In the text below some words are missing. Select appropriate words to fill the gaps.

Carbon prices in the European Union also reached their highest level in a decade this summer following a series of (1) ……………. meant to limit the oversupply of (2) ………………. and expand many industries subjected to the cap. The biggest development of all may be in China, the world’s largest greenhouse gas emitter, which has taken steps toward its own (3) ……………… trading program. China’s move has the (4) …………………… to narrow the gap between global carbon prices and climate costs to 63 percent in the early 2020s, OECD found.

(1) potential (2) task (3) credits (4) reforms (5) emissions (6) reflection (7) materials

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