Norway's Statoil sets up emissions trading unit

Norway is not a member of the European Union (EU), but it will establish a system for trading such emissions, following the lead of the EU. The Kyoto Protocol on Climate Change requires Norway to curb its greenhouse gas emissions to 1% above 1990 levels in the 2008–2012 period.

The EU emissions trading scheme is due to start on January 1, 2005, by which time member states must have decided on companies’ emission allocations. Companies will be assigned a level of emissions that they must not e