Norway to spend more on reducing gas emissions in 2018
- Government will create a new investment company to contribute to reducing greenhouse gas emissions

Norwegian government will launch a new investment company that will contribute to reduce greenhouse gas emissions through investments in new technology, according to the country's 2018 budget on Thursday.

The government has reinforced the climate and environmental profile in the budget by more than 1.3 billion Norwegian Krone (NOK), equivalent to around $165 million.

The government said that among the climate measures to cut greenhouse gas emissions, both nationally and internationally, the creation of an investment company would be used to strengthen the business sector's green competitiveness.

"Of this NOK 219 million are investments in the budget of the Ministry of Climate and Environment. The biggest investments are also to be found on other ministries' budgets," the government said.

"We will reach the climate targets by 2030 and we will become a low-emission society in 2050. To succeed, we must develop new and green competitiveness for Norwegian businesses and industry. We want to create new jobs through commitment to knowledge, research and innovation," the Minister of Climate and Environment, Vidar Helgesen said.

The new company proposed by the government will receive an investment framework of NOK 400 million from 2018.

"The grants will be further expanded in light of the company's business and investment opportunities," it explained.

In addition, the government has taken an initiative to propose and visualize Norwegian green solutions for increased exports and to attract international investors to Norway.

Innovation Norway has been commissioned to establish a partnership with private business and NOK 10 million is suggested as an allocation towards this.

The government will maintain and reinforce the focus on public transport and urban environmental agreements. Plans to this effect include an allocation of approximately NOK 2.5 billion to measures towards public transport, bicycling and pedestrian spaces in the nine largest urban areas.

"This is an increase of 23 percent from 2017. This includes measures along state roads, a scheme of 50 percent government funding for larger public transport and reward funds," it noted.

(1 Norwegian krone = 0.12644 U.S. dollars)

By Murat Temizer

Anadolu Agency



13 Oct,2017