The government initiates quota purchases to reach its own climate targets – news Norway – Overview of news from different parts of the country

In connection with the national budget, the government opened the door to buying climate quotas from other countries in order to reach its own climate targets. Now the purchases are underway. Norway will buy climate quotas from Benin, Jordan, Senegal and Zambia. – This effort will take us one step closer to reaching the temperature target in the Paris Agreement. We must cut greenhouse gas emissions at home, and in addition there is a great need for financing emission cuts in other countries, says Prime Minister Jonas Gahr Støre (Ap). Over the next five years, the plan is for Norway to halve emissions compared to 1990. Projections show that we are only likely to cut 26 percent by 2030. In a press release, the government writes that the quota purchases can be used to achieve Norway’s climate goal of cutting 55 per cent of emissions by 2030. This is a climate quota A climate quota is a permit to release one tonne of the greenhouse gas CO2 (carbon dioxide) into the atmosphere. Climate quotas are used at various levels – both locally, nationally and internationally – to make it possible to regulate emissions of greenhouse gases or to pay others to carry out emission reductions. Under the Kyoto Protocol, all industrialized countries were required to reduce their greenhouse gas emissions to a certain level. They were thus allocated their own quota for greenhouse gas emissions. Countries that had a larger quota than they released could sell the surplus. Countries with excessive emissions could buy allowances from others. The Kyoto Protocol also established the so-called Clean Development Mechanism (CDM). Through this scheme, projects that reduce greenhouse gas emissions in developing countries can sell allowances that industrialized countries can use to meet their emission obligations. When the Kyoto Protocol was replaced by the Paris Agreement, the opportunity to trade climate quotas between countries continued. Such trade is regulated by Article 6 of the Paris Agreement. Source: Store Norwegian Lexicon In connection with the state budget, the government therefore opened the door to buying climate quotas from other countries, and the Storting allocated NOK 8.2 billion for quota purchases. – It costs money to choose green solutions, and many countries lack money. We know we have to do more. Through, among other things, support for renewable projects in developing countries, we are cutting global emissions, says Climate and Environment Minister Tore O. Sandvik (Ap). Tore O. Sandvik (Ap) is climate minister while Andreas Bjelland Eriksen (Ap) is on parental leave. Photo: Javad Parsa / NTB The government writes in a press release that Norway will only pay for emission cuts that have been reviewed and confirmed by an independent third party. Cooperation will also be subject to security mechanisms against corruption and violations of human rights. In addition, a new fund of up to USD 100 million is being established in collaboration with the Global Green Growth Institute (GGGI). The fund will assist Norway in developing programs and managing payments when emission reductions have been achieved. Does the national budget prove that we are not reaching the climate targets? The Liberals criticize the climate ministry. Published 19.11.2024, at 10.00



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