the government will soon open for trading the right to emit harmful greenhouse gases like carbon dioxide (co2). The scheme is expected to be launched in 2005. The main reason for introducing a quota-based emissions trading system is to stimulate further cost effective action.
The proposal will allow companies currently exempt from a co2 emissions tax to buy the right to emit co2. Norway demands a co2 emissions tax of us $34.34 a tonne, while analysts say the quotas will only cost between us $ 9-18 per tonne of co2.
The carbon dioxide tax would be continued until 2008 to check increasing air pollution by companies taking advantage of cheap quotas. By 2008, the system will be expanded to all sectors.
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