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Budget proposals 2008

23/07/2010 // Norwegian businesses will be connected to the European Union Emissions Trading Scheme, EU-ETS, and the Government has announced a 500 million Norwegian kroner appropriation for the purpose of purchasing Emission Reductions eligible for Kyoto Protocol compliance.

The Government expects to supply significantly fewer allowances European Union Emissions Trading Scheme, EU-ETS, than the total of expected emissions from the Norwegian companies that will be connected to the EU-ETS. The Norwegian allocations will contribute to scarcity of allowances in the system. Norwegian allowances which are not allocated free of charge will be sold generally in the market and will not be targeted at Norwegian buyers. The total volume of these sales will be indicated in the National Allocation Plan which will be presented later. In the 2008 budget proposal, income form such sales are estimated to be 1920 million Norwegian kroner, based on a stipulated sales volume of 12 million tons.

The Norwegian government has also announced a 500 million Norwegian kroner appropriation for the purpose of purchasing Emission Reductions eligible for Kyoto Protocol compliance. The appropriation will be administered by the Finance Ministry, which will also be authorised to contract a further NOK 3 600 million for payments against deliveries in 2009 and subsequent years.

Final figures for both sales and purchases will follow negotiations on the implementation of the EU Emissions Trading Directive in the Agreement on the European Economic Area. Developments in the introductory conversations with the European Commission and our partners in the European Free Trade Association indicate that a sales volume of 12 million tons, as stipulated in the 2008 budget, may be too high. In light of the final outcomes of these processes, this issue will be revisited in the Revised National Budget, which is to be published in May 2008.


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