Norway’s industrial firms, labour and business organizations celebrated the financial support of Norway government compensate for the higher costs incurred towards environmental measures. Norway will fully and effectively sponsor the new EU carbon emissions taxes the firms need to pay.
Annual cost to the state will be approx. NOK 500 million, but Norway predicts that it will recover the costs by avoiding plant shutdowns and the higher welfare costs they would provide. The target of Norwegian government’s financial support is to:
- More new industrial investments
- Preserve jobs in the industrial sector
- Reduce carbon emissions
The state’s offer will be valid till 2020 and will start from July 1st
2013. Norwegian government hopes this investment will bring confidence among the industries and they will investing and would create more jobs in coming days.
Norway is the first country in whole world to offer such compensation. The investment has been done despite state’s concern about the Euro crisis.
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