In a major step toward advancing its ESG and carbon neutral strategy commitments, Norway has announced a new climate target to reduce greenhouse gas (GHG) emissions by 70% to 75% by 2035, compared to 2019 levels. This updated target will serve as Norway’s new Nationally Determined Contribution (NDC) under the Paris Agreement.

The new ambition marks a significant leap from Norway’s current goal of a 55% reduction by 2030 and reflects the country’s growing climate leadership. The government plans to achieve this target primarily through domestic measures and continued collaboration with the European Union. While the pathway to 2035 is not yet fully detailed, further information will be released in upcoming biennial transparency reports.

Norway has also left the door open for the use of Internationally Transferred Mitigation Outcomes (ITMOs)—a form of internationally traded carbon credits enabled under Article 6.2 of the Paris Agreement. The framework for such trading was solidified at COP29 in 2024, with Norway and Switzerland recently completing the first-ever Article 6.2 transaction.

Citește mai mult