By the OGJ Online Staff
LONDON, Jan. 7 -- Statoil ASA has submitted its first application for credits in the World Bank's prototype carbon fund (PCF) during 2002.
Established last April, the fund buys reductions in greenhouse gas emissions that can be credited under the Kyoto Protocol's rules for projects.
To qualify for credits, projects must contribute to sustainable development in the host country. Companies and nations that have invested in the fund receive their return in the form of emission credits.
Canada, Finland, Japan, the Netherlands, Sweden, and Norway have invested in the fund, while Statoil is among 17 participating companies.
With $145 million available, the PCF aims to invest in 25 to 30 projects. Statoil's share of the fund is 3.45%, and it will receive a corresponding return. Statoil plans to invest $5 million in the fund over 11 years, relating to the first Kyoto period from 2008 to 2012.