Latest market news

Norway updates 2030 climate targets ahead of Cop 27

  • : Emissions
  • 22/11/03

Norway has submitted an updated climate plan to the UN, with a new emissions reduction target, the government said today.

Norway now aims to cut emissions by at least 55pc by 2030, from a 1990 baseline, adjusting its ambition slightly upwards from its previous submission. The country's previous plan, or nationally determined contribution (NDC), was submitted in February 2020 and outlined a target to cut emissions by at least 50pc and up to 55pc by 2030, from 1990 levels.

The new target puts Norway in line with the EU's goals. The bloc has a legally binding target of 55pc emissions reduction by 2030, again from 1990 levels, and its Fit for 55 package aims to ensure that policies are in line with this.

The Norwegian government also plans to address climate adaptation and loss and damage at the upcoming UN Cop 27 summit in Egypt this month. It plans to focus on increased climate finance for developing countries. "Developing countries are asking for help to adapt to climate change, and Norway must at least triple aid for this. In Egypt, among other things, we will conclude agreements on support for renewable energy, food security and meteorological services," development minister Anne Beathe Tvinnereim said.

Norway's updated climate target "sends a strong signal to other countries, and we hope more will reinforce their goals", the country's prime minister Jonas Gahr Store said.

The UN said last week that updated plans were not enough to limit global warming to 1.5°C. Although the Glasgow Climate Pact, agreed at last year's Cop 26, requested parties to "revisit and strengthen the 2030 targets", just 24 countries did so ahead of a September deadline to allow the UN to include them in its NDC synthesis report.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more