Oil boilers out, biomass boilers in: Norway's $3.2 billion bioenergy fund
Norway is one of those countries of which you spontaneously say "wow": a great social system, a very high living standard, lots of oil & gas resources, and a bright green outlook on the future. It is also the country that forced its citizens to put part of their oil & gas wealth into a "future fund", that will be used to ensure that coming generations can enjoy an equally happy life-style as their parents.
Today, in these times of global energy worries, the fund comes in handy. Norway has just announced that it will invest a whopping $3.2 billion in bioenergy, biofuels and other renewable energy forms. Not bad for a major oil exporting country.
Norway is setting up a 20 billion Norwegian crowns ($3.24 billion) fund to promote renewable energy such as wind and hydropower while spurring energy savings, the government said on Monday.
It said the cash would help Norway achieve a goal of raising available power by 30 terawatt hours (TWh) by 2016, compared with 2001, from renewable energy sources and by greater efficiency. Its previous goal was a saving of 12 TWh by 2010 versus 2001.
Norway's total power output, mostly from hydropower, is about 120 TWh a year.
"Bioenergy, windpower, hydropower, and energy efficiency will contribute to new possibilities, new jobs and new optimism over the whole country," Oil and Energy Minister Odd Roger Enoksen said in a statement.
The fund would be managed by state energy firm Enova.
Under the scheme, Enova would strengthen infrastructure for district heating, stimulate energy efficiency and renewable energy in households and set up a deposit scheme to encourage scrapping of oil boilers.
Norway needs to promote renewable energy use partly because its emissions of heat-trapping carbon dioxide, mainly from burning oil, were far above target and about 9 percent above 1990 levels in 2005.
Under the U.N.'s Kyoto Protocol on curbing global warming, Norway has to limit any rise in emissions to no more than one percent by 2008-2012 compared to 1990 levels.
That goal is hard to reach because fossil fuel use is rising in Norway, the number three oil exporter behind Saudi Arabia and Russia. Norway generates almost all its energy from hydropower and has few rivers left to dam.
Under the new scheme, about 10 billion crowns would be put into the fund from January 2007 through the government's annual budget, and another 10 billion from January 2009.
Reuters.
Today, in these times of global energy worries, the fund comes in handy. Norway has just announced that it will invest a whopping $3.2 billion in bioenergy, biofuels and other renewable energy forms. Not bad for a major oil exporting country.
Norway is setting up a 20 billion Norwegian crowns ($3.24 billion) fund to promote renewable energy such as wind and hydropower while spurring energy savings, the government said on Monday.
It said the cash would help Norway achieve a goal of raising available power by 30 terawatt hours (TWh) by 2016, compared with 2001, from renewable energy sources and by greater efficiency. Its previous goal was a saving of 12 TWh by 2010 versus 2001.
Norway's total power output, mostly from hydropower, is about 120 TWh a year.
"Bioenergy, windpower, hydropower, and energy efficiency will contribute to new possibilities, new jobs and new optimism over the whole country," Oil and Energy Minister Odd Roger Enoksen said in a statement.
The fund would be managed by state energy firm Enova.
Under the scheme, Enova would strengthen infrastructure for district heating, stimulate energy efficiency and renewable energy in households and set up a deposit scheme to encourage scrapping of oil boilers.
Norway needs to promote renewable energy use partly because its emissions of heat-trapping carbon dioxide, mainly from burning oil, were far above target and about 9 percent above 1990 levels in 2005.
Under the U.N.'s Kyoto Protocol on curbing global warming, Norway has to limit any rise in emissions to no more than one percent by 2008-2012 compared to 1990 levels.
That goal is hard to reach because fossil fuel use is rising in Norway, the number three oil exporter behind Saudi Arabia and Russia. Norway generates almost all its energy from hydropower and has few rivers left to dam.
Under the new scheme, about 10 billion crowns would be put into the fund from January 2007 through the government's annual budget, and another 10 billion from January 2009.
Reuters.
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