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COLOGNE, Germany (Reuters) - The European Union needs to aim for a deeper emissions cut soon, to rescue a record low carbon price and spur long-term investment in low-carbon technology, leading carbon market players said at an industry gathering.

Europe's economic slump has made it easier for the EU to reach its 2020 climate goal, and a tougher target to cut emissions would restore relevance in the EU emissions trading scheme by lifting carbon prices from record lows, they said.

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