The Norwegian Global Emission Reduction (NOGER) Initiative is committing a substantial budget of 8.2 billion NOK (equivalent to approximately 770 million USD) for the acquisition of Internationally Transferred Mitigation Outcomes (ITMOs). The NOGER Initiative is collaborating with various host countries, primarily located in Africa, for these transactions. This points to a significant surge in demand for high-quality carbon credits in global markets, aligning with the ambitions of other ITMO buyer countries.
Norway had also committed earlier to contributing 50 million USD to the Asian Development Bank’s Climate Action Catalyst Fund (CACF), a novel carbon fund under Article 6 of the Paris Agreement. This move is expected to have a substantial impact on international carbon markets. The fund began operations in January 2024 and will provide carbon finance to developing countries to support mitigation projects.
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