Norway set to double carbon tax on its oil industry to combat climate change

Norway has been an example of how nation must fight against climate change, and now in one of the most radical climate programs yet by an oil-producing nation, the Norweigan government has proposed doubling carbon tax on its North Sea oil industry. By doubling the tax, Norway wants to continue phasing out fossil fuels as well as use the extra money from the taxes to combat deforestation in developing countries. On top of the added tax, Norway will also place an extra $1.4 billion into funds for climate mitigation, renewable energy, food security in developing countries and conversion to low-carbon energy sources. With the scale of these initiatives being immense, it may just place added political pressure on other oil-producing nations to cut emissions and further develop low-carbon technologies.

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Norway set to double carbon tax on its oil industry to combat climate change

Norway has been an example of how nation must fight against climate change, and now in one of the most radical climate programs yet by an oil-producing nation, the Norweigan government has proposed doubling carbon tax on its North Sea oil industry. By doubling the tax, Norway wants to continue phasing out fossil fuels as well as use the extra money from the taxes to combat deforestation in developing countries. On top of the added tax, Norway will also place an extra $1.4 billion into funds for climate mitigation, renewable energy, food security in developing countries and conversion to low-carbon energy sources. With the scale of these initiatives being immense, it may just place added political pressure on other oil-producing nations to cut emissions and further develop low-carbon technologies.

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