An entity for trading with carbon dioxide emissions has been established by Statoil, with the aim of being ready to deal in this market from 2005.
Currently being put in place, the Norwegian emission trading regime will govern Statoil’s involvement in the purchase and sale of carbon quotas.
And the European Union plans to have its system for trading in these emissions operational by 1 January 2005.
“We regard emission trading as an important instrument for responding to the climate challenges,” says Nina Koch, project manager for the new trading function.
She emphasises that the group will gain valuable experience with this type of business by participating from the start in the EU’s emission market.
“We also have a good basis for an efficient involvement in this area through our established and expert trading organisation,” says Ms Koch.
“And our environmental data are of high quality – including a good reporting system for carbon dioxide.”
The emission quotas traded by Statoil will primarily be intended to meet the group’s commitments as operator of a number of facilities with greenhouse gas emissions.
In addition to emission trading, the group is in the process of gaining experience with the flexible development mechanisms incorporated in the Kyoto protocol.
Statoil has also committed a contribution of USD 10 million to the World Bank’s prototype carbon fund.
This invests in projects in developing countries and in the transitional economies of eastern and central Europe.
These schemes aim to cut the release of greenhouse gas, and Statoil’s capital commitment will earn it credits for executing emission reductions.