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First emission credits secured

January 7, 2002, 09:00 CET

Statoil is set to secure its first credits in the World Bank’s prototype carbon fund (PCF) during 2002.

Established in April 2000, the fund buys reductions in greenhouse gas emissions which can be credited under the Kyoto protocol’s rules for projects.

These schemes must contribute to sustainable development in the host country. Companies and nations which have invested in the fund receive their return in the form of emission credits.

Reidulf Klovning, who is responsible for Statoil’s involvement with the PCF, is pleased that the group has taken part from an early stage and can participate in such projects.

Canada, Finland, Japan, the Netherlands, Sweden and Norway have invested in the fund, while Statoil is among 17 participating companies.

With USD 145 million available, the PCF aims to invest in 25-30 projects. Statoil’s share of the fund is 3.45 per cent, and it will receive a corresponding return.

One project which stands to yield a gain for the fund is a Latvian scheme to recover methane from a waste landfill for electricity generation in place of fossil fuels.

Statoil plans to invest USD 5 million in the fund over 11 years, relating to the first Kyoto period from 2008 to 2012.