Norway's comprehensive climate action plan was approved on the 8th of January 2021 to meet climate targets under the Paris Agreement and promote green growth. The government presented a plan to reduce emissions in all sectors.
Norway has entered into an agreement with the EU to take part in EU climate legislation for the period 2021-2030. The climate cooperation covers the EU Emission Trading System (EU ETS), the Effort Sharing Regulation for non-ETS emissions (ESR), and the land-use, land-use change and forestry regulation (LULUCF).
The plan mainly targets an increase in greenhouse gas taxes by 2030, through:
- a gradual increase in the taxation of greenhouse gas emissions which are not included in the emission trading system including transport, waste, agriculture, buildings, industrial production, and the oil and gas industry (to NOK 2000/tCO2eq) in 2030 including CO2 removals and emissions cuts in the LULUCF)
- a possible taxation on mineral fertilisers to reduce nitrous oxide emissions
Norway aims to be carbon neutral by 2030. From 1 January 2030, Norwegian greenhouse gas emissions will be offset by emission reductions in other countries either through the EU Emission Trading Scheme, international cooperation on emission reductions, emissions trading, or project-based cooperation.