Uncategorized

Norway to double carbon tax on oil industry

Extra funding for climate change mitigation and forestry programmes also part of oil-rich nation’s radical programme, reports Guardian

 
“Norway is to double carbon tax on its North Sea oil industry and set up a £1bn fund to help combat the damaging impacts of climate change in the developing world.

In one of the most radical climate programmes yet by an oil-producing nation, the Norwegian government has proposed increasing its carbon tax on offshore oil companies by £21 to £45 (Nkr410) per tonne of CO2and a £5.50 (Nkr50) per tonne CO2 tax on its fishing industry.

Norway will also plough an extra £1bn (Nkr10bn) into its funds for climate change mitigation, renewable energy, food security in developing countries and conversion to low-carbon energy sources, Environmental Finance reported.

It will step up spending on new projects to combat deforestation in developing countries to £44m, taking up its spending overall on forestry programmes to £327m. Previous forestry projects have involved Brazil, Indonesia and Ethiopia.”

Read the full Guardian article >>

About the author

Pure Advantage

Pure Advantage

Pure Advantage generates and curates content we believe advances the green growth discussion in a New Zealand context.

Leave a Comment

img_author_pa

Subscribe to our newsletter

Join our mailing list to receive the latest news and updates on Pure Advantage and New Zealand's Green Growth. 

Thanks, you have been subscribed.