Norway will nearly double the carbon dioxide tax rate for its
offshore oil and gas production in 2013, the country’s
environment ministry announced last week. By raising the tax
rate from 210 Norwegian Krone to 410 Krone (or €28 to more than
€55) per ton of CO2, the Norwegian government is setting one of
the highest carbon tax rates in the world. “The commitment to
the environment must be followed up on in the budget and
resolutions,” said Bård Vegar Solhjell, minister of the
environment. Much of the newly generated tax revenue will go
into governmental fund devoted to investing in clean energy, the
environment and public transportation. By 2013, 33 countries and
18 so-called sub-national jurisdictions will have some sort of
levy associated with the emission of CO2, according to the
Australian Climate Commission. In many cases, the tax will not
only be a narrow tax on CO2 emissions themselves, but a “carbon
price,” a floor on the price of fuels that generate climate-
changing emissions fixed by cap and trade s