Norway to double carbon tax on oil industry

[xchrom]

http://www.guardian.co.uk/environment/2012/oct/11/norway-carbon-tax-oil


Ekofisk oil platform in the North Sea, Norway. The Norwegian government has proposed increasing its carbon tax on offshore oil companies. Photograph: Ulrich Baumgarten/Getty Images

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 (Nkr140) 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.

[muriel_volestrangler]

1. Note: misprint from the Guardian - Nkr410, not 140 (though £45 is correct)

The Norwegian press release: http://www.regjeringen.no/en/dep/md/press-centre/Press-releases/2012/the-government-is-following-up-on-the-cl.html?id=704137

Current rate: 1 Norwegian krone = 0.1091 British pounds sterling = 0.1749 US dollars

0.43 metric tons CO2/barrel

So this is about 410 * 0.1749 * 0.43 = $31/barrel.

Old-timers in the UK will appreciate the nostalgia of misprints from the Grauniad.