A/HRC/43/53/Add.2 facilities and bans the disposal of organic materials in landfills, thus preventing methane emissions. 30. The Norwegian International Climate and Forest Initiative, which provides substantial funding to nations with large areas of tropical forest to prevent deforestation, is a leading example of good practice. Norway is also one of the largest donors to the Green Climate Fund, which finances mitigation and adaptation in developing countries, and it recently announced a doubling of its contribution for the period 2020–2023. 31. However, the Norwegian paradox is that its leadership in addressing the global climate emergency is undermined in some areas by its ongoing dependence on a large petroleum industry. Norway is one of the world’s largest exporters of oil and natural gas.16 The combined value of oil and gas represents almost half of the total value of national exports (FCCC/TRR.3/NOR, para. 32). Emissions from this sector have increased substantially since 1992 and exploration for additional oil and gas continues, despite clear evidence that if existing reserves of oil, gas and coal are burned, the targets established in the Paris Agreement cannot be met. 17 32. Between 1990 and 2017, Norwegian greenhouse gas emissions rose 3 per cent, to 53 million tons.18 The three largest sources are transport (31 per cent), the petroleum industry (28 per cent) and industry (21 per cent). 19 The 2020 national target is to reduce emissions 30 per cent from 1990 levels; the 2030 target, representing the nationally determined contribution under the Paris Agreement, is to reduce emissions 40 per cent below 1990 levels; and the 2050 target is to reduce emissions by 80 to 95 per cent below 1990 levels. The 2030 and 2050 targets are incorporated in the Climate Change Act of 2017. Norway is also encouraging the European Union to increase its 2030 climate target from 40 per cent to 55 per cent below 1990 levels. 33. Norway is currently working on a set of stronger measures to reduce emissions. However, neither existing nor proposed policies and measures will be sufficient to meet the 2020 and 2030 national targets through reductions in domestic emissions. Data provided by the Government estimate that emissions will be 45.3 million tons by 2030, a decline of roughly 10 per cent from 1990 levels. The remaining emissions gap would have to be addressed through international flexibility mechanisms. 34. According to the Government, approximately half of Norwegian greenhouse gas emissions are covered by the European Union Emissions Trading System, in which companies in the industrial and aviation sectors can either reduce their own emissions or purchase credits or allowances representing reductions made by other companies. 35. Norway purchased international credits to fulfil (and in fact go beyond) its commitments for the first commitment period under the Kyoto Protocol (2008–2012). For 2020, Norway will rely on the carry-over from the first Kyoto commitment period, participation in the European Union Emissions Trading System and the Norwegian Carbon Credit Procurement Programme. For the 2030 target, Norway will cooperate with the European Union and Iceland through a joint fulfilment agreement whereby Norway and Iceland commit to adhere to relevant European Union climate legislation. The majority of Norwegian emissions not covered by the European Union Emissions Trading System are from transport, waste incineration and agriculture. 36. Norway was one of the first States to establish a carbon tax, which has risen over time and applies to different sectors at different rates, with the standard rate set at 500 Norwegian krone per ton. Some sectors, including aviation and the petroleum industry, are 16 17 18 19 8 Norsk Petroleum, “Exports of Oil and Gas”; and United States Energy Information Administration, “Total Petroleum and Other Liquids Production”, www.eia.gov. International Energy Agency, World Energy Outlook 2012 (Paris, OECD Publishing, 2012). See also Christophe McGlade and Paul Ekins, “The geographical distribution of fossil fuels unused when limiting global warming to 2°C”, Nature, vol. 517 (January 2015). United Nations Framework Convention on Climate Change, “Greenhouse Gas Emissions total without Land Use, Land-Use Change and Forestry (LULUCF), Time Series: Annex I”. Available at https://di.unfccc.int/time_series. Norway, Ministry of Climate and Environment, Norway’s Seventh National Communication under the Framework Convention on Climate Change, 2018.