Norway to double carbon tax on oil industry for climate change programs–including REDD. Norway is by far the biggest donor to REDD initiatives around the world, including 2 different 1 billion commitments–both in Brazil and Indonesia. As interest builds around pay-for-performance models for REDD implementation (also led by Norway), this should provide a significant boost to REDD funding globally, and reinvigorate potential global interest. In recent months momentum for international funding of REDD by bilateral agencies beyond the 6 billion already committed through 2014 had been waning somewhat, and private sector interest in forest carbon has also been less than expected.
By raising the tax rate from 210 Norwegian Krone to 410 Krone (or €28 to more than €55) per ton of CO2, the Norwegian government is setting one of the highest carbon tax rates in the world. “The commitment to the environment must be followed up on in the budget and resolutions,” said Bård Vegar Solhjell, minister of the environment.
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