Ministry of Finance Introduces Carbon Markets Web Site

State Secretary Geir Axelsen introduced the web site CarbonNeutralNorway.no Wednesday 12 September at the Norwegian Ministry of Finance. The web site will be the Government's tool in acquiring and selling carbon credits. For 2007 NOK 100 million is allocated to acquiring carbon credits, and authorization is given for additional NOK 100 million.

The purpose of CarbonNeutralNorway.no is to give relevant and equal information to all participants. The Government will invite to a tender where participants with carbon credits to sell can submit their projects. The tender closes 9 November, and in the middle of December the Ministry will be able to realise acquired carbon credits. The Government will only acquire UN-approved carbon credits, and only sell credits in the European market. 

The Norwegian Government's initiative in the carbon market through CarbonNeutralNorway.no is an important tool in fulfilling the objective of carbon neutrality within 2050. The Ministry of Finance will acquire carbon credits through the Clean Development Mechanism (CDM). These credits originate from projects that reduce global emissions by increasing the energy efficiency of projects and industry in developing countries. Thus, CDM credits leads to a reduction of greenhouse gas emissions and increased development in poor countries. Especially, credits from companies and businesses in Africa will be given priority.