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Norway's Statoil sets up emissions trading unit

Norwegian energy company Statoil has formed a unit for trading carbon dioxide emissions. The Oslo-based firm said: “The Norwegian emissions trading regime will govern Statoil’s involvement in the purchase and sale of carbon quotas.”

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

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