Norway to buy 21 mln emission reductions for 48 mln euros

Norway will buy 21 million U.N. backed certified emission reductions (CERs) for an average price of 2.28 euros each in its international tender to purchase carbon offsets, said the financial institution in charge of the deal on Monday. The Nordic Environment Finance Corporation (NEFCO), which manages the tender for Norway, said in a newsletter that it is closing the first procurement under the NorCaP (Norwegian Carbon Procurement Facility), which buys carbon offsets above market prices to give a lifeline to projects that risk collapse. Landfill gas flaring initiatives in Latin America and projects to destroy nitrous oxide (N2O) resulting from the production of nitric acid dominate the portfolio, said NEFCO.