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Norway's oil and gas industry has pledged to reduce its absolute greenhouse gas emissions by 2030 in order to meet the country's climate goals by 55% by 2030.
There is consensus among scientists and policymakers that the world must limit global warming to less than 1.5°C in order to mitigate the harmful effects of climate change.
The Norwegian government has announced a plan to ramp the cost to emit CO2 to NOK2000/tonne by 2030 through a mix of taxes and emissions credits.
The carbon tax in Norway is a tax on greenhouse gas (GHG) emissions from heavy industries, including the oil and gas sector. The tax is based on the carbon dioxide equivalent emissions of each company and is designed to encourage companies to reduce their GHG emissions.
The carbon tax in Norway was introduced in 1991 and has been revised several times since then. The current tax rate is NOK 1,169 (Norwegian kroner) per tonne of CO2 equivalent emissions.
The carbon tax in Norway is part of a broader set of policies and regulations aimed at reducing GHG emissions. These policies include national GHG reduction targets, participation in the European Union's emissions trading system, and investment in low-carbon technologies.
Data transparency
By proactively managing emissions, you can reduce the risk of compliance failures, save on operational costs, and deliver on your Net Zero pledge.
However, to be effective, this work must be based on accurate data, which can be difficult to obtain.
The biggest obstacle to taking proactive action on climate change is the lack of precision in emissions accounting.
Compliance
Inaccurate carbon reporting can leave your company vulnerable. Comprehensive and Greenhouse Gas Protocol-aligned reporting that meets today's regulations, as well as those in the future, can help ensure compliance.
Baseline
Without a dependable emissions baseline, it is impossible to verify reduction efforts. Thorough and transparent calculations can protect your business from accusations of greenwashing and ensure reliable reporting.
Net Zero journey
Measurement is the starting point of the Net Zero journey. A reliable emissions baseline can be shared with stakeholders and used for compliance purposes. Set targets and track progress. Use the insights from your emissions profile to manage and further reduce your overall emissions utilizing efficiencies, and monitor progress against your baseline.