-22280	184	13	esg	esg	PROPN
fbem-22280	184	14	-	-	PUNCT
fbem-22280	184	15	focused	focus	VERB
fbem-22280	184	16	portfolios	portfolio	NOUN
fbem-22280	184	17	[	[	X
fbem-22280	184	18	j	j	X
fbem-22280	184	19	]	]	X
fbem-22280	184	20	.	.	PUNCT
fbem-22280	185	1	journal	journal	PROPN
fbem-22280	185	2	of	of	ADP
fbem-22280	185	3	environmental	environmental	ADJ
fbem-22280	185	4	investment	investment	NOUN
fbem-22280	185	5	,	,	PUNCT
fbem-22280	185	6	2023	2023	NUM
fbem-22280	185	7	,	,	PUNCT
fbem-22280	185	8	(	(	PUNCT
fbem-22280	185	9	04	04	NUM
fbem-22280	185	10	):	):	PUNCT
fbem-22280	185	11	19	19	NUM
fbem-22280	185	12	-	-	SYM
fbem-22280	185	13	35	35	NUM
fbem-22280	185	14	.	.	PUNCT
fbem-22280	186	1	[	[	X
fbem-22280	186	2	12	12	NUM
fbem-22280	186	3	]	]	X
fbem-22280	186	4	daniel	daniel	PROPN
fbem-22280	186	5	et	et	PROPN
fbem-22280	186	6	al	al	PROPN
fbem-22280	186	7	.	.	PROPN
fbem-22280	187	1	exploring	explore	VERB
fbem-22280	187	2	the	the	DET
fbem-22280	187	3	appeal	appeal	NOUN
fbem-22280	187	4	of	of	ADP
fbem-22280	187	5	private	private	ADJ
fbem-22280	187	6	credit	credit	NOUN
fbem-22280	187	7	in	in	ADP
fbem-22280	187	8	modern	modern	ADJ
fbem-22280	187	9	financial	financial	ADJ
fbem-22280	187	10	systems	system	NOUN
fbem-22280	187	11	[	[	X
fbem-22280	187	12	j	j	X
fbem-22280	187	13	]	]	X
fbem-22280	187	14	.	.	PUNCT
fbem-22280	188	1	credit	credit	NOUN
fbem-22280	188	2	and	and	CCONJ
fbem-22280	188	3	investment	investment	NOUN
fbem-22280	188	4	journal	journal	NOUN
fbem-22280	188	5	,	,	PUNCT
fbem-22280	188	6	2021	2021	NUM
fbem-22280	188	7	,	,	PUNCT
fbem-22280	188	8	(	(	PUNCT
fbem-22280	188	9	06	06	NUM
fbem-22280	188	10	):	):	PUNCT
fbem-22280	188	11	142	142	NUM
fbem-22280	188	12	-	-	SYM
fbem-22280	188	13	158	158	NUM
fbem-22280	188	14	.	.	PUNCT
fbem-22280	189	1	[	[	X
fbem-22280	189	2	13	13	NUM
fbem-22280	189	3	]	]	X
fbem-22280	189	4	yan	yan	PROPN
fbem-22280	189	5	et	et	PROPN
fbem-22280	189	6	al	al	PROPN
fbem-22280	189	7	.	.	PROPN
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fbem-22280	189	9	between	between	ADP
fbem-22280	189	10	private	private	ADJ
fbem-22280	189	11	credit	credit	NOUN
fbem-22280	189	12	and	and	CCONJ
fbem-22280	189	13	carbon	carbon	NOUN
fbem-22280	189	14	markets	market	NOUN
fbem-22280	189	15	:	:	PUNCT
fbem-22280	189	16	a	a	DET
fbem-22280	189	17	new	new	ADJ
fbem-22280	189	18	avenue	avenue	NOUN
fbem-22280	189	19	for	for	ADP
fbem-22280	189	20	green	green	ADJ
fbem-22280	189	21	financing	financing	NOUN
fbem-22280	190	1	[	[	X
fbem-22280	190	2	j	j	X
fbem-22280	190	3	]	]	X
fbem-22280	190	4	.	.	PUNCT
fbem-22280	191	1	green	green	PROPN
fbem-22280	191	2	finance	finance	PROPN
fbem-22280	191	3	,	,	PUNCT
fbem-22280	191	4	2021	2021	NUM
fbem-22280	191	5	,	,	PUNCT
fbem-22280	191	6	(	(	PUNCT
fbem-22280	191	7	02	02	NUM
fbem-22280	191	8	):	):	PUNCT
fbem-22280	191	9	98	98	NUM
fbem-22280	191	10	-	-	SYM
fbem-22280	191	11	115	115	NUM
fbem-22280	191	12	.	.	PUNCT