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Norway follows EU with CO2 compensation scheme

Tue, 09/11/2012 - 3:25am
Reuters

OSLO (Reuters) - Norway will follow the European Union in introducing a carbon dioxide compensation scheme to encourage its power intensive industries to stay put, costing the budget an estimated $87 million per year from next July.

"The purpose is to prevent the Norwegian manufacturing industry from moving their enterprises to countries with less strict climate regulations," Prime Minister Jens Stoltenberg said in a statement.

Changes to the European Union Emissions Trading Scheme from next year allow member states to compensate big energy users, like aluminum producers, for costs linked to carbon emissions, a move aimed at preventing higher costs driving business out of Europe.

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