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. 

Key policy tools outlined in the NDC include: 

• GHG emissions taxation 

• Emissions trading schemes 

• Sustainable public procurement requirements 

• Investment in climate technologies like CCS 

• Support for research and innovation 

Climate and Environment Minister Andreas Bjelland Eriksen emphasized that while the world is not yet on track for 1.5°C, enhanced NDCs like Norway’s bring global climate action closer to that critical target. 

Norway’s bold move positions it as a global leader in ESG performance and strengthens its alignment with long-term carbon neutral strategies, reinforcing the momentum behind the Paris Agreement and the shift toward sustainable economies. 

Source : 

https://www.esgtoday.com/norway-sets-goal-to-reduce-ghg-emissions-by-70-75-by-2035/