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OSLO (Thomson Financial) - The Norwegian government said it will enter the carbon trading markets for the first time and has dedicated up to 200 mln nkr in funds to acquire credits this year.

The government said the move is part of its ambition of achieving carbon neutrality by 2050.

As part of these plans, it said it has launched a website dedicated to its planned credit purchases and is now inviting participants with available carbon credits to submit their projects using it.

The tender closes on Nov 1, the government said, after which it plans to realise its acquired carbon credits.

According to state secretary Geir Axelsen, the website can be found at www.CarbonNeutralNorway.no.

There are, however, some restrictions on what is classified as a suitable project, with the government saying it will only acquire UN-approved carbon credits and will only sell credits in the European market.

The Norwegian Ministry of Finance said it has allocated 100 mln nkr to acquiring carbon credits for 2007, while authorisation has been given for an additional 100 mln.

Carbon credits are a system that allows a company or country wanting to reduces its carbon dioxide emissions below a target level to sell the extra reduction as a credit to a company or country that has not met the target level.

alastair.reed@thomson.com

ar/ms1

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