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Norway to tax big oil to create $1.6 billion adaptation fund for developing countries

climateadaptation:

Great idea to help pay for adaptation projects in developing countries.

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 CO2 and 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.

Full story at The Guardian

That’s how it’s done. Of course, Norway’s “Big Oil” is Statoil, a heavily regulated government-owned entity (Norway’s government owns 67% of Statoil’s shares).

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