User:Bstocks/sandbox

In attempt to reduce CO2 emissions by a larger amount Norway implemented the first phase of an Emissions Trading Scheme in 2005[131] and joined the European Union Emissions Trading Scheme (EU ETS) in 2008.[132] As of 2013, roughly 55% of CO2 emissions in Norway are taxed and emissions that are not covered by a carbon tax are included in the EU ETS.[132] Certain CO2 taxes are applied to emissions that result from petroleum activities on the continental shelf.[133] This tax is charged per liter of oil and natural gas liquids produced, as well as per standard cubic meter of gas burnt off or otherwise directly emitted into the air.[133] However, this carbon tax is considered a deductible operating cost for petroleum production which can therefore be written off to reduce the ordinary taxes paid by oil companies.[133] In 2013, carbon tax rates were doubled in Norway to a rate of 0.96 NOK per liter/standard cubic meter of mineral oil and natural gas.[133] As of 2016, the tax rate has been increased to 1,02 NOK per liter or standard cubic meter of oil and natural gas.[134] Despite this increase, there is intention to reduce the tax in the future if there is a rise in the EU ETS price from the rate it was when the increased carbon tax rate was implemented.[131] According to the Norwegian Ministry of the environment, CO2 taxes have been the most important tool for reducing emissions produced by petroleum activities and there is a low level of CO2 emissions per produced oil equivalent.[135]