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Investment in environment

Norway aims at being carbon neutral by 2050. Through the newly launched web site CarbonNeutralNorway.no the Norwegian Ministry of Finance is going to do business in the international emission markets.

28/09/2007 ::

– CarbonNeutralNorway.no will be the Government’s gateway to emission trading on the international market, said State Secretary Geir Axelsen, who formally introduced the web site September 12.

The Ministry of Finance will acquire credits for Clean Development Mechanism (CDM) and sell it on the European Market.

– In addition to what one will gain climatically, buying allowances from poor countries will mean both transfer of money, knowledge and technology from the rich to the poor countries, he said. – That’s why investment in environmental technology in developing countries are not only good environmental politics – it is also good development politics.

CarbonNeutralNorway.no aims to provide all parties with equal and relevant information. There will be an opening of tenders September 19 from when participants with allowances to sell can offer their projects. The announcement of the opening will be published on a great number of web sites. The competitive tendering ends November 1, and mid-December the buys will be carried out. The Norwegian Government will only buy emissions that are approved by the UN.

– International emission trading will be an important instrument to reduce global greenhouse gas (GHG) emissions. Norway intends to make full use of the carbon markets to secure effective and affordable reductions in GHG emissions, said Minister of Finance Kristin Halvorsen, quoted on the web site.

Norway’s aim of carbon neutrality by 2050 means that Norway has to significantly reduce the greenhouse gas emissions. For each ton discharged, the country has committed itself to equivalently reduce the emissions somewhere else. Norway will also over-fulfil the commitments under the Kyoto Protocol by 10 percent.

CarbonNeutralNorway.no

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State Secretary Geir Axelsen launched the web site CarbonNeutralNorway.no September 12.Photo: Tor Martin Baerum / Ministry of Finance