Beginning next year, Norway will nearly double the carbon tax on its domestic oil industry to help set up a $1 billion climate change fund for programs in developing nations among other green projects. The Scandinavian nation is the world’s 13 largest oil producer and third biggest oil exporter, yet has been one of the most active champions of funding climate change projects.
Norway’s carbon tax on its North Sea oil industry will rise from around $37 (210 krone) to $71 (410 krone) next year with an additional $8 (50 krone) tax on the fishing industry for every tonne of CO2 consumed.
Norway has also announced it will spend around $70 million on programs to combat deforestation globally next year. It has already pledged up to $1 billion each to forest protection in Indonesia and Brazil.
The country also expects to spend $110 million on carbon credits in 2013 to offset a portion of its emissions.
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